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Name | Symbol | Market | Type |
---|---|---|---|
Sify Technologies Limited | NASDAQ:SIFY | NASDAQ | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.0513 | -10.94% | 0.4175 | 0.056 | 0.60 | 0.427909 | 0.37 | 0.3995 | 907,051 | 05:00:10 |
EARNING CALLS DETAILS
July 19, 2024| 8:30 AM ET
Participant Dial in:
To join: +1-888-506-0062 (Toll Free in the U.S. or Canada) or +1-973-528-0011 (International) | Access Code: 265815
On the call: Mr. Raju Vegesna, Chairman of the Board, Mr. M P Vijay Kumar, Executive Director & Group CFO and Mr. Kamal Nath, Chief Executive Officer
Live webcast: https://www.webcaster4.com/Webcast/Page/2184/50888
Archives: +1-877-481-4010 (Toll Free in the U.S. or Canada) or +1-919-882-2331 (International). On prompt, please enter passcode 50888. Replay is available until July 26, 2024.
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HIGHLIGHTS
MANAGEMENT COMMENTARY
Mr. Raju Vegesna, Chairman, said, “India is currently in a remarkable phase of growth. The combination of pro-industry regulations, a supportive investment environment and a wealth of skilled talent positions our nation as a key destination for international businesses. This confidence is driving investments and building partnerships that benefit both enterprises and the broader economy.
The advancement in regulatory and taxation norms should help accelerate investment in the network and data center landscape and enhance India’s status as a pivotal interconnect hub between Asia and the Middle East. Our robust infrastructure and comprehensive services portfolio uniquely position Sify to seize these opportunities. As enterprises and government entities advance their digital transformation and automation initiatives, Sify stands ready to support them with our innovative digital tools and services.”
Mr. Kamal Nath, CEO, said, “As businesses embark on digital transformation, they are reconfiguring their IT frameworks to incorporate multiple transformative solutions. All of them with the common agenda of enhancing user satisfaction, ensuring operational resilience and protecting digital assets.
Our significant capital allocations and extensive range of offerings are designed to effectively meet these ambitions. Our capability to provide innovative outcomes through our triad of infrastructure and managed services uniquely positions us to support them throughout their digital transformation.”
Mr. M P Vijay Kumar, ED & Group CFO, said, “The International Accounting Standard Board’s (“IASB”) recently issued Accounting Standard IFRS 18 (Presentation and Disclosure in Financial Statements) replacing IAS 1 (Presentation of Financial Statements). The new structure for the profit and loss statement requires (i) the classification of income and expenses into three new categories - operating, investing and financing, and (ii) the presentation of subtotals for operating profit or loss and profit or loss before financing and income taxes.
Although the IASB set an effective date as January 1, 2027, the Company will begin adhering to IFRS 18 beginning with its unaudited consolidated financial statements for the quarter ended June 30, 2024. All prior periods presented herein have been presented in accordance with the new structure. There is no change in total income or net profit.
We will continue to invest in expanding our network, both fiber in the metros and terrestrial long distance, data center capacity and also strengthen our Digital services team by adding people with the right skill sets and investing more in our Learning and Development initiatives. Fiscal discipline will continue to be remain central to our focus and strategy. The cash balance at the end of the quarter was INR 6,471 Million.”
BUSINESS HIGHLIGHTS
CUSTOMER ENGAGEMENTS
Among the most prominent new contracts during the quarter were the following:
Network Services
Data Center Services
Digital services
FINANCIAL HIGHLIGHTS
Unaudited Consolidated Income Statement as per IFRS | ||||||||
(In INR millions) | ||||||||
Quarter ended | Quarter ended | Quarter ended | Year ended | |||||
Description | June 2024 | June 2023 | March 2024 | March 2024 | ||||
(Audited) | ||||||||
Revenue | 9,421 | 8,547 | 9,637 | 35,634 | ||||
Cost of Sales | (5,961 | ) | (5,371 | ) | (6,108 | ) | (22,378 | ) |
Gross Profit | 3,460 | 3,176 | 3,529 | 13,256 | ||||
Other Operating Income | 88 | 42 | 182 | 379 | ||||
Selling, General and Administrative Expenses | (1,676 | ) | (1,421 | ) | (1,700 | ) | (6,462 | ) |
Depreciation and Amortisation expense | (1,306 | ) | (1,118 | ) | (1,259 | ) | (4,773 | ) |
Operating Profit | 566 | 679 | 752 | 2,400 | ||||
Investment Income | 58 | 9 | 25 | 156 | ||||
Profit before financing and income taxes | 624 | 688 | 777 | 2,556 | ||||
Interest expenses on borrowings and lease liabilities | (670 | ) | (569 | ) | (641 | ) | (2,322 | ) |
Interest expenses on pension liabilities | - | - | - | (2 | ) | |||
Profit/(Loss) before income taxes | (46 | ) | 119 | 136 | 232 | |||
Income Tax Expense | (59 | ) | (54 | ) | (98 | ) | (183 | ) |
Profit/(Loss) for the period | (105 | ) | 65 | 38 | 49 | |||
Reconciliation with Management-defined Performance Measures* | ||||||||
Operating Profit | 566 | 679 | 752 | 2,400 | ||||
Add: | ||||||||
Depreciation and Amortisation expense | 1,306 | 1,118 | 1,259 | 4,773 | ||||
Less: | ||||||||
Interest expenses on pension liabilities | - | - | - | (2 | ) | |||
Other Income (including exchange gain/loss) | (88 | ) | (73 | ) | (187 | ) | (415 | ) |
EBITDA | 1,784 | 1,724 | 1,824 | 6,756 | ||||
*Management-defined Performance Measures (MPMs)
Sify uses Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) as the management-defined performance measure in its public communications. This measure is not specified by IFRS Accounting Standards and therefore might not be comparable to apparently similar measures used by other entities.
