Sify reports Consolidated Financial Results for FY 2024-25
Revenues of INR 39886 Million. EBITDA of INR 7562 Million.
Loss for the Year was INR 785 Million.
CHENNAI, India, April 18, 2025 (GLOBE NEWSWIRE) --
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On the call: Mr. Raju Vegesna, Chairman of the Board and Mr. M P Vijay Kumar, Executive Director & Group CFO
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HIGHLIGHTS
- Revenue for the year was INR 39886 Million, an increase of 12% over last year.
- EBITDA was INR 7562 Million, an increase of 12% over last year.
- Loss before tax was INR 286 Million. Loss after tax was INR 785 Million.
- CAPEX for the year was INR 12745 Million.
MANAGEMENT COMMENTARY
Mr. Raju Vegesna, Chairman, said, "India's emergence as a global growth hub is no longer a forecast. It is a present-day reality. India is set to become the third-largest economy by 2030-31 with projected annual growth of 6.7%, according to S&P Global.
This growth is underpinned by liberal economic reforms, a vibrant startup ecosystem, and a demographic dividend. With over 1.2 billion mobile phone users and the second-largest internet user base globally, India is now a important test-bed for emerging technologies such as AI, 5G, and cloud computing.
Government initiatives like ‘Digital India' and ‘Startup India' have further accelerated tech innovation, with India now home to over 100 unicorns. For global enterprises, the convergence of policy support, digital infrastructure, and deep talent positions India as a growth opportunity that is both immediate and immense."
Mr. M P Vijay Kumar, ED & Group CFO, said, "We remain committed to cost efficiency and fiscal discipline, aligning our financial strategies with long-term value creation across all our businesses. While we plan essential investments for future readiness, our current results face multiple headwinds of depreciation, interest expenses, and rising manpower costs. Our approach remains to invest to build resilience, enhance operational agility, and capture emerging opportunities. The income tax expense includes tax, both current and deferred tax, of Rs.539 Million on profit of its data center subsidiary.
The cash balance at the end of the year was INR 6836 Million."
BUSINESS HIGHLIGHTS
- The Revenue split between the businesses for the year was Data Center services 38%, Digital services 21% and Network services 41%.
- As of March 31, 2025, Sify provides services via 1137 fiber nodes across the country, a 10% increase over last year.
- As of March 31, 2025, Sify has deployed 1870 contracted SDWAN service points across the country.
CUSTOMER ENGAGEMENTS
Among the largest new contracts for the year were the following:
Data Center Services
- One of India's earliest Security SaaS companies migrated from a competitor' data center to Sify Data Center.
- One of the largest private banks in India nearly doubled their capacity for DR.
- One of the largest Public Sector lenders in India has signed up for significant capacity in our latest hyperscale data center campus in the west.
Digital services
- One of the largest private networks, the largest English media publishing group, an upcoming IT major and an MNC into heavy engineering signed up to migrate from their on-premise data center to multiple Cloud platforms.
- The largest housing lender, the largest NBFC, a joint venture steel making major and private capital advisor signed up for Greenfield cloud implementation.
- A subsidiary of an automobile major, a heavy engineering group, the largest MNC in India and a performance materials and specialty chemicals manufacturer signed up for services like DRaaS, PaaS and IaaS.
- The largest insurance player and the National insurance regulator signed up for Private Cloud commissioning at their data center.
- Multiple banks, a MNC in steel manufacturing, an NBFC and a retail major signed up for Managed services.
- Three of the largest banks and a paint manufacturing major were the largest signups for Security services, including building their Security Operations Center.
Network Services
- A Public Sector insurance major signed up for a full suite of Network connectivity services including SD-WAN services across 3500 locations.
- A major ITeS player signed up for security services for their entire rooster of clients.
- An upcoming regional player and a ITeS MNC signed up for Managed services for their clients in western and eastern India.
- A co-operative bank signed a multi-year deal for on-site NOC support services.
- The largest Indian clearing house for foreign currency settlement signed up for two different services in two regions.
- One of the largest vendors operating the ID authentication for India's airport regulatory authority signed up for SD-WAN at multiple airports.
