Sify Ltd, India's premier Internet, network and e-commerce services company recently announced its consolidated US GAAP results for the quarter ended June 30, 2005. Revenues for the first quarter stood at $23.5 million, up 31 per cent over the corresponding period last year.
Sify's net loss for the quarter was $2.26 million, 12 per cent lower than the net loss for the previous quarter. The Internet company ended the quarter with a cash balance of over $30 million.
R Ramaraj, Managing Director and CEO, Sify, said, “We continue to grow our business, generate cash profits from operations and reduce net loss, while investing in bandwidth and capital expenditure to maximise growth opportunities in a buoyant economy. During the quarter, we entered into alliances that will considerably strengthen our competitiveness going forward. Overall, this quarter has proven to be a good start, and sets the stage for further progress during the year.”
George Zacharias, President and COO, said, “Our corporate services continue to lead with significant new customer wins, on top of repeat orders from existing customers. We grew to 2,700 iWays across 104 cities with most offering broadband access speeds of 256 kbps per PC. We launched www.Sifymax.in, continued to deliver revenue growth in portals, and grew wireless Internet fee-based services by 100 per cent quarter-on-quarter. A key challenge remains in retaining talent in the face of rising salaries and new opportunities in a growing economy.”
While corporate services accounted for 53.9 per cent of revenues during the quarter, consumer business accounted for 43.8 per cent of revenues during the quarter.
To better address the needs of large customers in the public sector, government, banking and large corporate segments, Sify entered into an alliance with Power Grid Corporation of India Ltd (PGCIL), which has a network of over 20,000 route kilometers of fiber cable across India.
Sify will now terminate PGCIL's fiber in many of its network centers considerably increasing bandwidth capacity in the backbone and enhancing its capabilities to provide bandwidth up to the gigabit range.
Meanwhile, to address the rapidly growing call centre market in the country, Sify's Enterprise Solutions business signed a MOU with Novatel, a large provider of equipment and solutions to the call centre industry, to provide MPLS backbone connectivity for voice traffic.
In order to address the Sarbanes-Oxley Act of 2002 compliance needs in the US, SifyAssure has partnered with a major accounting firm in the US. SifyAssure has also established new partnerships in the Middle East to address customers' security and network consulting needs.