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SANTA CLARA, Calif., Oct. 19, 2016 (GLOBE NEWSWIRE) -- Sify Technologies Limited (NASDAQ: SIFY), headquartered at Chennai, India, a leader in Managed Enterprise, Network, IT and Applications services in India with global delivery capabilities, today announcedits 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 ofthe earliest proponents of this transformation, we have had the opportunity to deliverseveral of these digital transformation projects, thus building a track recordfor 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 14quarters 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 1842million."
Unaudited Consolidated income statement as per IFRS
(In INR millions)
Quarter ended Quarter ended Quarter ended
Description September September June
2016 2015 2016
Revenue 4,392 3,715 4,170
Cost of Revenues (2,799) (2,166) (2,666)
Selling, General and Administrative Expenses (959) (887) (882)
EBITDA 634 662 622
Depreciation and Amortisation expense (432) (369) (441)
Net Finance Expenses (82) (172) (81)
Other Income 37 12 25
Profit for the period 157 133 125
Reconciliation with Non-GAAP measure
Profit for the period 157 133 125
Depreciation and Amortisation expense 432 369 441
Net Finance Expenses 82 172 81
Other Income (37) (12) (25)
EBITDA 634 662 622
Data Center Services
Cloud and Managed Services
Applications Integration Services
Technology Integration Services
About Sify Technologies
Sify is among the largest integrated ICT Solutions and Services companies in India, offering end-to-end solutions with a comprehensive range of products delivered over a common telecom data network infrastructure reaching more than 1300 cities and towns in India. This telecom network today connects 38 Data Centers across India including Sify's 6 Tier III Data Centers across the cities of Chennai, Mumbai, Delhi and Bengaluru.
A significant part of the company's revenue is derived from Enterprise Services, comprising of Telecom services, Data Center services, Cloud and Managed services, Applications Integration services and Technology Integration services. Sify also provides services that cater to the burgeoning demands of the SMB community, much of it on its Cloud services platform.
Sify has a unified licence to operate NLD (National Long Distance), ILD (International Long Distance) services and ISP services and offers VoIP backhaul for international carriers. With the Sify Cable landing station and partnerships with submarine cable companies globally, Sify is present in almost all the spheres of the ICT eco system.
Sify has an expanding base of Managed Services customers, both in India and overseas, and is India's first enterprise managed services provider to launch a Security Operations Center (SOC) to deliver managed security services. The software team develops applications and offers services to improve business efficiencies of its current and prospective client bases. Sify also offers services in the specialized domains of eLearning, both in India and globally. For more information about Sify, visit www.sifycorp.com
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, 2016, 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:
A photo accompanying this release is available at: http://www.globenewswire.com/newsroom/prs/?pkgid=41698
CONTACT: Sify Technologies Limited Mr. Praveen Krishna Investor Relations & Public Relations +91 44 22540777 (ext.2055) firstname.lastname@example.org Grayling Investor Relations Shiwei Yin +1-646-284-9474 Shiwei.Yin@grayling.com 20:20 Media Nikhila Kesavan +91 9840124036 email@example.comNEXT ARTICLE
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