Sify Technologies Limited (NASDAQ Global Markets: SIFY), a leader in Managed Enterprise, Network and IT Services in India with growing global delivery capabilities, today announced its consolidated results under International Financial Reporting Standards (IFRS) for the first quarter of fiscal year 2011-12.
Performance Highlights Q1 FY 11-12:
- Sify reported revenues of US $50.73 million for the quarter ended June 30, 2011, about 31% higher than the corresponding quarter of previous year.
- Growth was driven by revenues from Enterprise services which grew 40% over the corresponding quarter previous year: this included a US $10.3 million project executed for a large telecom company.
- EBITDA for the quarter increased to US $2.80 million, as compared to US $0.51 million in the corresponding quarter previous year.
- Net loss before tax for the quarter was US $1.91 million, as against a net loss of US $4.05 million in the corresponding quarter previous year.
- Capex during the quarter was US $1.68 million. Cash balance at the end of the quarter was US $14.99 million and undrawn line of credit of US $3.25 million
Mr. Raju Vegesna, Board Chairman and CEO & MD, said, “It gives me great pleasure to report that our recast business structure is beginning to show results. The unbundling of our broad service portfolio and making them available across all customer segments has increased the flexibility and scalability of our business.
"Our initiative to focus on Sify software as a separate organisation supporting several application services to carrier, enterprise and small business customers is seeing acceptance and gaining good traction. We believe the service offerings from Sify software will help us realize our vision of transforming from an internal support function to a significant independent revenue maker for the company.