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TheStreet Open House

Sify Reports Revenues Of INR 2505 Million For Q2 Of FY 2013-14

Stocks in this article: SIFY

Sify Technologies Limited (NASDAQ Global Markets: SIFY), a leader in Managed Network, IT and Application 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 2013-14.

PERFORMANCE HIGHLIGHTS:

  • Revenue for the quarter ended Sep 30, 2013 was INR 2505 million, an increase of 22% over same quarter last year.
  • EBITDA for the quarter was INR 424 million, an increase of 180% over the same quarter last year.
  • Net Profit for the quarter was INR 111 million as against a net loss of INR 57 million for the same quarter previous year, excluding a one-time gain of INR 658 million from sale of associate as reported earlier.
  • CAPEX during the quarter was INR 700 million. Cash balance at the end of the quarter was INR 1614 million.

Mr. Raju Vegesna, Chairman and Managing Director, said, “In spite of a challenging external environment across most sectors in India, we are continuing to see good traction for our solutions offerings. While these tight fiscal conditions have naturally resulted in some delays in customer decisions on major projects, we are also seeing that clients are consolidating their services with established service providers. As a well-entrenched player across the entire ICT ecosystem, we are better able to expand our share-of-wallet by leveraging our broad portfolio to provide cost-effective solutions.

“The other trend that we are seeing in this market is that emerging enterprises are beginning to adopt IT in a large way. Our wide bouquet of services, and our ability to scale and implement them quickly, translates into greater value for our customers.

“Our investments in capacity building will be in time with market demands. That way, we are able to monetize our investments better and still respond to increased customer demands resulting from consolidation.”

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