Sify's Revenue, EBITDA Rise In Q1FY24-25; Losses Persist
The cash balance at the end of the quarter was Rs 6,471 million
Sify, an Indian information and communications technology company has reported revenue of Rs 9,421 million, earnings before interest, taxes, depreciation and amortisation (EBITDA) of Rs 1,784 million and loss for the period of Rs 105 million in Q1FY24-25.
The company in a press statement added that revenue witnessed an increase of 10 per cent over the same quarter last year, EBITDA grew 3 per cent over the same quarter last year and loss before tax was Rs 46 million. Notably, Capex during the quarter was Rs 2,656 million.
Raju Vegesna, Chairman, Sify said, “India is currently in a remarkable phase of growth. The combination of pro-industry regulations, a supportive investment environment and a wealth of skilled talent positions our nation as a key destination for international businesses. This confidence is driving investments and building partnerships that benefit both enterprises and the broader economy.''
Vegesna stated that the advancement in regulatory and taxation norms should help accelerate investment in the network and data center landscape and enhance India’s status as a pivotal interconnect hub between Asia and the Middle East.
Kamal Nath, Chief Executive Officer (CEO), Sify said, “As businesses embark on digital transformation, they are reconfiguring their IT frameworks to incorporate multiple transformative solutions. All of them with the common agenda of enhancing user satisfaction, ensuring operational resilience and protecting digital assets.
MP Vijay Kumar, ED and Group CFO, Sify said, “The International Accounting Standard Board’s (“IASB”) recently issued Accounting Standard IFRS 18 (Presentation and Disclosure in Financial Statements) replacing IAS 1 (Presentation of Financial Statements). The new structure for the profit and loss statement requires (i) the classification of income and expenses into three new categories - operating, investing and financing, and (ii) the presentation of subtotals for operating profit or loss and profit or loss before financing and income taxes.''
Although the IASB set an effective date as 1 January 2027, the Company will begin adhering to IFRS 18 beginning with its unaudited consolidated financial statements for the quarter ended 30 June 2024. All prior periods presented herein have been presented by the new structure. There is no change in total income or net profit.
Kumar added, ‘’We will continue to invest in expanding our network, both fibre in the metros and terrestrial long distance, data centre capacity and also strengthen our Digital services team by adding people with the right skill sets and investing more in our learning and development initiatives. Fiscal discipline will continue to remain central to our focus and strategy.''
Notably, the cash balance at the end of the quarter was Rs 6,471 million.
