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Sify Technologies Limited Message Board

  • marks12343 marks12343 Oct 28, 2011 8:37 AM Flag

    Earnings report text

    Sify Reports Revenues of $ 37.10 Million for Second Quarter of Fiscal Year 2011-12
    8:15a ET October 28, 2011 (Business Wire)

    Sify Technologies Limited (NASDAQ Global Markets: SIFY), a leader in Managed Enterprise, Network and IT Services in India with growing global delivery capabilities, today announced its consolidated results under International Financial Reporting Standards (IFRS) for the second quarter of fiscal year 2011-12.

    Performance Highlights Q 2 FY 11-12:

    -- Revenues for the quarter ended September 30, 2011 was US $ 37.10 million.

    -- Revenue from Enterprise services grew by 7.5% and from Software services by 22% over the corresponding quarter previous year.

    -- EBITDA for the quarter increased to US $ 3.33 million, as compared to US $ 1.10 million in the corresponding quarter previous year.

    -- Net loss before tax for the quarter reduced to US $1.39 million, as against a net loss of US $ 2.74 million in the corresponding quarter previous year.

    -- Capex during the quarter was US $ 4.60 million. Cash balance at the end of the quarter was US $ 20 million and undrawn line of credit stood at US $ 3 million

    Mr. Raju Vegesna, Chairman & MD, said, "We are pleased to present our financial performance for the second quarter of FY 2011-12. Our Enterprise business continues to gain traction, supported by domestic growth in the corporate segment and a renewed spending environment.

    "On the services front, the focus on Network, IT and software services as core offerings is beginning to show results.

    "As the largest spender on IT and Network services, the government represents a significant growth opportunity for Sify and will remain an important focus area. The recently announced Telecom Policy is a step in the right direction in creating a level playing field among IT and Telecom service providers. Our SOHO/SMB base grew by 60%. More than half of these signups came from Tier II and III towns helped by our expanding footprint.

    "Visitors to our portal grew by 19% versus same quarter last year, helped by the launch of Health and Technology portals and the strength of Sify Sports.

    "Software services continues its evolution towards a strong position in providing on-demand software-enabled services to enterprise customers. Our Skills Assessment and e-Learning solutions are gaining momentum and gaining acceptance across a larger customer base. Our Content and Collaboration services on SaaS and mobile platforms have generated considerable interest from enterprises who are looking for cost effective means of business communications.

    "The overall outlook for growth in India is positive and we continue to invest in expanding our network, data centers and other infrastructure. Our network and data centre expansion and commissioning of cable landing station are proceeding as per plan.

    "We remain very positive on the outlook for ICT services in India, which is supported by favorable regulatory trends. The proposal to allow Voice-over-IP domestically in India also provides new opportunities for data-focused operators, such as Sify."

    Mr. MP Vijay Kumar, Chief Financial Officer, said, "The Company remains operating cash flow positive, with operating expenses contained within our operating cash flows for yet another quarter. While our new capital expenditures continue to exceed operating cash flows, as we continue to invest for future growth, it is important to note that our Capacity utilisation has improved during the quarter.

    "There has been an improvement in gross margins owing to increased engagement with the customers and roll-out of several value added services.

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    • Does this mean it goes up? good? up to how much $?

      or down?

    • "The proposed inclusion of telecom projects within the funding ambit of India Infrastructure Finance Company (IIFCL) will open up more funding options for this sector. It is also expected to extend the tax concessions enjoyed by the infrastructure industry to the telecom sector.

      "As previously reported, the promoters have paid in additional capital of Rs.100 crores pursuant to the subscription agreement.

      "Cash balance at the end of the quarter was US$ 20 million and undrawn line of credit stood at US$ 3 million."


      Unaudited Consolidated income statement as per IFRS
      (In $ million, all translated at $1 = Rs.48.93)
      Description Quarter ended Quarter ended Quarter ended Year ended
      Sept Sept June March
      2011 2010 2011 2011
      -------------- -------------- -------------- -----------
      Enterprise 31.56 29.35 41.07 117.58
      Software 3.59 2.95 3.18 12.41
      Commercial and consumer 1.95 2.78 2.05 10.76
      ------ ------ ------ ------
      Revenue 37.10 35.08 46.30 140.75
      ------ ------ ------ ------
      Cost of Revenues (21.41 ) (21.54 ) (31.50 ) (86.03 )
      Selling, General and Administrative Expenses (12.36 ) (12.44 ) (12.34 ) (49.90 )
      EBITDA 3.33 1.10 2.46 4.82
      ------ ------ ------ ------
      Depreciation and Amortisation expenses (3.51 ) (3.54 ) (3.48 ) (14.05 )
      Net Finance Expenses (1.48 ) (1.19 ) (1.37 ) (4.35 )
      Other Income 0.00 0.42 0.08 1.49
      Share of Affiliates 0.27 0.47 0.43 1.49
      Profit / (loss) Before tax (1.39 ) (2.74 ) (1.88 ) (10.60 )
      ------ ------ ------ ------ ------ ------ ------ ---
      Income Taxes - - -
      Profit / (loss) for the period (1.39 ) (2.74 ) (1.88 ) (10.60 )
      ------ ------ ------ ------ ------ ------ ------ ---
      Previous year figures are readjusted to reflect change in business
      As previously reported, Q1 ended June 30, 2011 included a US$ 9.4
      million project executed for a large telecom company

1.00-0.03(-2.91%)Feb 9 3:56 PMEST