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Sify Reports Revenues Of $ 37.10 Million For Second Quarter Of Fiscal Year 2011-12

Stocks in this article: SIFY

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 second quarter of fiscal year 2011-12.

Performance Highlights Q 2 FY 11-12:

  • Revenues for the quarter ended September 30, 2011 was US $ 37.10 million.
  • Revenue from Enterprise services grew by 7.5% and from Software services by 22% over the corresponding quarter previous year.
  • EBITDA for the quarter increased to US $ 3.33 million, as compared to US $ 1.10 million in the corresponding quarter previous year.
  • Net loss before tax for the quarter reduced to US $1.39 million, as against a net loss of US $ 2.74 million in the corresponding quarter previous year.
  • Capex during the quarter was US $ 4.60 million. Cash balance at the end of the quarter was US $ 20 million and undrawn line of credit stood at US $ 3 million

Mr. Raju Vegesna, Chairman & MD, said, “We are pleased to present our financial performance for the second quarter of FY 2011-12. Our Enterprise business continues to gain traction, supported by domestic growth in the corporate segment and a renewed spending environment.

"On the services front, the focus on Network, IT and software services as core offerings is beginning to show results.

"As the largest spender on IT and Network services, the government represents a significant growth opportunity for Sify and will remain an important focus area. The recently announced Telecom Policy is a step in the right direction in creating a level playing field among IT and Telecom service providers. Our SOHO/SMB base grew by 60%. More than half of these signups came from Tier II and III towns helped by our expanding footprint.

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