Welcome to our dedicated page for Sify Technologies news (Ticker: SIFY), a resource for investors and traders seeking the latest updates and insights on Sify Technologies stock.
Sify Technologies Limited (symbol: SIFY) is a premier provider of integrated Information and Communication Technology (ICT) solutions in India. Established as the largest service provider, systems integrator, and all-in-one network solutions company on the Indian subcontinent, Sify has expanded its footprint to the United States, with headquarters in California’s Silicon Valley. Serving over 8500 businesses, Sify is at the forefront of addressing the evolving technology needs of large, mid-sized, and small enterprises moving towards digitization.
Sify operates India’s largest MPLS network and manages 15 state-of-the-art data centers. The company collaborates with top-tier global network operators, delivering comprehensive global network solutions. Its extensive service portfolio includes telecom, data center, cloud, colocation, network and data security, consulting, and end-to-end application solutions. Sify’s partnerships with leading software and network companies worldwide enable it to offer robust and integrated solutions that meet diverse business needs.
The company’s operations are segmented into three main areas: Network Connectivity Services, Data Center Services, and Digital Services. Network Connectivity Services cover domestic and international data services, along with wholesale voice services. Data Center Services encompass colocation services, cross connects, and supporting managed services. Digital Services include cloud and managed services, network managed services, applications integration services, and technology integration services. Notably, Network Connectivity services account for the bulk of the company’s revenue.
Recent achievements include a series of strategic initiatives and developments. Sify recently announced a Rights Offering, expected to substantially contribute to the expansion of its network-centric services, data center services, and digital services. Participation in this offering provides shareholders with an oversubscription option, allowing them to purchase additional shares or ADSs, subject to availability.
The company hosts regular conference calls to discuss financial results and strategic developments. For instance, key executives such as Mr. Raju Vegesna (Chairman of the Board), Mr. M P Vijay Kumar (Executive Director & Group CFO), and Mr. Kamal Nath (CEO) frequently engage with stakeholders through these calls. The latest earnings report highlighted revenues of INR 35,634 million, an EBITDA of INR 6,756 million, and a significant profit progression.
In addition to its robust financial performance, Sify has been actively engaging in new contracts and customer engagements across its core services segments, substantially boosting its growth trajectory. The company’s infrastructure and deep expertise in business transformation solutions, modeled on the cloud, fortify its leading position in the ICT sector in India and beyond.
Sify Technologies (NASDAQ: SIFY) has announced the appointment of Sharad Agarwal as the new CEO of Sify Infinit Spaces , its wholly owned subsidiary. Agarwal brings a wealth of experience in technopreneurship across various domains including ecommerce, logistics, retail, Cloud, and Data Center. Prior to joining Sify, he worked at Vantage and Amazon Web Services, where he gained valuable experience in Data Center business development and capacity delivery.
Raju Vegesna, Chairman of Sify, expressed confidence in Agarwal's ability to drive strategic initiatives and operational excellence. Agarwal himself stated his commitment to maximizing Sify's potential across the entire ICT value chain, focusing on strategic growth, operational efficiency, and delivering cutting-edge solutions to clients and stakeholders.
Sify Technologies (NASDAQ: SIFY) has appointed C R Srinivasan as the CEO of Sify Digital Services , a wholly owned subsidiary. Srinivasan brings over 30 years of experience in global telecom, IT, cybersecurity, and digital services. He has a proven track record in large enterprises, start-ups, and platform-based businesses, with expertise in leveraging technology to enhance customer experiences and develop unique business models.
Prior to joining Sify, Srinivasan led Tata Communications' Cloud and Cybersecurity businesses and co-founded Sevenstrata IT Services. He was also part of the initial team that established Sify's network services. In his new role, Srinivasan will be responsible for building the business both in India and expanding into new territories, focusing on realizing Sify's potential in digital services and contributing to its position as a converged ICT ecosystem leader.
Sify Technologies (Nasdaq: SIFY) has received a notification from Nasdaq regarding a minimum bid price deficiency. The company's American Depositary Shares (ADSs) have not met the required $1.00 per share minimum bid price for continued listing on The Nasdaq Capital Market. Sify has been granted a 180-day compliance period until January 15, 2025, to regain compliance.
If the ADS bid price closes at or above $1.00 for at least ten consecutive trading days before the deadline, Sify will regain compliance. The company's ADSs continue to trade under the symbol 'SIFY'. If compliance is not achieved by January 15, 2025, Sify may be eligible for additional time, subject to meeting other listing requirements. The company is actively monitoring the situation and evaluating options to regain compliance, though there is no guarantee of success.