FINANCIAL HIGHLIGHTS
Unaudited Consolidated Income Statement as per IFRS (in INR Millions)
| Description | Quarter ended | Quarter ended | Year ended | Year ended | ||||
| March 2025 | March 2024 | March 2025 | March 2024 | |||||
| (restated) | (restated) | |||||||
| Revenue | 9,699 | 9,637 | 39,886 | 35,634 | ||||
| Cost of Sales | (5,869 | ) | (6,108 | ) | (24,917 | ) | (22,378 | ) |
| Gross Profit | 3,830 | 3,529 | 14,969 | 13,256 | ||||
| Other Operating Income | 76 | 183 | 363 | 378 | ||||
| Selling, General and Administrative Expenses | (1,977 | ) | (1,700 | ) | (7,442 | ) | (6,462 | ) |
| Depreciation and Amortisation expense | (1,558 | ) | (1,259 | ) | (5,633 | ) | (4,773 | ) |
| Operating Profit | 371 | 753 | 2,257 | 2,399 | ||||
| Investment Income | 76 | 25 | 188 | 156 | ||||
| Profit before financing and income taxes | 447 | 778 | 2,445 | 2,555 | ||||
| Finance income | - | - | 13 | - | ||||
| Interest expenses on borrowings and lease liabilities | (762 | ) | (590 | ) | (2,742 | ) | (2,202 | ) |
| Interest expenses on pension liabilities | - | (1 | ) | (2 | ) | (2 | ) | |
| Profit/(Loss) before income taxes | (315 | ) | 187 | (286 | ) | 351 | ||
| Income Tax Expense | (263 | ) | (98 | ) | (499 | ) | (183 | ) |
| Profit/(Loss) for the period | (578 | ) | 89 | (785 | ) | 168 | ||
| Profit attributable to: | ||||||||
| Reconciliation with Non-GAAP measure | ||||||||
| Profit/(Loss) for the period | (578 | ) | 89 | (785 | ) | 168 | ||
| Add: | ||||||||
| Depreciation and Amortisation expense | 1,558 | 1,259 | 5,633 | 4,773 | ||||
| Net Finance Expenses | 630 | 497 | 2,294 | 1,816 | ||||
| Current Tax | 189 | 158 | 699 | 515 | ||||
| Deferred Tax | 74 | - | - | - | ||||
| Less: | ||||||||
| Deferred Tax | - | (60 | ) | (200 | ) | (332 | ) | |
| Other Income (including exchange gain/loss) | 28 | (118 | ) | (79 | ) | (184 | ) | |
| EBITDA | 1,901 | 1,825 | 7,562 | 6,756 | ||||
Management-defined Performance Measures (MPMs)
Sify uses Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) as the management-defined performance measure in its public communications. This measure is not specified by IFRS Accounting Standards and therefore might not be comparable to apparently similar measures used by other entities.
Management believes adjusting operating profit for these items provides comprehensive information of the company's operating performance.
