Sify Reports Revenues Of INR8659 Mn

Customer experience, business continuity, cyber security, application modernization and overall adoption of AI models are the prime drivers for Sify's recalibration

Kamal Nath, CEO, Sify

FinTech BizNews Service   

Mumbai, January 19, 2024: Sify has reported Consolidated Financial Results for Q3 FY 2023-24.


  •  Revenue was INR 8,659 Million, an decrease of 3% over the same quarter last year.
  •  EBITDA was INR 1,689 Million, an increase of 4% over the same quarter last year.
  •  Losses before tax was INR 20 Million. Losses after tax was INR 14 Million. These are compared to a net profit in the same quarter last year, with the difference primarily due to higher depreciation and interest costs.
  •  CAPEX during the quarter was INR 1,087 Million.


Mr. Raju Vegesna, Chairman, said, “A combination of pro-industry regulatory initiatives, an encouraging investment climate and abundant skilled human capital are factors that continue to dominate enterprise business strategies for India. Business leaders are united in their view that India is central to their growth plans and are aggressively ramping up their local investment.”

Mr. Kamal Nath, CEO, said, “As Enterprises pursue their digital transformation and digitalisation objectives, they are also re-calibrating their digital infrastructure across hybrid cloud, network, security and edge infrastructures. Customer experience, business continuity, cyber security, application modernization and overall adoption of AI models are the prime drivers for this recalibration. Our infrastructure investments and services portfolio are fundamentally aligned to meet the customer goals. Simultaneously, we are continuously engaged with our customers to identify their specific needs and selectively recalibrate our propositions to support the same”.

Mr. M P Vijay Kumar, ED & Group CFO, said, “We continue to invest in bringing more Data Center capacity to the market, extending our network footprint and skilling our people on new tools. These investments are being made ahead of the curve and will reflect on our net profit for the near future. The interest on CCDs, accounted as equity in accordance with GAAP, are recognised as expense in the statement of income.

The cash balance at the end of the quarter was INR 6,037 Million”.


The Revenue split between the businesses for the quarter was Data Center colocation services 32%, Digital services 28% and Network services 40%.

  •  As on Dec 31, 2023, Sify has deployed 6920 contracted SDWAN service points across the country.
  •  Sify provides services via 974 fiber nodes across the country, a 15% increase respectively over same quarter last year.
  •  This quarter, Sify invested USD 0.15 Million in start-ups in the Silicon Valley area as part of our Corporate Venture Capital initiative. To date, the cumulative investment stands at USD 7.22 Million.


Among the most prominent new contracts during the quarter were the following:

Data Center Services

  •  One of India’s largest private bank signed up for colocation services.
  •  A global financial and technology company is migrating colocation services from a competitor to Sify’s Data Center.
  •  India’s largest payment bank is expanding its capacity at multiple Sify Data Centers.
  •  A multinational stockbroking firm, entering India, contracted for colocation space.

Digital services

  •  A Private bank, an industrial major, a pharmaceutical player, a State government department and a division of the Union government contracted to migrate their on-premise Data Center to Sify’s Cloud platform.
  •  A domestic steel major and a logistics player contracted for greenfield cloud implementation.
  •  Two nationalized banks signed up for commissioning of Private Cloud at their onsite Data Centers.
  •  A housing finance major, a major real estate player, an insurance multinational and a pharmaceutical player signed up for services like DRaaS and IaaS.
  •  Sify contracted for managed services with multiple global players in logistics, investment, skill development, and with a State government’s IT platform.
  •  Contracts for security services were signed with a new age health platform, a design major and an insurance brokerage firm.
  •  A Public sector bank and a Construction major signed up for collaboration services.
  •  A multinational industrial lubricant manufacturer signed up for Sify’s supply chain integration platform.
  •  The government’s central platform for aspiring bankers, a government division, a research and training institute and a banking think-tank signed up for online assessments.

 Network Services

  •  A prominent NBFC signed up for integrated network services spanning their branches, data center network, SSE and Managed services.
  •  One of India’s premier stock exchanges signed up to consolidate and transform their member network, while a spirits major signed up to connect their manufacturing locations. 
  •  One of the largest private banks contracted for network expansion.
  •  A nationalized bank and a private insurance major signed up for managed and secure SDWAN at multiple locations.
  •  One of India’s largest MNCs contracted for collaboration services.
  •  An international audit major signed up for Hosted Contact Center and a prominent IT player signed up for omni channel communication.
  •  Sify’s Edge connectivity now reaches 43 Tier 2 cities in India with 16 of them offering internet exchanges.
  •  Network expansion has been completed in 3 major Indian cities, while the SAARC gateway was expanded to 500G capacity.

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