NASDAQ-listed Indian internet and IT firm Sify Technologies Ltd reported Rs 61.2 crore as net profit for the quarter ended September 30, 2012, boosted by a one-time gain of Rs 65.8 crore out of selling its stake in the JV firm MF Global Sify Securities India Pvt Ltd. The firm had reported net loss of Rs 8.9 crore during the same period last fiscal.
Without this item, the net loss for the quarter would have been Rs 4.5 crore.
The managed enterprise, network and IT services firm reported revenues of Rs 205.9 crore for the quarter against revenues of Rs 181.5 crore for the corresponding quarter of the previous year, posting a growth of 13 per cent.
EBITDA for the quarter increased to Rs 16.1 crore, compared to Rs 13.6 crore in the corresponding quarter of the previous year.
The company engaged in Capex worth Rs 133.8 crore during the quarter and the cash balance at the end of the quarter was Rs 90.7 crore.
Sify chairman Raju Vegesna said, "We have come through a challenging phase in our growth and I am happy to state that our focused approach is generating measurable results. At the beginning of the financial year, I had shared my vision to turn Sify into a services and solutions leader. Our strong showing across all major business lines is a positive indicator of the direction we are moving in. We will continue in our endeavour to become a prominent solutions expert, catering to large and emerging enterprises, SMBs and the government services."
Sify at a glance
Sify CFO MP Vijay Kumar said, "Our investments in infrastructure over the past years have given us a strong base as a solutions and services provider. Many of these investments should start generating significant revenue over the coming quarters as these are in an advance stage of commissioning."
(Edited by Sanghamitra Mandal)