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.
---------------------------------------------------------------------------------------------------------------
HIGHLIGHTS
- Revenue was INR 8,659
Million, an decrease of 3% over the same quarter last
year.
- EBITDA was INR 1,689
Million, an increase of 4% over the same quarter last
year.
- Losses before tax was INR 20
Million. Losses after tax was INR 14 Million.
These are compared to a net profit in the same quarter last year,
with the difference primarily due to higher depreciation and
interest costs.
- CAPEX during the quarter was
INR 1,087 Million.
(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 |
% |
- As on Dec 31, 2023, Sify has
deployed 6920 contracted SDWAN service points across the
country.
- Sify provides services via 974 fiber
nodes across the country, a 15% increase respectively over same
quarter last year.
- This quarter, Sify invested USD 0.15
Million in start-ups in the Silicon Valley area as part of our
Corporate Venture Capital initiative. To date, the cumulative
investment stands at USD 7.22 Million.
CUSTOMER ENGAGEMENTS
Among the most prominent new contracts during the quarter were
the following:
Data Center Services
- One of India’s largest private banks
signed up for colocation services.
- A global financial and technology
company is migrating colocation services from a competitor to
Sify’s Data Center.
- India’s largest payment bank is
expanding its capacity at multiple Sify Data Centers.
- A multinational stockbroking firm,
entering India, contracted for colocation space.
Digital services
- A Private bank, an industrial major,
a pharmaceutical player, a State government department and a
division of the Union government contracted to migrate their
on-premise Data Center to Sify’s Cloud platform.
- A domestic steel major and a
logistics player contracted for greenfield cloud
implementation.
- Two nationalized banks signed up for
commissioning of Private Cloud at their onsite Data Centers.
- A housing finance major, a major
real estate player, an insurance multinational and a pharmaceutical
player signed up for services like DRaaS and IaaS.
- Sify contracted for managed services
with multiple global players in logistics, investment, skill
development, and with a State government’s IT platform.
- Contracts for security services were
signed with a new age health platform, a design major and an
insurance brokerage firm.
- A Public sector bank and a
Construction major signed up for collaboration services.
- A multinational industrial lubricant
manufacturer signed up for Sify’s supply chain integration
platform.
- The government’s central platform
for aspiring bankers, a government division, a research and
training institute and a banking think-tank signed up for online
assessments.
Network Services
- A prominent NBFC signed up for
integrated network services spanning their branches, data center
network, SSE and Managed services.
- One of India’s premier stock
exchanges signed up to consolidate and transform their member
network, while a spirits major signed up to connect their
manufacturing locations.
- One of the largest private banks
contracted for network expansion.
- A nationalized bank and a private
insurance major signed up for managed and secure SDWAN at multiple
locations.
- One of India’s largest MNCs
contracted for collaboration services.
- An international audit major signed
up for Hosted Contact Center and a prominent IT player signed up
for omni channel communication.
- Sify’s Edge connectivity now reaches
43 Tier 2 cities in India with 16 of them offering internet
exchanges.
- Network expansion has been completed
in 3 major Indian cities, while the SAARC gateway was expanded to
500G capacity.
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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