Sify Reports Revenues of INR 3160 Million for Q2 of FY 2014-15
Chennai, Tamil Nadu, India
Sify Technologies Limited (NASDAQ: 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 second quarter of fiscal year 2014-15.
- Revenue for the quarter ended September 30, 2014 was INR 3160 million, an increase of 26% over the same quarter last year.
- EBITDA for the quarter was INR 456 million, an increase of 8% over the same quarter last year.
- Net Profit for the quarter was INR 90 million, down 15% versus the same quarter last year.
- CAPEX during the quarter was INR 785 million. Cash balance at the end of the quarter was INR 1505 million.
Mr. Raju Vegesna, Chairman and Managing Director, said, “In August 2014, we were awarded the Golden Peacock award for Business Excellence; an endorsement of our management practices. Corporate Governance, Business Excellence and Industry best practices. Coming in the 15th year of our listing on NASDAQ, it is a recognition of the transparency with which we have conducted ourselves.
The experience and credibility gained on the recent network integration project completed for India’s Department of Posts has helped us to become a regular contender for large-scale IT refresh projects. It is encouraging that clients are now seeing us as knowledge partners and engaging us at the planning stage.
In an environment that is just recovering from recession, that should help us give a head start in future business.”
Mr. Kamal Nath, CEO, said, “We have seen significant traction among customers for our Data Centre Transformation services. With the new government firmly in place, we are also seeing quicker decision making among the Government and PSUs.
Our order books reflect deeper engagements. The composition of our major client projects is also changing, with multiple services, longer tenures and earlier engagement, long before the change is due.
This reflects positively on our efforts to promote our knowledge practices and our ability to service different size customers.”
Mr. M P Vijay Kumar, CFO, said, “While we are seeing consistent revenue growth, there has also been an increase in our expenditures, which has created some pressure on our Net Profit. Much of this increase is due to depreciation associated with our newly opened Data Centers, along with some implementation cost incurred during the final stages of a large network integration project. The network integration project is nearing completion, and we are working through the acceptance process, following which the associated revenues can be recognized. Our new state-of-the-art Data Centers will have an initial gestation period before the strong customer interest we are seeing translates into annuity revenues.
Cash balance at the end of the quarter was INR 1505 million.”