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Sify Reports Revenues Of INR 1974 Million For First Quarter Of Fiscal Year 2012-13

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 first quarter of fiscal year 2012-13.

Performance Highlights Q 1 FY 2012-13:

  • Sify reported revenues of INR 1974 million for the quarter ended June 30, 2012 against a revenue of INR 2259 million for the corresponding quarter of the previous year. As previously reported, first quarter last year’s revenue included a one-time System Integration project of INR 486 million; adjusted revenue growth excluding this one-time project was 11% over same quarter last year.
  • EBITDA for the quarter increased to INR 179 million, as compared to INR 109 million in the corresponding quarter previous year.
  • Net loss for the quarter was INR 68 million, as against a net loss of INR 111 million in the corresponding quarter previous year.
  • Capex during the quarter was INR 230 million. Cash balance at the end of the quarter was INR 534 million.

Mr. Raju Vegesna, Chairman of the Board, CEO & MD, said, “As we present our first financial results for this year, I am glad to underscore that our service-led strategy, offering Network, IT, and Software on a service model, has continued to be an effective approach in a highly competitive market. We are now seeing higher sales, better up-selling and quicker turn-around times. Leveraging our expertise in providing mission-critical solutions to large enterprise customers, we have been able to deploy industry leading solutions on a pay-as-you-go basis that is very attractive in the Indian market. With our strong infrastructure focus on one side and our vision of delivering a complete ICT eco system, we are among the first choice of companies that are looking for affordable end-to-end IT, ITES and ICT solutions.

"Our Network services received the highest acknowledgement with a significant order from the Government. Sify is pleased to have won the confidence of key decision makers in the government in being entrusted with such large orders. With IT enablement being an integral focus of both state and national governments, we see many more opportunities to apply our services portfolio in this sector.

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