Net profit for Sify remains flat in Q4; saw a steep decline in FY24

Sify Ltd, the Chennai-based ICT service and solution provider, reported a consolidated net profit of ₹3.8 crore for the fourth quarter ended March 31, 2024, as against ₹3.4 crore in the same quarter last year. Revenue was up 8 per cent to ₹963 crore (₹886 crore).

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For the fiscal ending March 31, 2024, the company reported a 93 per cent decline in net profit to ₹4.9 crore a(₹67.4 crore). This was due to increase in depreciation and amortisation expense impairment and higher interest cost, said a company official.

Revenue for the fiscal was up 7 per cent to ₹3,563 crore (₹3,340 crore). The revenue split between the businesses for the year was data centre services – 31 per cent; digital services – 28 per cent and network services – 41 per cent.

Capex for the year was ₹1,237 crore, said a release.

As of March 31, 2024, Sify provides services via 1,033 fiber nodes across the country, a 16 per cent increase respectively over the same quarter last year. It has deployed 7,835 contracted SDWAN service points across the country. The company has invested a cumulative of $7.22 million in start-ups in the Silicon Valley area as part of its Corporate Venture Capital initiative, the release said.