Reconciliation with Management-defined Performance Measures:
(In INR millions)
| Description | Quarter ended | Quarter ended | Year ended | Year ended | ||||
| March 2025 | March 2024 | March 2025 | March 2024 | |||||
| (restated) | (restated) | |||||||
| Operating Profit | 371 | 753 | 2,257 | 2,399 | ||||
| Add: | ||||||||
| Depreciation and Amortisation expense | 1,558 | 1,259 | 5,633 | 4,773 | ||||
| Less: | ||||||||
| Interest expenses on pension liabilities | - | (1 | ) | (2 | ) | (2 | ) | |
| Other Income (including exchange gain/loss) | (28 | ) | (186 | ) | (326 | ) | (414 | ) |
| EBITDA | 1,901 | 1,825 | 7,562 | 6,756 | ||||
Segment Reporting:
(In INR millions)
| Particulars | 2024-25 | 2023-24 (restated) | ||||||||||||||
| Network Services (A) | Data center Services (B) | Digital Services (C) | Total (D=A+B+C) | Network Services (A) | Data center Services (B) | Digital Services (C) | Total (D=A+B+C) | |||||||||
| Revenue | ||||||||||||||||
| External customers Revenue | 15,781 | 14,196 | 9,909 | 39,886 | 14,661 | 11,054 | 9,919 | 35,634 | ||||||||
| Intersegment Revenue | - | 88 | 222 | 310 | - | 88 | 222 | 310 | ||||||||
| Operating expenses | (13,920 | ) | (7,769 | ) | (10,612 | ) | (32,301 | ) | (12,319 | ) | (6,425 | ) | (10,105 | ) | (28,849 | ) |
| Intersegment expenses | (252 | ) | - | (58 | ) | (310 | ) | (252 | ) | (58 | ) | (310 | ) | |||
| Segment Result | 1,609 | 6,515 | -539 | 7,585 | 2,090 | 4,717 | -22 | 6,785 | ||||||||
| Unallocated Expense (Support Service Unit Costs) | (58 | ) | 8 | |||||||||||||
| Depreciation & Amortisation | (5,633 | ) | (4,773 | ) | ||||||||||||
| Other income / (expense), net | 552 | 535 | ||||||||||||||
| Finance Income | 12 | - | ||||||||||||||
| Finance Expense | (2,744 | ) | (2,204 | ) | ||||||||||||
| Profit / (loss) before tax | (286 | ) | 351 | |||||||||||||
| Income taxes (expense)/ benefit | (499 | ) | (183 | ) | ||||||||||||
| Profit / (loss) for the year | (785 | ) | 168 | |||||||||||||
Equity and Debt:
(In INR millions)
| 31.03.2025 | 31.03.2024 | |
| EQUITY | 16,725 | 15,349 |
| BORROWINGS | ||
| Long term | 28,237 | 23,350 |
| Short term | 7,304 | 7,152 |
| Less: Cash Balance | 6,836 | 5,835 |
| Net Debt | 468 | 1,317 |
About Sify Technologies
A multiple times award winner of the Golden Peacock from the Institute of Directors for Corporate Governance, Sify Technologies is India's most comprehensive ICT service & solution provider. With Cloud at the core of our solutions portfolio, Sify is focussed on the changing ICT requirements of the emerging Digital economy and the resultant demands from large, mid and small-sized businesses.
Sify's infrastructure comprising state-of-the-art Data Centers, the largest MPLS network, partnership with global technology majors and deep expertise in business transformation solutions modelled on the cloud, make it the first choice of start-ups, SMEs and even large Enterprises on the verge of a revamp.
More than 10000 businesses across multiple verticals have taken advantage of our unassailable trinity of Data Centers, Networks and Digital services and conduct their business seamlessly from more than 1700 cities in India. Internationally, Sify has presence across North America, the United Kingdom and Singapore. Sify, www.sify.com, Sify Technologies and www.sifytechnologies.com are registered trademarks of Sify Technologies Limited.
Non-IFRS Measures
This press release contains a financial measure not prepared in accordance with IFRS. In particular, EBITDA is referred to as "non-IFRS" measure. The non-IFRS financial measure we use may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies - refer to the reconciliation provided in the table labelled Financial Highlights for more information. In addition, these non-IFRS measures should not be considered in isolation as a substitute for, or as superior to, financial measures calculated in accordance with IFRS, and our financial results calculated in accordance with IFRS and reconciliation to those financial statements should be carefully evaluated.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Sify undertakes no duty to update any forward-looking statements.
For a discussion of the risks associated with Sify's business, please see the discussion under the caption "Risk Factors" in the company's Annual Report on Form 20-F/A for the year ended March 31, 2024, which has been filed with the United States Securities and Exchange Commission and is available by accessing the database maintained by the SEC at www.sec.gov, and Sify's other reports filed with the SEC.
For further information, please contact:
| Sify Technologies Limited Mr. Praveen Krishna Investor Relations & Public Relations +91 9840926523 [email protected] | 20:20 Media Nikhila Kesavan +91 9840124036 [email protected] | Weber Shandwick Lucia Domville +1-212 546-8260 [email protected] |