Segment Reporting:(In INR millions)
Q1 2024-25 | Q1 2023-24 | |||||||||||||||
Particulars | Network Services | Data Center Colocation Services | Digital Services | Total | Network Services | Data Center Colocation Services | Digital Services | Total | ||||||||
(A) | (B) | ( C) | (D)= (A)+(B)+(C) | (A) | (B) | ( C) | (D)= (A)+(B)+(C) | |||||||||
External customers Revenue | 3,865 | 3,360 | 2,196 | 9,421 | 3,427 | 2,704 | 2,416 | 8,547 | ||||||||
Intersegment Revenue | 22 | 55 | 77 | 22 | 56 | 78 | ||||||||||
Operating Expense | (3,261 | ) | (1,966 | ) | (2,397 | ) | (7,624 | ) | (2,872 | ) | (1,546 | ) | (2,404 | ) | (6,822 | ) |
Intersegment Expense | (63 | ) | (14 | ) | (77 | ) | (63 | ) | (14 | ) | (77 | ) | ||||
Segment Result | 541 | 1,416 | (160 | ) | 1,797 | 492 | 1,180 | 54 | 1,726 | |||||||
Unallocated Expense: | ||||||||||||||||
Support Service Unit Costs | (44 | ) | (47 | ) | ||||||||||||
Depreciation & Amortisation | (1,306 | ) | (1,118 | ) | ||||||||||||
Other income / (expense), net | 24 | 15 | ||||||||||||||
Finance Income | 122 | 25 | ||||||||||||||
Finance Expense | (639 | ) | (482 | ) | ||||||||||||
Profit / (loss) before tax | (46 | ) | 119 | |||||||||||||
Income taxes (expense) / benefit | (59 | ) | (54 | ) | ||||||||||||
Profit / (loss) for the period | (105 | ) | 65 |
Highlights:
(In INR millions) | 30.06.2024 | 30.06.2023 | 31.03.2024 |
EQUITY | 17,369 | 15,210 | 15,230 |
BORROWINGS | |||
Long term | 16,717 | 14,897 | 17,608 |
Short term | 7,218 | 6,581 | 6,937 |
About Sify Technologies
A Fortune India 500 company, Sify Technologies is India’s most comprehensive ICT service & solution provider. With Cloud at the core of our solutions portfolio, Sify is focussed on the changing ICT requirements of the emerging Digital economy and the resultant demands from large, mid and small-sized businesses.
Sify’s infrastructure comprising state-of-the-art Data Centers, the largest MPLS network, partnership with global technology majors and deep expertise in business transformation solutions modelled on the cloud, make it the first choice of start-ups, SMEs and even large Enterprises on the verge of a revamp.
More than 10000 businesses across multiple verticals have taken advantage of our unassailable trinity of Data Centers, Networks and Digital services and conduct their business seamlessly from more than 1700 cities in India. Internationally, Sify has presence across North America, the United Kingdom and Singapore.
Sify, www.sify.com, Sify Technologies and www.sifytechnologies.com are registered trademarks of Sify Technologies Limited.
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, 2024, 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.
For further information, please contact:
Sify Technologies LimitedMr. Praveen KrishnaInvestor Relations & Public Relations+91 9840926523praveen.krishna@sifycorp.com | 20:20 Media Nikhila Kesavan+91 9840124036nikhila.kesavan@2020msl.com | Weber ShandwickLucia Domville+1-212 546-8260LDomville@webershandwick.com |
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