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

"Visitors to our portal grew by 19% versus same quarter last year, helped by the launch of Health and Technology portals and the strength of Sify Sports.

"Software services continues its evolution towards a strong position in providing on-demand software-enabled services to enterprise customers. Our Skills Assessment and e-Learning solutions are gaining momentum and gaining acceptance across a larger customer base. Our Content and Collaboration services on SaaS and mobile platforms have generated considerable interest from enterprises who are looking for cost effective means of business communications.

"The overall outlook for growth in India is positive and we continue to invest in expanding our network, data centers and other infrastructure. Our network and data centre expansion and commissioning of cable landing station are proceeding as per plan.

"We remain very positive on the outlook for ICT services in India, which is supported by favorable regulatory trends. The proposal to allow Voice-over-IP domestically in India also provides new opportunities for data-focused operators, such as Sify."

Mr. MP Vijay Kumar, Chief Financial Officer, said, “The Company remains operating cash flow positive, with operating expenses contained within our operating cash flows for yet another quarter. While our new capital expenditures continue to exceed operating cash flows, as we continue to invest for future growth, it is important to note that our Capacity utilisation has improved during the quarter.

"There has been an improvement in gross margins owing to increased engagement with the customers and roll-out of several value added services.

"The proposed inclusion of telecom projects within the funding ambit of India Infrastructure Finance Company (IIFCL) will open up more funding options for this sector. It is also expected to extend the tax concessions enjoyed by the infrastructure industry to the telecom sector.

"As previously reported, the promoters have paid in additional capital of Rs.100 crores pursuant to the subscription agreement.

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