Sify net profit rises 16 pc to Rs 30 cr in March quarter

IT company Sify Technologies Tuesday said its net profit increased 16 per cent to Rs 30 crore in the quarter ended March 31. The company had recorded a profit of Rs 26.1 crore in the corresponding period a year ago. Its revenue declined 7.2 per cent to Rs 562.3 crore, compared with 606.2 crore in the corresponding quarter of 2017-18.

"Our revenue growth is lower than the prior year primarily due to the expiration of a large government multi-year services contract. "Excluding this impact, the overall revenue growth was in line with last year's growth," Sify Technologies Chief Financial Officer M P Vijay Kumar said in a statement.

For the year ended March 31, Sify Technologies posted a 15.8 rise in its net profit to Rs 106.9 crore, compared with the Rs 923 crore it reported for 2017-18.  The annual revenue of the company increase 4 per cent to Rs 2,154.7 crore for 2018-19 from the Rs 2,068.6 crore it posted for the previous financial year.