Mumbai, July 18
Sify Technologies Limited, a leading Indian ICT services provider, on Friday reported a significant rise in its net loss for the first quarter of the financial year.
The company posted a loss after tax of Rs 38.9 crore, compared to a loss of Rs 5.2 crore in the same quarter previous year, according to its stock exchange filing.
The company attributed the higher loss to increased depreciation, rising interest costs, and higher manpower expenses.
Despite the widening loss, Sify's revenue grew during the quarter, reaching Rs 1,072.3 crore compared to Rs 942.1 crore in the corresponding period previous year, the company said in its filing.
Sify’s EBITDA also showed improvement, standing at Rs 211.1 crore for the quarter, up from Rs 178.4 crore a year ago.
However, this operational gain was not enough to offset the overall impact of rising expenses on the bottom line.
In pre-market trading on the Nasdaq, Sify’s stock declined by 4.15 per cent to $5.55 following the announcement of its quarterly results.
Founded in 1995, Sify Technologies is one of India’s largest providers of Information and Communication Technology (ICT) services.
The company offers a range of solutions including network services, cloud infrastructure, data center operations, digital learning, and managed services.
It serves over 10,000 clients across India and abroad, including large enterprises, mid-sized firms, and startups.
Sify also operates India’s largest MPLS network and a wide network of top-tier data centers.
With international operations in North America, the UK, and Singapore, the company continues to help businesses with digital transformation and cloud adoption.
Once known as Sify Limited, the company made history as the first Indian private Internet Service Provider (ISP).
Today, it remains a Fortune India 500 company with a focus on expanding its global footprint and digital service offerings, even as it navigates challenges like rising operational costs.