Sify reports consolidated Q4 profit at Rs 34 mn, revenue up at Rs 8,861 mn

Information technology services company Sify Technologies has reported consolidated profit for the January-March 2023 quarter at Rs 34 million, the company said on Wednesday.

The company had registered consolidated net at Rs 227 million during the corresponding quarter of previous year.

For the year ending March 31, 2023 the consolidated profit stood at Rs 674 million as compared to Rs 1,258 million registered last year.

The consolidated revenues during the quarter under review went up to Rs 8,861 million from Rs 6,805 million registered in same quarter of last year, the company said.

For the year ending March 31, 2023 the consolidated revenue grew to Rs 33,404 million from Rs 27,026 million registered year ago.

The digital tsunami that swept India during COVID-19 has settled into a steady adoption by both public and private enterprises. Enterprises are eager to unlock the power of digital automation measures to transition to the next phase of growth, company chairman Raju Vegesna said.

Sify is in the right place with the right set of assets and skills to help them realise their digital ambitions, he said.

Sify CEO Kamal Nath said, "FY2023 has set the tone for a massive digitalisation drive among all sections of enterprises, public sector and government customers. This puts Sify on the fast track to meet customer demands, which in turn offers potential for accelerated growth."

On the financial performance, Group CFO and executive director M P Vijay Kumar said, "our strategy to separate the business into three units is bearing fruit, with each business focused on its unique opportunities and attracting appropriate business investments and partnerships."

"Our investment philosophy is multi-pronged. Invest in new locations for Data Centres for long term growth, expand capacity at current Data Centres to capture immediate demand, strengthen our network and cloud interconnects, while expanding our people strength with the necessary skills, tools and processes," he said.