Sify Q2 profit rises 38.5 pc to 35.6 crore

IT company Sify Technologies on Friday reported a 38.5 per cent increase in its consolidated profit after tax to Rs 35.6 crore for the second quarter ended September 30.

The company had registered Rs 25.7 crore profit in the same quarter a year ago. The consolidated revenue of Sify Technologies increased by 18.42 per cent to Rs 698.6 crore during the reported quarter from 589.9 crore in the corresponding quarter of 2020-21.

Sify made a capital expenditure of Rs 149.7 crore during the quarter and its cash balance stood at Rs 282 crore. ”India has bounced back remarkably well from the pandemic, with businesses reporting near pre-pandemic results.

“Through the course of multiple lockdowns, the government set the pace by enabling critical IT infrastructure and following that up with aggressive adoption of automation for last-mile delivery of welfare services,” Sify Technologies chairman Raju Vegesna said in a statement.

Sify’s revenue from network-centric services grew by 7 per cent, data centre services by 47 per cent, and digital services grew by 17 per cent on a year-on-year basis.

”As declared earlier, the creation of the two subsidiaries; Sify Infinit Spaces Limited and Sify Digital Services Limited under the parent, Sify Technologies Limited, was to ensure that we can focus our strategy and investments in line with the evolving market conditions. Our financial results endorse this decision,” Sify Technologies CEO Kamal Nath said.

The revenue split between the businesses was network-centric services – 42 per cent, data centre services – 27 per cent and digital services – 31 per cent. PTI