Sify Technologies announces Q3 FY 2013-14 Results

As per a recent update, Sify Technologies has announced its consolidated results under International Financial Reporting Standards (IFRS) for the third quarter of fiscal year 2013-14.

The key findings of the results reveal that the company has earned an increase of 21% over the same quarter last year in terms of revenue which is INR2,698 million. The EBITDA achieved is INR413 million, showing an increase of over 100% as against last year. The net profit also increased as against a net loss of INR56 million for the same quarter last year, which is INR63 million.

Raju Vegesna, Chairman & Managing Director, Sify Technologies, said, “We have been able to grow consistently in spite of the trying economic environment, and against stronger competition. This is an endorsement of our strategy to move from being another service provider to becoming a partner-of-choice, and also reflects the trend of clients consolidating their services with fewer service providers who can provide a wider gamut of services.”

Vegesna reiterated, “We are seeing a trend of smaller enterprises willing to invest in new technologies. In such a scenario, our flexible solutions portfolio and accumulated knowledge base will be an asset as these companies seek to achieve the best RoI in the quickest possible time.”

Additionally, the cash balance at the end of the quarter was INR1,304 million.