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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.0201 | 1.69% | 1.2102 | 1.16 | 1.24 | 1.23 | 1.16 | 1.23 | 104,308 | 01:00:00 |
EARNING CALLS DETAILS
January 18, 2024| 8:30 AM ET
To join: Toll Free: 888-506-0062, International: 973-528-0011, Participant Access Code: 219546
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/2184/49670
Archives: Toll Free: 877-481-4010, International: 919-882-2331, Replay Passcode: 49670.
Replay available until Thursday, January 25, 2024.
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HIGHLIGHTS
(IN INR MILLION) | 31.12.2023 | 31.03.2023 |
EQUITY | 21,979 | 17,145 |
BORROWINGS | ||
Long term | 17,272 | 13,818 |
Short term | 6,122 | 6,662 |
MANAGEMENT COMMENTARY
Mr. Raju Vegesna, Chairman, said, “A combination of pro-industry regulatory initiatives, an encouraging investment climate and abundant skilled human capital are factors that continue to dominate enterprise business strategies for India. Business leaders are united in their view that India is central to their growth plans and are aggressively ramping up their local investment.”
Mr. Kamal Nath, CEO, said, “As Enterprises pursue their digital transformation and digitalisation objectives, they are also re-calibrating their digital infrastructure across hybrid cloud, network, security and edge infrastructures. Customer experience, business continuity, cyber security, application modernization and overall adoption of AI models are the prime drivers for this recalibration.
Our infrastructure investments and services portfolio are fundamentally aligned to meet the customer goals. Simultaneously, we are continuously engaged with our customers to identify their specific needs and selectively recalibrate our propositions to support the same.”
Mr. M P Vijay Kumar, ED & Group CFO, said, “We continue to invest in bringing more Data Center capacity to the market, extending our network footprint and skilling our people on new tools. These investments are being made ahead of the curve and will reflect on our net profit for the near future. The interest on CCDs, accounted as equity in accordance with GAAP, are recognised as expense in the statement of income.
The cash balance at the end of the quarter was INR 6,037 Million.”
BUSINESS HIGHLIGHTS
The Revenue split between the businesses for the quarter was Data Center colocation services 32%, Digital services 28% and Network services 40%.
Business Revenue (INR Millions) | Q3 FY 2023-24 | Q3 FY 2022-23 | FY 2022-23 | % Growth Q3 2023-24 vs Q3 2022-23 | |
Data Center services | 2,732 | 2,409 | 10,125 | 13.42 | % |
Digital Services | 2,449 | 3,154 | 9,989 | -22.36 | % |
Network services | 3,477 | 3,332 | 13,289 | 4.36 | % |
TOTAL | 8,658 | 8,895 | 33,403 | -2.66 | % |
CUSTOMER ENGAGEMENTS
Among the most prominent new contracts during the quarter were the following:
Data Center Services
Digital services
Network Services
FINANCIAL HIGHLIGHTS
Unaudited Consolidated Income Statement as per IFRS | ||||||
(In INR millions) | ||||||
Quarter ended | Quarter ended | Quarter ended | ||||
Description | December | December | September | |||
2023 | 2022 | 2023 | ||||
Revenue | 8,659 | 8,896 | 8,791 | |||
Cost of Revenues | (5,390 | ) | (5,767 | ) | (5,509 | ) |
Selling, General and Administrative Expenses | (1,580 | ) | (1,510 | ) | (1,763 | ) |
EBITDA | 1,689 | 1,619 | 1,519 | |||
Depreciation and Amortisation expense | (1,183 | ) | (996 | ) | (1,213 | ) |
Net Finance Expenses | (525 | ) | (420 | ) | (361 | ) |
Other Income (including exchange gain/loss) | 24 | 53 | ||||
Other Expenses (including exchange loss) | (1 | ) | - | - | ||
Profit/(Loss) before tax | (20 | ) | 227 | (2 | ) | |
Current Tax | (9 | ) | (92 | ) | (202 | ) |
Deferred Tax | 15 | 123 | 164 | |||
Profit/ (Loss) for the period | (14 | ) | 258 | (40 | ) | |
Profit/ (Loss) attributable to: | ||||||
Reconciliation with Non-GAAP measure | ||||||
Profit/ (Loss) for the period | (14 | ) | 258 | (40 | ) | |
Add: | ||||||
Depreciation and Amortisation expense | 1,183 | 996 | 1,213 | |||
Net Finance Expenses | 525 | 420 | 361 | |||
Other Expenses (including exchange loss) | 1 | - | - | |||
Current Tax | 9 | 92 | 202 | |||
Less: | ||||||
Deferred Tax | (15 | ) | (123 | ) | (164 | ) |
Other Income (including exchange gain/loss) | - | (24 | ) | (53 | ) | |
EBITDA | 1,689 | 1,619 | 1,519 | |||
About Sify TechnologiesA 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 focused 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 Security services and conduct their business seamlessly from more than 1600 cities in India. Internationally, Sify has a presence across North America, the United Kingdom and Singapore.
Sify, Sify Technologies, Sify Infinit Spaces and Sify Digital Services are registered trademarks of Sify Technologies Limited.
Non-IFRS Measures
This press release contains a financial measure not prepared in accordance with IFRS. In particular, EBITDA is referred to as “non-IFRS” measure. The non-IFRS financial measure we use may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies - refer to the reconciliation provided in the table labelled Financial Highlights for more information. In addition, these non-IFRS measures should not be considered in isolation as a substitute for, or as superior to, financial measures calculated in accordance with IFRS, and our financial results calculated in accordance with IFRS and reconciliation to those financial statements should be carefully evaluated.
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, 2023, 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 LimitedPraveen KrishnaInvestor Relations & Public Relations+91 44 22540777 (ext.2055)praveen.krishna@sifycorp.com | Grayling Investor RelationsLucia Domville+1-646-824-2856Lucia.Domville@grayling.com | 20:20 Media Nikhila Kesavan+91 9840124036nikhila.kesavan@2020msl.com |
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