3.40
1.45%
-0.05
After Hours:
3.34
-0.06
-1.76%
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Why is Sify Technologies Limited Adr (SIFY) Stock down?
We've noticed a 7.08% decline in Sify Technologies Limited Adr (SIFY) stock during the 2024-10-24 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
18 Jan, 2024:
Sify Technologies Limited ADR (SIFY) stock dropped by 11.14% due to the company's lower-than-expected third quarter sales, which disappointed investors. Here are the key details:
- Sales decline in Q3 Revenue: The company reported a 3% year-on-year decline in revenue, totaling INR 8.66 billion for the quarter. Revenue from Data Center services showed a positive trend, rising by 13% year-on-year, while Digital services witnessed a decline of 22% year-on-year, and Network services experienced a 4% year-on-year growth.
- EBITDA Improvement and Loss After Tax: Sify Technologies reported an EBITDA improvement of 4%, reaching INR 1.69 billion in the quarter. However, the company recorded a loss after tax of INR (14) million, a stark contrast to the INR 258 million profit in the same quarter of the previous year. This loss was attributed to higher depreciation and interest costs.
- Operational Metrics and Cash Balance: As of December 31, 2023, Sify expanded its services through 974 fiber nodes nationwide, representing a 15% year-on-year growth. Additionally, the company deployed 6,920 contracted SDWAN service points across the country. Sify Technologies ended the quarter with a cash balance of INR 6.04 billion. The significant decline in Sify Technologies' stock price reflects market reaction to the third-quarter sales report, which indicated revenue decline and a shift in profitability.
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