Sify Technologies net profit declines 18 per cent

Sify Technologies reported a net profit of ₹27 crore for the first quarter ended June 30, 2022, an 18 per cent decline when compared with ₹33 crore in the same period last year. Revenue was up by 20 per cent at ₹771 crore.

Capex during the quarter was at ₹224 crore, the Chennai/US-based company said in a release.

During the quarter, Sify invested $150,000 in start-ups in the Silicon Valley area as part of its Corporate Venture Capital initiative. To date, cumulative investments stand at $3.44 million. It commissioned incremental capacity of 4 MW across its Noida and Hyderabad data centre facilities in the quarter.

As on June 30, 2022, Sify provides services via 824 fibre nodes and 1,910 wireless base stations across the country, a 11 per cent and 5 per cent increase, respectively, over the same quarter last year, the release said.

Raju Vegesna, Chairman, Sify, said the last couple of months have seen shifting winds in the world of macroeconomics. Right through, India has retained a strong outlook for investments and growth. This is in large part due to the consistent economic policies of the government and its ambition to pursue digital methods to deliver social benefits.

MP Vijay Kumar, CFO, Sify, said, “We remain committed to expanding our data centre and network footprint and are gradually scaling up the adoption of renewable energy in our data centres. Investment in people and tools will be complimentary to this growth, without losing sight of our fiscal roadmap. As we scale, our focus would be on ensuring that costs are optimised and revenues are improved across our service mix. Cash balance at the end of the quarter was ₹379 crore”. The Hindu BusinessLine