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MILPITAS, CALIF., Jan. 21, 2014 (GLOBE NEWSWIRE) -- Sify Technologies Limited (NASDAQ: SIFY), headquartered at Chennai, India, a leader in Managed Enterprise, Network, IT and Software services in India with global delivery capabilities, today announcedits consolidated results under International Financial Reporting Standards (IFRS) for the third quarter of fiscal year 2013-14.
Revenue for the quarter ended Dec 31, 2013 was INR 2698 million, an increase of 21% over the same quarter last year.
EBITDA for the quarter was INR 413 million, an increase of over 100% over the same quarter last year.
Net Profit for the quarter was INR 63 million as against a net loss of INR 56 million for the same quarter last year.
CAPEX during the quarter was INR 400 million. Cash balance at the end of the quarter was INR 1304 million.
Mr. Raju Vegesna, Chairman and Managing Director, said, "Customers continue to appreciate our maturing portfolio of services and the expertise of our technical team, demonstrated through consistent renewal and expansion of their services with us. We have been able to grow consistently in spite of the trying economic environment, and against stronger competition. This is an endorsement of our strategy to move from being another service-provider to becoming a partner-of-choice, and also reflects the trend of clients consolidating their services with fewer service providers who can provide a wider gamut of services. We are seeing a trend of smaller enterprises willing to invest in new technologies. In such a scenario, our flexible solutions portfolio and accumulated knowledge base will be an asset as these companies seek to achieve the best ROI in the quickest possible time."
Mr. Kamal Nath, CEO, said, "We are increasingly engaging ourselves with clients around their Infrastructure transformation projects aimed towards attaining agility, convergence and cost benefit. This is resulting in an increasing number of multi-services and multi-year contracts for us.
We have a larger footprint of the Data Centre space now. Above it, we are creating flexible, Opex based service models in various towers of Data Centre infrastructure clubbed with our Cloud services. This provides the client a wider choice while choosing Sify as their Data Centre partner. With this, we are able to position ourselves better as Data Centre transformation partners, particularly with small and medium enterprise clients."
Mr. M P Vijay Kumar, CFO, said, "Our practise of investing in infrastructure which is tightly-linked to demand has helped us monetise our infrastructure assets on hand, with asset utilization on an improving trend over the past 3 years.
That said, there are costs recognized this quarter associated with the implementation of a large network integration project and the commissioning of our new Data Center at Noida. Our focus is now on ensuring that these costs start bearing results quickly.