Info-tech

Sify Q1 profit dips 20% to ₹17 crore

PTI New Delhi | Updated on July 29, 2020 Published on July 29, 2020

IT company Sify on Wednesday reported 20 per cent decline in its profit after tax to ₹17.2 crore for the quarter ended June 30, 2020.

The company had posted a profit of ₹21.6 crore for the same period a year ago.

The revenue declined by about five per cent to ₹526 crore during the quarter under review as compared to ₹573.6 crore in the year-ago period, according to a company statement.

Sify, however, recorded around 28 per cent increase in profit after tax when compared with the preceding March quarter.

“Over the last quarter, we, along with our customers have learned to adapt to new modes of doing businesses. Previously cloud hostile and cloud sceptical customers have opened up conversations about cloud adoption to de-risk their dependency on on-premise IT,” Sify CEO Kamal Nath said.

The company attributed quarterly growth to the Covid-19 pandemic which it said accelerated the primary growth drivers in the market for cloud adoption, led by digital initiatives and transformation.

“We continue to stay focused on ensuring liquidity and fiscal discipline. We will continue to exercise caution on our Capex plans and make aggressive curbs on discretionary spending for the remainder of the year, while investing more on people, tools and our digital transformation capabilities,” Sify CFO MP Vijay Kumar said.

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Published on July 29, 2020
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