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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.01 | -0.82% | 1.21 | 1.14 | 1.40 | 1.225 | 1.20 | 1.22 | 10,658 | 05:00:10 |
PERFORMANCE HIGHLIGHTS:
MANAGEMENT COMMENTARY Mr. Raju Vegesna, Chairman, said, “With the rapid adoption of digital technology across India, Global Enterprises and domestic players now see a market of 1.3 billion people who have to be quickly transitioned to the reality of a digital economy. In their pursuit to do so, they will draw upon the strength of local IT enablers who have the capability and local knowledge to execute.
"That is the opportunity in front of Sify today.”
Mr. Kamal Nath, CEO, said, "We continue to see increasing Cloud adoption in Enterprises as well as Government clients. Our investments, skills and partnerships are attracting clients who are renewing their erstwhile on-prem outsourcing, people heavy contracts and looking for hybrid or multi-cloud flavoured models. We are also able to bring in benefits to clients with our hyperscale network services which enables cloud adoption. The true value of Sify’s ICT services is being unleashed in Cloud transformation projects.”
Mr. M P Vijay Kumar, CFO, said, “With the focus on digital transformation, Enterprises are actively engaging for multiple ICT services for the operational benefits of our comprehensive set of services. We are seeing our managed services on top of the DC and Cloud as having the most traction among them. While we expand our capacity, both data centers and network infrastructure, we continue to exercise prudence in our capital investments.
"This financial year, the increase in depreciation and interest is partly due to IFRS 16 becoming applicable for leases and the tax expense is due to company being subject to income tax as the benefit of past losses has been utilized in full until last year.
"Our cash balance at the end of the quarter stands at INR 1375 Million.”
FINANCIAL HIGHLIGHTS | |||
Unaudited Consolidated Income Statement as per IFRS | |||
(In INR millions) | |||
Quarter ended | Quarter ended | Quarter ended | |
Description | September | September | June |
2019 | 2018 | 2019 | |
Revenue | 5,807 | 5,509 | 5,518 |
Cost of Revenues | (3,650) | (3,470) | (3,550) |
Selling, General and Administrative Expenses | (1,096) | (1,268) | (1,094) |
EBITDA | 1,061 | 771 | 874 |
Depreciation and Amortisation expense | (527) | (384) | (506) |
Net Finance Expenses | (261) | (175) | (64) |
Other Income (including exchange gain) | 15 | 67 | 28 |
Other Expenses (including exchange loss) | (8) | (26) | (12) |
Profit before tax | 280 | 253 | 320 |
Income tax expense | (89) | - | (104) |
Profit for the period | 191 | 253 | 216 |
Profit attributable to: | |||
Reconciliation with Non-GAAP measure | |||
Profit for the period | 191 | 253 | 216 |
Add: | |||
Depreciation and Amortisation expense | 527 | 384 | 506 |
Net Finance Expenses | 261 | 175 | 64 |
Other Expenses (including exchange loss) | 8 | 26 | 12 |
Income tax expense | 89 | - | 104 |
Less: | |||
Other Income (including exchange gain) | (15) | (67) | (28) |
EBITDA | 1,061 | 771 | 874 |
BUSINESS HIGHLIGHTS
GROWTH DRIVERS
The primary growth driver in the market continues to be cloud adoption, led by digital initiatives and transformation. This trend is triggering movement of workloads from on-premise Data Centers to hyperscale Public Cloud and hosted Private Cloud in varied degrees, based on the digital objectives of the Enterprises. This results in transformation of the traditional network architecture, and transformation at the edge which connects the end user. The need for digital services like analytics, data lakes, IoT, etc are shifting the balance to adoption of hyperscale Public Cloud vs Private Cloud. Collectively, these trends are generating opportunities for full scale Cloud, DC and Network service providers with digital services skills. KEY WINS
Highlights of our major wins in the quarter include:
A consolidated summary of the key highlights during the quarter is noted below:
Data Center Centric IT Services highlights include:
About Sify TechnologiesSify Technologies is the India’s most comprehensive largest 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 the largest MPLS network, top-of-the-line DCs, partnership with global technology majors, vast expertise in business transformation solutions modelled on the cloud make it the first choice of start-ups, incoming enterprises 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, Networking and Security services and conduct their business seamlessly from more than 1600 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, 2019, 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 Limited Mr. Praveen Krishna Investor Relations & Public Relations +91 44 22540777 (ext.2055) praveen.krishna@sifycorp.com | 20:20 Media Nikhila Kesavan +91 9840124036 nikhila.kesavan@2020msl.com | Grayling Investor Relations Shiwei Yin +1-646-284-9474 Shiwei.Yin@grayling.com |
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