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 2012-13.
Performance Highlights Q2 FY 2012-13:
- Sify reported revenues of INR 2059 million for the quarter ended September 30, 2012 against revenues of INR 1815 million for the corresponding quarter of the previous year, a growth of 13%.
- EBITDA for the quarter increased to INR 161 million, as compared to INR 136 million in the corresponding quarter previous year.
- Net profit for the quarter was INR 612 million, as against a net loss of INR 89 million in the corresponding quarter previous year. This quarter includes a one time profit of approximately INR 658 million, realised on exit from our erstwhile affiliate, MF Global Sify Securities India Pvt Ltd. Without this item, the net loss for the quarter would have been INR 45 million.
- CAPEX during the quarter was INR 1338 million. Cash balance at the end of the quarter was INR 907 million.
Mr. Raju Vegesna, Chairman, said, “We have come through a challenging phase in our growth and I am happy to state that our focused approach is generating measurable results. At the beginning of the financial year, I had shared my vision to turn Sify into a Services and Solutions leader. Our strong showing across all major business lines is a positive indicator of the direction we are moving in. On the business environment, we are pleased that the Government is opening up several sectors for FDI. The true effect of these measures will take some time to bear results, but we believe this would allow several sectors to aggressively ramp-up, thus opening up additional growth opportunity for us. We will continue in our endeavor to become a prominent solutions expert catering to large and emerging Enterprises, SMBs and the Government services.”
Mr. Kamal Nath, CEO, said, “We are in a unique position to establish ourselves into a broad based IT Services and Solutions player by integrating the products, applications, professional services and managed services portfolio. Vertical Solutions and Cloud based Services model will be the two key propositions for the market. Our future growth will be primarily led by leveraging our Cloud Services model around both Infrastructure and Applications and with increased focus around Integration and Managed Services offerings.”Mr. M P Vijay Kumar, CFO, said, “Our investments in infrastructure over the past years have given us a strong base as a Solutions and Services provider. Many of these investments should start generating significant revenue over the coming quarters, as they are in an advance stage of commissioning. At the same time, we are engaged in a continuing exercise to keep a strict eye on the cost and completion without time overruns, thus saving us valuable capital. As I remarked in our previous report, a large share of this incremental capital and operating expenditure will be incurred to support the large network integration contract previously announced and our two new state-of-the-art Data Centres in Delhi and Mumbai. "The successful sale of our interest in MF Global Sify Securities India Private Limited has improved our cash position, and will help support the forecasted investments. Cash balance at the end of the quarter was INR 907 million.”