Sify Technologies (NASDAQ: SIFY ) Ltd. reported its financial results for the second quarter of fiscal year 2023-2024, emphasizing the company’s focus on digital transformation and infrastructure investments. The company’s revenue increased by 11% year over year, reaching INR 8,791 million. According to InvestingPro Data, the company’s revenue growth for the last twelve months up to the first quarter of 2024 was 20.94%, reflecting a strong upward trend. However, profit before tax and profit after tax both saw significant decreases, dropping 76% and 87% respectively compared to the same quarter last year. This aligns with one of the InvestingPro Tips that Sify operates with a significant debt burden and is expected to see a drop in net income this year. Key takeaways from the call: Sify Technologies added 1.2 megawatt of new data center capacity during the quarter. The company has deployed 6531 SDWAN service points across India as of September 30, 2023. Sify now provides services via 952 fiber nodes across the country, a 14% increase over the same quarter last year. Sify invested USD 1.5 million in startups in the Silicon Valley area as part of its corporate venture capital initiative. The company’s capital expenditure during the […]
Earnings call: Sify Technologies Reports Q2 FY 2023-2024 Results, Highlights Digital Transformation Focus
You may also like...
