What's Going On With Sify Technologies Stock Monday?

Sify Technologies Ltd SIFY shares are trading lower after the company reported fourth-quarter sales results.

The company reported revenue growth of 8.8% year over year to INR9.64 billion ($116.05 million), missing the consensus of $149.30 million. 

Revenue from Data Center services rose 13.6% year over year, Digital services fell 8.7% year over year, and Network services grew 19.1% year over year.

EBITDA improved 11.4% to INR1.82 billion in the quarter. The company reported a profit of INR38 million vs. a profit of INR34 million.

As of March 31, 2024, Sify provided services via 1,033 fiber nodes nationwide (+16% Y/Y) and deployed 7,835 contracted SDWAN service points nationwide.

The company’s cash balance at the end of the year was INR5.84 billion.

Mr. M P Vijay Kumar, ED & Group CFO, said, “Our investment philosophy encompasses expanding Data Center presence to new locations for sustained growth, increasing capacity at existing facilities to meet immediate demand, and fortifying network and cloud interconnectivity. Simultaneously, we’re prioritizing the expansion of our workforce, equipping them with essential skills, tools, and processes to drive innovation and efficiency.”

Price Action: SIFY shares are down 4.88% at $1.17 on the last check Monday.