8K Miles operating revenue at Rs88cr in Q1FY21, up 29% QoQ

Our continued focus and execution on delivering cloud solutions and top tier managed services to large enterprise customers resulting in key customer successes while exceeding their expectations, Suresh Venkatachari said.

Aug 31, 2020 04:08 IST India Infoline News Service

8K Miles
8K Miles Software Services Limited, a leading Global IT Business Transformation, Secure Cloud Solutions and NextGen Managed Service Provider, announced today the Company’s unaudited financial results for the first quarter FY21 ended 30th June 2020.

The company Gross Profit Margin grew to 30.4% in Q1FY21 from 10.9% in Q4FY20. EBITDA Margin grew to 4.4% from -29.4% in Q4FY20 and operating revenue at Rs88cr in Q1FY21, up 29% QoQ.

It posted a net loss reported to Rs2.80cr in the quarter ended June 2020 as against net loss of Rs396.25cr during the previous quarter ended June 2019.

Suresh Venkatachari, Chairman & CEO of 8K Miles Software Services Ltd. stated “I am pleased to announce that 8K Miles will re-start trading on both NSE and BSE from 07th September 2020. Our top priorities for the company are to rebuild the trust and confidence among investors and stakeholders by ensuring complete transparency, compliance and governance. Towards this, during this quarter, the company hired an accomplished CFO, Company Secretary and a Global HR Head to help us adhere to the regulatory requirements and streamline the reporting process. The company achieved revenue growth in Q1 FY21 with increase in platform based recurring revenues. Our continued focus and execution on delivering cloud solutions and top tier managed services to large enterprise customers resulting in key customer successes while exceeding their expectations. The fact that we added 41 additional employees during this quarter is a key indicator of our continued growth.”

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