Sify Technologies (NASDAQ: SIFY), India's leading Digital ICT solutions provider, has announced its Q1 FY 2024-25 earnings call for Tuesday, July 23, 2024, before market opening. The call, previously deferred, will feature key executives including Chairman Raju Vegesna, Executive Director & Group CFO M P Vijay Kumar, and CEO Kamal Nath.
Participants can join via phone at +1-888-506-0062 (US/Canada Toll-Free) or +1-973-528-0011 (International). The call will be simulcast online at Sify's investor relations website. A replay will be available until July 30, 2024, accessible by phone or online archive.
Sify Technologies (NASDAQ: SIFY), a leading Digital ICT solutions provider in India, has announced the postponement of its Q1 earnings call originally scheduled for July 19, 2024, at 8:30 AM ET. The delay is attributed to technical issues on the teleconference vendor platform, which were beyond the company's control. Sify has expressed regret for the inconvenience caused to investors and stakeholders. The company has committed to announcing a new date for the earnings call as soon as the technical problems are resolved, ensuring that investors will receive the quarterly financial update at the earliest possible time.
Sify Technologies (NASDAQ: SIFY) reported its Q1 FY 2024-25 financial results, showing mixed performance. Revenue increased 10% year-over-year to INR 9,421 Million, while EBITDA grew 3% to INR 1,784 Million. However, the company reported a loss after tax of INR 105 Million.
Key highlights include:
- CAPEX of INR 2,656 Million
- Commissioned 6.5 MW data center capacity in Mumbai
- Revenue split: Data Center colocation services 36%, Digital services 23%, Network services 41%
- 1055 fiber nodes across India, up 16% YoY
- 9415 SDWAN service points deployed
Management remains optimistic about India's growth prospects and Sify's position to capitalize on digital transformation opportunities.
Sify Technologies (NASDAQ: SIFY), a premier Digital ICT solutions provider in India, will release its unaudited IFRS financial results for Q1 FY 2024-25 on July 19, 2024, before market open. The report will cover the quarter ending June 30, 2024.
A conference call hosted by Chairman Raju Vegesna, Group CFO M P Vijay Kumar, and CEO Kamal Nath will take place at 8:30 AM ET. Stakeholders can participate by dialing toll-free numbers in the U.S. or Canada or joining an online webcast.
The webcast will be available live and archived on Sify's investor website. A replay of the conference call will be accessible until July 26, 2024.
Sify Technologies has appointed Dr. Tom Bradicich to its Board of Directors, effective July 8, 2024.
Dr. Bradicich brings extensive experience from his leadership roles at IBM, HPE, and his board memberships at Aspen Technology and SparkCognition. He is known for developing numerous software and systems products, holding several patents, and earning various industry accolades such as CRN’s Top 100 Executives and the IBM Chairman’s Award.
Chairman Raju Vegesna praised Dr. Bradicich's disruptive technological expertise and business leadership, while Dr. Bradicich expressed his admiration for Sify's growth and leadership under Vegesna. He looks forward to contributing to Sify’s future success.
Sify Technologies (NASDAQ: SIFY) announced the appointment of Dr. Ajay Kumar as a new Director on its Board. Dr. Kumar, an Indian Administrative Service officer from the 1985 batch, brings a wealth of experience in technology and policy. His previous roles include Defence Secretary for the Government of India and leadership positions in Digital India initiatives like Aadhaar and UPI. Dr. Kumar holds advanced degrees from the University of Minnesota and has served as a Distinguished Visiting Professor at IIT Kanpur. His appointment coincides with the departure of three long-serving directors: Dr. T H Chowdary, Mr. C B Mouli, and Mr. C E S Azariah.
Chairman Raju Vegesna expressed confidence in Dr. Kumar's ability to enhance Sify's business strategy and corporate governance. Dr. Kumar also expressed his enthusiasm for joining Sify, highlighting the company's strong reputation and converged ecosystem of Networks, Data Centers, and Digital tools.
Sify Technologies (Nasdaq: SIFY), a key player in India's ICT sector, announced the over-subscription of its recent rights offering. The subscription period concluded on June 21, 2024. The company anticipates issuing 190,268,698 equity shares and 59,730,265 ADSs, raising gross proceeds of approximately $30 million. The new shares will bring the total outstanding equity shares to 433,331,423. The funds will be utilized to expand Sify's Network Centric Services, Data Center Services, Digital Services, and for general corporate purposes. The new equity shares are expected to be delivered by July 5, 2024, and ADSs by July 9, 2024. Excess subscription payments will be returned to the holders.
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