Sify reports revenues of INR 2,628 million for Q1 of FY 2013-14
Chennai, India, July 18, 2013: Sify Technologies Limited, 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 first quarter of fiscal year 2013-14.
- Revenue for the quarter ended June 30, 2013 was INR 2,628 million an increase of 13% versus the previous quarter, and an increase of 33% over the same period last year.
- EBITDA for the quarter was INR 465 million, an increase of 104% versus the previous quarter, and an increase of 151% over the same period last year.
- Net Profit for the quarter was INR 163 million as against a net loss of INR 16 million for the previous quarter.
- CAPEX during the quarter was INR 176 million. Cash balance at the end of the quarter was INR 1,085 million.
Raju Vegesna, Chairman and Managing Director, said, “This quarter has been our strongest quarter to date since we embarked on the new strategic direction we have set for ourselves. On the infrastructure front, we have consistently built capacity ahead of customer demand. Our investments in Network and Data Centers, is gaining increasing interest and improved utilization. We are seeing traction around our Cloud business and our investments in submarine cables have enabled Sify to compete for new business opportunities. With the market in consolidation mode, we are also reaping the benefits of clients choosing Sify for our consistent and predictable performance.”
Kamal Nath, CEO, said, “This quarter’s result is a clear reflection of Sify 3.0 led strategy and execution plan which were laid down three quarters back. There is a significant growth in multi-tower engagement with existing and new customers, average deal size and revenue from existing customer base. Revenue, Net Profit, and Order Booking have been the highest for a quarter till date. The highlight of the quarter is the winning of a multi-services, multi-technology integration project across more than 3500 locations from one of India’s largest Non-Banking Financial Company.”
M P Vijay Kumar, CFO, said, “With the opening of the first phase of our Noida Data Center, monetizing of one of our largest investments can now begin. With the continuing challenging market conditions, and our available capacity from our investments in past years, we plan to closely monitor the emerging opportunities and time our capital requirements and expansion accordingly. While we don’t anticipate a near-term improvement in the market conditions, the fiscal discipline established over the past years and the general market consolidation places us in a strong position to deliver consistent financial results. The continued year-on-year improvement in our financial performance, and the strong results this quarter, are indicative of the consistent and focused strategy on the leadership side. Please note that we have provided revenue and operating details based on our new 5 Business Unit structure, starting with this quarter. We will follow this same structure for our financial reporting in the forthcoming quarters. Cash balance at the end of the quarter was INR 1,085 million.”
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