Sify Technologies (SIFY) Q4 2024 earnings summary

Executive summary

• FY 2023-24 revenue was INR 35,634 million, up 7% YoY; EBITDA was INR 6,756 million, up 7%, while profit for the period fell 93% to INR 49 million.

• FY 2023-24 revenue was $427M and EBITDA $81M, unaudited and stated in USD at the presentation’s constant-currency rate.

• Q4 revenue was INR 9,637 million versus INR 8,861 million YoY; EBITDA was INR 1,824 million versus INR 1,637 million.

Financial highlights

• FY 2023-24 profit before tax was INR 232 million, down 77% YoY; profit for the period was INR 49 million versus INR 674 million.

• FY 2023-24 depreciation and amortisation was INR 4,773 million, net finance expenses INR 1,936 million and other income INR 185 million; Q4 net finance expenses were INR 548 million versus INR 367 million.

• Five-year CAGRs were 12% for revenue, 13% for EBITDA and 29% for capex.

• FY 2023-24 capital expenditure was INR 12,377 million and $148M in the presentation’s unaudited constant-currency figures.

• Data center capex was 25% of FY 2023-24 capex, versus 25% in FY 2022-23 and 28% in FY 2021-22; the remaining FY 2023-24 capex was 75% non-data-center.

Segment performance

• FY 2023-24 revenue: Network services INR 14,662 million, up 10%; Data Center services INR 11,054 million, up 9%; Digital services INR 9,918 million, down 1%.

• FY 2023-24 revenue mix was Network Services 41%, Data Center Services 31% and Digital Services 28%.

• Q4 revenue was INR 4,186 million for Network services versus INR 3,515 million, INR 2,901 million for Data Center versus INR 2,554 million, and INR 2,550 million for Digital versus INR 2,792 million.

• Data center credentials include three of four hyperscalers, 600+ customers across major industries and stated uptime of 99.999+%; network infrastructure spans 1,600+ Indian cities and 3,100+ points of presence.

• New business included multi-year colocation and data center contracts, cloud migrations and implementations, managed security and services, and MPLS/SDWAN and network transformation engagements.