Why Sify (SIFY) Shares Are Sliding Today - Sify Technologies (NASDAQ:SIFY)

Sify Technologies Limited SIFY reported first-quarter FY23 revenue growth of 20% year-on-year to INR7.71 billion.
The costs rose 26% Y/Y to INR4.91 billion. Profit after tax for the quarter decreased 18% Y/Y to INR271 million.
EBITDA improved 5% to INR1.53 billion.
Revenue from Data Center colocation services rose 56%, Digital services grew by 1%, and Network-centric services increased by 11% Y/Y.
Sify Technologies held INR3.79 billion in cash and equivalents.
Raju Vegesna, the Chairman, said, "The last couple months has seen shifting winds in the macroeconomics of the world. Right through, India has retained a strong outlook for investments and growth. This is in large part due to the consistent economic policies of the government and its stated ambition to pursue digital methods to deliver social benefits."
Price Action: SIFY shares traded lower by 5.22% at $2.18 in the premarket on the last check Friday.

Sify Shares Drop After Q1 Profit Declined 18%