NASDAQ-listed Indian internet and IT firm Sify Technologies Ltd cut its net loss by 24 per cent to Rs 5.6 crore for the quarter ended December 31, 2012 as compared to the corresponding period the previous year. The firm also saw its net revenues climb 23 per cent to Rs 222.2 crore during the quarter.
EBITDA for the quarter increased to Rs 20.6 crore, as compared to Rs 13.5 crore in the corresponding quarter previous year. The company engaged in capex worth Rs 29.6 crore during the quarter and the cash balance at the end of the quarter was Rs 81.1 crore.
The firm had seen a boost from a one-time gain from selling its stake in the JV firm MF Global Sify Securities India Pvt Ltd in the previous quarter ended September, which was missing in the last quarter.
Raju Vegesna, chairman of Sify, said, "The IT and telecom industry is moving towards consolidation and with it, an increasing focus on applications and IT solutions that span the networking and IT services portfolios. This is also increasing the absolute demand for data storage and transfer, the biggest beneficiaries being our network and hosting business."
Kamal Nath, CEO, Sify, said, "We are seeing a significant shift from the "Purchase of IT Infrastructure" model to the "Subscription of IT Infrastructure" model, both in the Large Enterprise and SME segments. Our Cloud Infinit offering and Private Cloud solutions offer great options for Enterprises to adopt this model. We are also benefiting from the network consolidation trend, as Large Enterprises reduce the number of Network Service Providers. The coming quarter focus will predominantly be driven by these two trends, as we had identified these early and are well engaged with our clients."
â€¢ Revenue of Network services has grown 10 per cent over last quarter
â€¢ Data business grew 17 per cent over same quarter previous year
â€¢ Wholesale Voice grew by 20% over last quarter
â€¢ Revenue for Hosting Business has grown 4 per cent over last quarter and 22 per cent over the same quarter last year.
â€¢ Launched Disaster Recovery (DR)-as-a-Service and Business Continuity Management on the Cloud platform.
â€¢ Sify eLearning business has grown 20 per cent over the previous quarter.
â€¢ Sify.com registered a growth of 45 per cent in new visitors against same quarter last year.
(Edited by Prem Udayabhanu)