Sify reports Consolidated Financial Results for Q2 FY 2022-23

Revenues of INR 7938 Million. EBITDA of INR 1509 Million.


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CHENNAI, India, Oct. 21, 2022 (GLOBE NEWSWIRE) —


  • Revenue was INR 7938 Million, an increase of 14% over the same quarter last year.
  • EBITDA was INR 1509 Million, an increase of 2% over the same quarter last year.
  • Profit before tax was INR 220 Million, a decrease of 52% over the same quarter last year.
  • Profit after tax was INR 112 Million, a decrease of 69% over the same quarter last year.
  • CAPEX during the quarter was INR 2234 Million.
(IN INR MILLION) 30.09.2022 31.03.2022
EQUITY 14,850 14,476
Long term 9067 7769
Short term 7622 7483


Mr. Raju Vegesna, Chairman, said, “India has displayed remarkable insulation against the global recession sentiments. This is due to the country’s strong fiscal fundamentals and its attractiveness as a safe investment geography. The Government has ensured that the economic agenda stays the course and digital ambitions begin to deliver the intended social welfare gains.

The influx of MNCs is bringing both opportunities and technologies to our shores. Domestic Enterprises and Start-ups are banking on this positive sentiment to accelerate their Digital transformation journey. The future is full of promises and possibilities.  

Mr. Kamal Nath, CEO, said, “Indian Enterprises have fast-tracked their digital initiatives based on their success navigating the pandemic and are now operationalizing pandemic-era innovations. Enterprise priorities are building businesses-aligned digital models, enhancing end user experience, deploying resilient business continuity models and mitigating security risks.

Our Data Center and Cloud services, Digital and Network services are all important building blocks to enable customers’ business priorities, and we expect each of the businesses to grow with the related investments.”

Mr. M P Vijay Kumar, CFO, said, “We are leveraging demand to aggressively build capacity across our Data Centers. Investment into Network and tools will be in accordance with this demand, without losing sight of fiscal discipline.

With increase in capacity utilization, we should see our digital services find demand and further contribute to the revenue mix.

Cash balance at the end of the quarter was INR 2775 Million.”


  • The Revenue split between the businesses for the quarter was Data Center colocation services 32%, Digital services 25% and Network services 43%.
Revenue (INR
Q2 FY 2022-23 Q2 FY 2021-22 FY 2021-22 % Growth
Q2 2022-23 vs
Q2 2021-22
Data Center services 2547 1851 7494 37.60
Digital Services 2004 2174 7520 (7.82)
Network services 3387 2961 12012 14.39
TOTAL 7938 6986 27026  
  • During the quarter, Sify has invested USD 772,000 in start-ups in the Silicon Valley area as part of our Corporate Venture Capital initiative. To date, the cumulative investments stand at USD 4.21 Millions.
  • Sify commissioned incremental capacity of 5MW at the Hyderabad data center in the quarter.
  • As on September 30, 2022, Sify provides services via 834 fiber nodes and 1880 wireless base stations across the country, a 10% and 2% increase respectively over the same quarter last year.
  • The network connectivity services has now deployed 5600 SDWAN service points across the country.


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

Data Center Services

  • International players who signed up for Data Center space include a social media network, a credit rating agency and a cloud security company.
  • Migration from the competition to Sify DC included a nationalized bank and the government’s rural development authority.
  • The country’s premier hotel chain, a mobile engagement platform, a supply chain major and a regional broadband service provider contracted to migrate from their on-premise DC to Sify DC.

Digital services

  • Industry majors from Insurance, IT, Healthcare, retail and NBFC contracted to migrate from on-premise DC to our Cloud platform.
  • A cloud-based payroll processing player and a NBFC contracted for Greenfield cloud projects.
  • An Indian conglomerate signed up to build a Campus network and managed services.
  • A large Public Sector bank, a state government body, a private insurance major and a domestic agrochemical manufacturer renewed their managed services contract.
  • A national insurance information body, a private insurance player and an NBFC signed up for DC and Infra managed services.
  • Two state governments, a couple of insurance majors, a pan-India retail player, a software start-up and the cyber wing of a state government contracted for services such as DRaaS, PaaS and IaaS.
  • A large private bank contracted to expand their Data Center.
  • A State cooperative bank contracted for security infrastructure and managed services.

 Network Services

  • An international Cloud security company, a global technology company and two Private banks contracted to have their networks built.
  • A large Public insurance company, an edutech unicorn and the housing division of a Public sector insurance player contracted for managed and secure SDWAN service.
  • One of the largest Private banks contracted for Cloud connectivity network.
  • A subsidiary of the Central bank responsible for payment infrastructure contracted to expand their WiFi footprint across their location.
  • A global consulting major and a cooperative bank contracted for collaboration services.
  • The business rolled out trials of its fully automated self-service portal, allowing customers to provision network-on-demand for more than 200 locations.
  • Sify received the gateway license for Kolkata, making it the third international gateway.
Unaudited Consolidated Income Statement as per IFRS    
(In INR millions)      
  Quarter ended Quarter ended Quarter ended
Description September September June
  2022 2021 2022
Revenue 7,938   6,986   7,709  
Cost of Revenues (4,988 ) (4,201 ) (4,910 )
Selling, General and Administrative Expenses (1,441 ) (1,308 ) (1,274 )
EBITDA 1,509   1,477   1,525  
Depreciation and Amortisation expense (956 ) (790 ) (927 )
Net Finance Expenses (362 ) (252 ) (281 )
Other Income (including exchange gain) 29   33   78  
Other Expenses (including exchange loss)   (7 )  
Profit before tax 220   461   395  
Current Tax (167 ) (205 ) (163 )
Deferred Tax 59   100   39  
Profit for the period 112   356   271  
Profit attributable to:      
Reconciliation with Non-GAAP measure      
Profit for the period 112   356   271  
Depreciation and Amortisation expense 956   790   927  
Net Finance Expenses 362   252   281  
Other Expenses (including exchange loss)   7    
Current Tax 167   205   163  
Deferred Tax (59 ) (100 ) (39 )
Other Income (including exchange gain) (29 ) (33 ) (78 )
EBITDA 1,509   1,477   1,525  

About Sify Technologies

A Fortune India 500 company, 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 the largest MPLS network, top-of-the-line DCs, partnership with global technology majors, vast expertise in business transformation solutions modelled on the cloud make it the first choice of start-ups, incoming Enterprises 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 Security services and conduct their business seamlessly from more than 1600 cities in India. Internationally, Sify has presence across North America, the United Kingdom and Singapore.

Sify,, Sify Technologies, Sify infinit spaces limited, Sify Digital Spaces limited and are registered trademarks of Sify Technologies Limited.

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 for the year ended March 31, 2022, which has been filed with the United States Securities and Exchange Commission and is available by accessing the database maintained by the SEC at, 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 44 22540777 (ext.2055)
[email protected] 

Grayling Investor Relations

Lucia Domville
[email protected] 

20:20 Media

Nikhila Kesavan
+91 9840124036
[email protected] 

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