Sify's cloud and managed services business soars 86%, net profit up 48% in Q2
NASDAQ-listed Sify Technologies Ltd has posted a 86 per cent rise in revenue from cloud and managed services while its internet business grew 20 per cent for the second quarter ended June 30 over the corresponding year-ago period.
The Indian internet and IT services firm's net profit rose by 48 per cent to Rs 13.3 crore while total revenue went up by 18 per cent to Rs 371.5 crore, Sify said in a press statement.
EBITDA for Q2 rose by 43 per cent to Rs 66.3 crore.
"Our sustained efforts at building a comprehensive ICT ecosystem is reflected in the results this quarter. Within India, our broad portfolio and cost competitiveness places us in a strong position to win multi-year contracts for managed services among enterprises looking for a technology refresh," said Raju Vegesna, chairman of Sify Technologies.
Sify added 13 new clients for its cloud and managed services offerings this quarter. It signed up with a 'large e-commerce backend player,' the company said.
Sify's seems to be benefiting from the Narendra Modi government's 'Digital India' initiative. The company is seeing heightened demand for enterprise services from various government and quasi government entities.
"This quarter we have also seen growth in public sector business along with enterprise segment which is a positive sign. Our integrated ICT services continue to lead our growth along with Infrastructure transformation projects," said Kamal Nath, CEO of Sify Technologies. The company bagged a private cloud transformation engagement from a public sector power corporation in the quarter gone by.