Sify reports revenues of INR 10463 million for FY 2013-14

25th April 2014 | By Mouseworld Now Correspondent |

sify-miniature-logoChennai, Tuesday, April 24, 2014: Sify Technologies Limited (NASDAQ NM: SIFY), 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.

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 stood at 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.

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, “ added Vagnesa.

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.”

Siffy Technologies  CEO Kamal Nath 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.”


M P Vijay Kumar, CFO, Siffy Technologies, 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.”

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