8K Miles Q1, FY2017-18 Gross Revenues grew 88.40 % YoY; 17.46 % QoQ

8K Miles Software Services, Ltd., a leading Global IT Business Transformation, Secure Cloud Solutions and Managed Services Provider, has announced its unaudited financial results for the quarter ended 30th June, 2017 as approved by the Board of Directors at its meeting on August 28.

Highlights of the Results :
· Gross Revenues Rs.195.73 crore, an increase of 88.40 % YoY?
· EBITDA of Rs.64.44 crore, an increase of 75.22 % YoY
· Net profit stood at Rs.44.26 crore, up by 83.25% YoY
During this quarter, the company made significant progress with highly regulated industry focus and cloud business strategy by acquiring Cornerstone Advisors, a leading Electronic Medical Records implementation and advisory services firm based in the US with many hospital clients across the country. This is a great timing for 8K Miles when Apple and Amazon are talking to hospitals and healthcare organizations as quoted by HealthcareIT News and others to bring health records data together and developing healthcare apps on mobile and IoT devices to be delivered directly to users, and exploring business prospects in healthcare sector such as EHR, and telemedicine.

8K Miles was recognized by Forbes India as one of the top 8 value creators for investors during May 2017. 8K Miles is also one of the 3 companies from India to make it to Forbes Asia’s ‘Best Under a Billion’ list.

”The explosion of clinical and research data and the demand for sharing and access to patient data has caused unprecedented digital disruption. Big data sharing and analytics will play a vital role in the transformation of healthcare as we shift toward value-based, patient-centric care. This is fueled by growing number of major trends, including: Genomic research, Precision/personalized medicine, Predictive modeling using large, EHR-derived patient data sets, AI-assisted medicine, population health management, growth of telemedicine and real-time monitoring of patients. Completion of our recent acquisition of Cornerstone Advisors in May 2017, brings the world-class Cloud technology solutions and next generation cloud managed services experts of 8K Miles to Cornerstone’s clients, allowing them to further optimize their EHR efforts, manage data more effectively with 8K Miles’ highly secured and HIPAA compliant cloud solutions, improve patient care, and reduce healthcare costs,”said Mr. Suresh Venkatachari, CEO and Managing Director, 8K Miles.

“8K’s existing cloud and security platform coupled with Cornerstone’s management consulting, healthcare information technology implementation and advisory services enhances 8K Miles’ mission of guiding the US healthcare industry in Cloud Managed Services, Secured Cloud solutions and strategy consulting. The synergistic opportunities enable to drive new value to the clients. The acquisition of Cornerstone enabled more than 50 top health care expers, consultants and practices. EMR selection and implementation will enable us to achieve better EBITDA during the coming quarters” said Mr. R S Ramani, CFO & Whole-time Director, 8K Miles.