This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Sify Reports Revenues Of INR 10463 Million For FY 2013-14

Stocks in this article: SIFY

MILPITAS, Calif., April 22, 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 announced its consolidated results under International Financial Reporting Standards (IFRS) for the fiscal year 2013-14. PERFORMANCE HIGHLIGHTS:        • Revenue for the year ended March 31, 2014 was INR 10463 million, an increase of 22% over previous year.        • EBITDA for the year was INR 1620 million, as against INR 779 million over last year.        • Net Profit for the year was INR 373 million as against a net profit of        • INR 452 million for the previous year; the net profit for the previous year included a one-time gain of INR 658 million from sale of stake in associate company.        • CAPEX during the year was INR 1051 million. Cash balance at the end of the year was INR 1328 million, excluding undrawn lines of credit. Mr. Raju Vegesna, Chairman and Managing Director, said, "This has been another year of steady progress toward our goals of higher-level engagement with our customers and improved financial performance. We have now come of age as an Enterprise service provider of repute. We are pleased that we have been able to attract both new customers and increase the breadth of services with existing customers.  It is gratifying to see new clients involving us in the planning stage of their technology refresh cycles; this clearly points to the strengths of our skillsets and the value clients see in our offerings. We have continued to invest selectively and strategically, both in hard assets and in the next-generation skills required to support our customers with their Cloud Transformation plans.  Our state-of-the-art Data Center in Mumbai, which is opening this quarter, reinforces our confidence in the opportunities in this sector." Mr. Kamal Nath, CEO, said, "In FY 13-14, we had an all-round growth on revenue, fresh order bookings and profitability in an otherwise challenging business environment. Our engagement flavor with both existing and new clients has undergone significant changes over the previous years in terms of increased percentage of services mix, average deal size and confirmed multi-year services contracts. Productivity per sales headcount has also seen significant improvement, which has laid the foundation for further improvement in the coming years. Last year, we launched a host of Infrastructure and Application services to be delivered from our existing and new Data Centers, which would lead our Sify 3.0 services led growth in FY 14-15." Mr. M P Vijay Kumar, CFO, said, "We are pleased to report our first full-year of Net Profit since we began our Enterprise transformation 7 years ago. Profit reported last year included an extraordinary one-time gain already reported. This reflects continued positive growth, coupled with strong cost management efforts and a selective investment approach. The current incurred costs from ongoing projects, combined with the cautious economic environment heading into elections this year, has put pressure on our earnings in the current quarter, emphasizing the need to continue to manage our costs and investments carefully until we see definitive signs of a stronger economic outlook.    Our efforts this past year give us good momentum going into our 2014-15 business plan.  We are expecting to complete a large national Network and Systems Integration project early in the coming year.  Also, with the opening of our new Data Center in Noida last quarter, and the upcoming one in Mumbai, we now have sufficient capacity to support our IT Services and Cloud growth initiatives.   Cash balance at the end of the year was INR 1328 million excluding undrawn lines of credit." FINANCIAL HIGHLIGHTS Unaudited Consolidated income statement as per IFRS                 (In INR millions)                 Description                                                                         Year ended        Year ended      Quarter ended         Quarter ended                                                                                                    March                   March                  March                        March                                                                                                      2014                    2013                    2014                          2013                  Revenue                                                           10,463                8,571               2,632                  2,317                  Cost of Revenues                                               (6,207)             (4,751)             (1,621)                (1,233)                  Selling, General and Administrative  Expenses          (2,636)           (3,041)              (693)                  (848)                  EBITDA                                                                                 1,620                      779                        318                          236                  Depreciation and Amortisation expense                   (1,103)            (849)               (266)                   (212)                  Net Finance Expenses                                             (238)              (187)               (57)                     (65)                   Other Income                                                         94                   51                  45                       25                  Profit from sale of shares in affiliate and rights therein     -                658                   -                         -                     Profit / (loss) Before tax                                                       373                       452                     40                            (16)                  Income Taxes                                                          -                      -                   -                           -                     Profit / (loss) for the period                                                 373                      452                       40                            (16)                                   Reconciliation with Non-GAAP measure                                  Profit / (loss) for the period                                                 373                      452                      40                             (16) Add:                 Depreciation and Amortisation expense                     1,103              849                266                     212                  Net Finance Expenses                                              238                 187                 57                      65 Less:                  Other Income                                                         (94)               (51)                (45)                   (25)                  Profit from sale of shares in affiliate and rights therein     -               (658)                 -                        -                     EBITDA                                                                                         1,620                  779                      318                           236 Note: Year ended March 31, 2013 are audited numbers BUSINESS HIGHLIGHTS