Sify net rises 16% to Rs 30 cr in March quarter

IT company Sify Technologies on 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.