IT and application services provider, Sify Technologies has reported net profit of Rs 111 million for the second quarter this fiscal. The revenue of the company for the second quarter this year rose to Rs 2,505 million from Rs 2,059 million registered during the corresponding period of last year, it said. EBITDA (Earnings before interest, taxes, depreciation and amortization) for the quarter was Rs 424 million, an increase of 180 per cent over the same quarter a year ago.
Net profits for the quarter was Rs 111 million as against a net loss of Rs 57 million for the same quarter previous year, excluding a one-time gain of Rs 658 million from sale of associate as reported earlier.
Raju Vegesna , Chairman and Managing Director , Sify Technologies said, "In spite of a challenging external environment across most sectors in India, we are continuing to see good traction for our solution offerings."
“While these tight fiscal conditions have naturally resulted in some delays in customer decisions on major projects, "we are also seeing that clients are consolidating their services with established service providers", he added.
The capital expenditure during the quarter was Rs 700 million. Cash balance at the end of the quarter was Rs 1,614 million.