Telecom Services •    Telecom Business grew by 73% over previous year. •    Over the course of the year, the business added more than 1000 large and Emerging Enterprises for their various services. •    Existing and new customers also consolidated their network with us leading to considerable growth across BFSI, Utilities and SMB. •    In BFSI, the business signed up two banking licenses aspirants and also enhanced scope for one of its oldest customers. These wins were not only for connectivity but also WAN management including security. •    On the wholesale front, Sify bagged multiple deals from India's leading mobile operators, allowing us to monetise our international assets. •    Sify has received its TL9000 certification for its NoC, Network Managed services capability and its service provider infrastructure processes Data Center Services •    In the last quarter of this year we added fresh Data Center capacity with the launch of our Noida Data center and set a new benchmark for the competition. •    We won Data Center contracts from one of India's oldest English daily publication, a nationalised bank, an International connectivity major, a Healthcare institute and a co-operative bank. Cloud and Managed Services •    Cloud and Managed services grew 116% over previous year. •    The business added more than 80 new customers this year across various verticals. •    Major wins came from the BFSI with a co-operative bank availing our Managed services at over 700 locations, and a contract with one of India's oldest Mercantile banks which includes private cloud at our DC •    We signed a major deal to migrate a prominent ERP reseller in the Middle East to our Cloudinfinit platform. •    New services launched were in Business continuity planning & Recovery as a Service with a major international BCP player. •    The business signed major Disaster Recovery as a Service (DRaaS) deals with a large educational institution and a pharma major. •    A partnership was signed with the world leading content delivery service provider to extend their service to all our clients. •    Our hosting services are now SAP certified and also find mention in one of the big four research agencies well indexed Magic quadrant for Asia and Middle East. Applications Integration services •    This business grew 71% over last year and added more than 40 new customers •    Talent Management and Forum business (Sify Internal IPs) has grown by over 40% and also launched Forum on the Cloud. •    We signed major deals among the Government with a combination of Technical and Banking institutions. •    eLearning business grew 35% over previous year and added 12 new customers over the year. •    Other Applications services contracts included three from a State government, two portable power major, a beverages major, a Central government's department and an edible oil manufacturer and distributor. •    This business also set up the SAP practise as a separate line of business. Technology Integrations services •    The Technology Integration business grew 89% over last year. •    TIS Business is closely aligned with Leading OEM partners in Network Integration, Data Centre, Security and Unified Communication space.   •    The business won large orders from a State government department, two banking majors, Private Finance Institute, a defense establishment and one of India's largest insurers, Large FMCG. •    Other wins were from a Government of India petro-chemical refinery, a leading mobile value-added service player and another for building of Data Center for a private IT education player, State Co-op Bank from North East state for Data Center Setup for both Non IT and IT, a State government for Deploying IP surveillance across their education wing.                          •    11 Large and 25 Emerging Enterprise customers were signed up for the year. •    The business has signed up major partnerships with a global leader in Networking, Security, Servers, performance optimization and storage, Video space to promote their solutions. About Sify Technologies Sify is among the largest integrated ICT Solutions and Services companies in India, offering end-to-end solutions with a comprehensive range of products delivered over a common telecom data network infrastructure reaching more than 1200 cities and towns in India. This telecom network today connects 36 Data Centres across India including Sify's 5 Tier III Data Centres across the cities of Chennai, Mumbai, Delhi and Bengaluru. A significant part of the company's revenue is derived from Enterprise Services, comprised of Telecom services, Data Center services, Cloud and Managed services, Applications Integration services and Technology Integration services. Sify also provides services that cater to the burgeoning demands of the SMB community, much of it on its Cloud services platform. Sify is ISO 9001:2008 certified for Enterprise Sales, Provisioning, support and customer relationship management of ICT solutions and services including VPN, Network, Voice, Data Centre hosting, Integration services, security services and managed services. Sify has been certified in ISO / IEC 20000 - 1:2011 and ISO/IEC 27001:2005 certified for Internet Data Center operations. Sify has been certified in SSAE16 SOC2 Type II for Cloud Infrastructure.  Sify has licenses to operate NLD (National Long Distance) and ILD (International Long Distance) services and offers VoIP backhaul for international carriers. With the Sify Cable landing station and partnerships with submarine cable companies globally, Sify is present in almost all the spheres of the ICT eco system. The company has an expanding base of Managed Services customers, both in India and overseas, and is India's first enterprise managed services provider to launch a Security Operations Center (SOC) to deliver managed security services.  The software team develops applications and offers services to improve business efficiencies of its current and prospective client bases. Sify also offers services in the specialized domains of eLearning, both in India and globally. For more information about Sify, visit www.sifycorp.com Forward Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  The forward-looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Sify undertakes no duty to update any forward-looking statements. For a discussion of the risks associated with Sify's business, please see the discussion under the caption "Risk Factors" in the company's Annual Report on Form 20-F for the year ended March 31, 2013, which has been filed with the United States Securities and Exchange Commission and is available by accessing the database maintained by the SEC at www.sec.gov , and Sify's other reports filed with the SEC. 

desc

A photo accompanying this release is available at: http://www.globenewswire.com/newsroom/prs/?pkgid=24898

CONTACT: Sify Technologies Limited
         Mr. Praveen Krishna
         Investor Relations & Public Relations
         +91 44 22540777 (ext.2055)
         praveen.krishna@sifycorp.com
         
         Grayling Investor Relations
         Ms. Truc Nguyen (ext. 418) 
         Mr. Christopher Chu (ext. 426)
         +1-646-284-9400
         truc.nguyen@grayling.com christopher.chu@grayling.com

Sify logo

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs