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Sify Technologies reports 12% profit surge in March quarter

Sify Technologies on Tuesday reported a nearly 12% rise in its consolidated profits to Rs 3.8 crore for the quarter ended in March 2024 compared to Rs 3.4 crore in the same period of the previous year.

Revenue rose by 8.75% to Rs 963.7 crore in the quarter under review against Rs 886.1 crore in the year-ago period.

For the full 2023-24 fiscal, the NASDAQ-listed company reported a sharp 92.7% slump in profit to Rs 4.9 crore against Rs 67.4 crore in the previous financial year.

Yearly revenue of the company witnessed a 6.67% rise to Rs 3,563.4 crore. Data centre services accounted for 31% of revenue, digital services for 28% and network services for 41%, according to a company statement.

“Our three businesses have unlocked tailored growth avenues, attracted targeted investments and fostered valuable partnerships,” said M P Vijay Kumar, ED and Group CFO, Sify Technologies.

The company said its cash balance at the end of the year was Rs 583.5 crore.

“…We’re prioritizing the expansion of our workforce, equipping them with essential skills, tools, and processes to drive innovation and efficiency,” Kumar added. PTI

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