Sify Reports Revenue of INR 24320 Million for Financial Year 2020-21
Mr. Raju Vegesna, Chairman, said, “India is in the grip of the second wave of the COVID pandemic and governments have reintroduced lockdowns to deal with the calamity. The first wave was a wakeup call for large companies to increase their investment in automation, and that has helped insulate them to a large measure this time around. Now that the merits of automation have been firmly established, we should see more mid-sized businesses adopt automation aggressively.
The new normal has blurred the lines between work and home environment, calling for businesses to invest in security of their data over public networks. The challenge is in ensuring public networks are as secure and resilient as corporate networks.
That said, we wish for the scourge of the pandemic to be eradicated so that people and livelihoods can return to the old normal”.
Mr. Kamal Nath, CEO, said, “A year into the pandemic, all the industries – small, medium or large have accelerated their digital transformation and cloud adoption drive to be able to sustain and grow their businesses in a changed environment. Work from anywhere, movement to hybrid cloud platform, strengthening of disaster recovery plans to enable business continuity, application modernization – all these market trends find a natural solution in Sify’s “Cloud@core” model and offerings.
The other important highlight is the growth of Hyperscale CSPs and OTT players in India which on one hand is accelerating our Data Centre colocation business and on the other hand strengthening our hybrid cloud offerings. Overall, we are absolutely on the right side of the trend curve”.
Mr. M P Vijay Kumar, CFO, said, “We continue to show steady growth through 2020-21 despite the challenges that the pandemic has posed. The healthy EBITDA growth has increased our confidence to spend on ramping up both people and tools to increase our digital transformation service capabilities.
We expect contracts to take slightly longer to conclude as clients take time to regain momentum. Our focus is on insulating the organization as we carefully manage our costs, while ensuring that there is no lag in services delivery and customer experience.
We are firm on our commitment to our data center, cloud and network centric expansion plans, and will exercise due caution in terms of both timing and cost structure of these projects.
Considering the resurgent pandemic and the uncertainty on pace of economy recovery, the Board did not recommend the payment of dividend this year and instead advised that capital be conserved.
Following shareholders’ approval, we have given effect to Business Transfer Agreements entered into, during the quarter, for the transfer of Data Center business and Digital Services business to wholly owned subsidiary companies.
Cash balance at end of the year was INR 5438 Million”.