Chennai, Wednesday, October 19, 2016: Sify Technologies Limited (NASDAQ: SIFY), a leader in Managed Enterprise, Network, IT and Applications services in India with global delivery capabilities, today announced its consolidated results under International Financial Reporting Standards (IFRS) for the second quarter of fiscal year 2016-17.
Mr. Raju Vegesna, Chairman, said, “The reality of Digital Transformation is taking hold with multiple clients limiting investment in legacy infrastructure and opting for new age solutions. The government’s Digital India agenda is beginning to alter the perception of how business is done in India. As one of the earliest proponents of this transformation, we have had the opportunity to deliver several of these digital transformation projects, thus building a track record for large MNCs to entrust their IT roadmap to us.”
Mr. Kamal Nath, CEO, said, “With our Q2 performance, we have been able to maintain our QoQ growth for the successive 14 quarters in Revenue, New Order Book and Profitability. Sify, as a comprehensive ICT Services Provider and with a strong focus in Data Centre and Network Transformation projects is increasingly becoming the partner of choice for Enterprises embarking on their Digital Transformation journey. This encourages us to further augment our infrastructure and services portfolio and our partnership landscape to be more relevant in our client’s Digital Transformation journey going forward.”
Mr. M P Vijay Kumar, CFO, said, “We have maintained a consistent growth in revenue amidst a cautious spending period. We have incurred operating costs specific to expansion this quarter which has marginally increased our SG&A, and thus weighed down on the EBITDA. We are insistent on working with clients with clear roadmaps and predictable outcomes. Our focus is on right-sizing a project, financial discipline and timely completion.
Investment in infrastructure will continue to be dictated by commitment from clients and with a clear view to optimising asset utilisation. Cash balance at the end of the quarter was INR 1842 million.”
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