Sify Technologies, an integrated ICT solutions and services provider, has announced a quarterly profit of Rs 38 million for the January-March 2024 period, a slight increase from Rs 34 million in the corresponding quarter last year.
Despite this quarterly growth, the company experienced a significant decline in annual profit, dropping to Rs 49 million in the fiscal year ending 31 March 2024, from Rs 674 million the previous year.
During the same quarter, Sify saw its revenues rise to Rs 9,637 million from Rs 8,861 million a year ago. This growth continued throughout the fiscal year, with total revenues reaching Rs 35,634 million, up from Rs 33,404 million in the prior year.
Kamal Nath, CEO of Sify, stressed the company’s dedication to enhancing infrastructure and service offerings to meet customer needs, particularly in the context of digital transformation and digitisation initiatives. Nath stated that these efforts are designed to optimise enterprises' digital architectures across applications, hybrid cloud environments, network security and edge computing.
In addition to operational enhancements, Sify has also been active in corporate venture capital, investing USD 7.22 million in startups based in Silicon Valley as part of its growth and innovation strategy. This is aligned with the company's broader objectives to expand and adapt its services in the rapidly evolving ICT landscape.
M P Vijay Kumar, Sify Technologies Group Chief Financial Officer, outlined the company’s investment strategy, focusing on expanding data center presence and capacity to meet increasing demand. Kumar also highlighted the importance of workforce development, stating that the company is prioritising the expansion and equipping of its staff with essential skills, tools and processes to drive innovation and efficiency.
Sify Technologies' latest financial outcomes reflect a complex balance of revenue growth against a backdrop of significant profitability challenges, indicating a strategic shift towards building a foundation for future growth despite short-term hurdles.
