Sify Technologies Limited (SIFY)

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Wall Street Breakfast

Sify Ltd. (SIFY)
F1Q07 Earnings Call
July 23, 2007 8:30 am ET


Truc Nguyen - IR
Raju Vegesna - Chairman & CEO
Pijush Das - CFO
Suri Venkat - COO


Sameet Sinha - Kaufman Brothers
Trip Chowdhry - Global Equities Research
Joel Cameron - Norberg Capital
Ami Shah - Merrill Lynch



Greetings ladies and gentlemen. Good morning and welcome to the Sify Limited conference call for the earnings results for the first quarter ending June 30, 2007. At this time all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. (Operator Instructions).

As a reminder, this conference is being recorded. I would now like to introduce you to your host for the conference Ms. Truc N. Nguyen, Investor Relations for Sify Limited. Thank you, you may begin.

Truc Nguyen

Thank you Diego. I would like to extend a warm welcome to all our participants today on behalf of Sify Limited. I'm joined on the call by Raju Vegesna, Chairman and CEO, Sify Limited, Suri Venkat, Chief Operating Office and Pijush Das Chief Financial Officer of Sify Limited.

Following our comments on the results there will be an opportunity for questions. If you do not have a copy of our press release please call the Global Consulting Group at 646 284 9407 and we will have one sent to you. Alternatively you can obtain a copy of the release at the investor information section of the company's corporate website at A replay of today's call may be accessed by dialing in on the numbers provided in the press release or by accessing the webcast in the investor information section of the Sify website.

Some of the financial measures referred during this call and in the earnings release may include non-GAAP measures. A presentation of the most directly comparable financial measures calculated and presented in accordance with GAAP and a reconciliation of such non-GAAP measures other differences between such non-GAAP measures and the most comparable financial measures calculated and presented in accordance with GAAP are also available at Sify's website.

Before we continue I would like to point out that certain statements contained in the earnings release and on this conference call are forward-looking statements rather than historical facts, that are subject risk and uncertainties that could cause actual results to differ materially from those described. With respect of such forward-looking statements the company seeks protection afforded by the Private Securities Litigation Reform Act of 1995. These risks include a variety of factors including competitive developments and risk factors listed from time to time in the company's SEC reports and public releases. Those listed are intended to identify certain principal factors that could cause actual results to differ materially from those described in the forward-looking statements but are not intended to represent a complete list of all risks and uncertainties inherent to the company's business.

I would not like to introduce Mr. Raju Vegesna, Chairman and CEO of Sify. Raju.

Raju Vegesna

Thank you Truc. I would like to welcome everyone on the call once again, thank you for joining us. I will now commence with the opening remarks on our performance in the last quarter.

I believe we have set in place the people and processes to scale the businesses going forward over the next three quarters of the year. We continue to forego our alliances with global leaders such as Microsoft and NEC to offer solutions tailored to the needs of Indian market, to catalyze growth. And we also entered into an alliance with the large Indian infrastructure provider and benefits of this association will be felt going forward.

During the last few quarters we focused on integrating our enterprise business with the strategy of offering end-to-end managed services for companies in India. In the last quarter we forged our consumer offerings into a single integrated solution to unlock the synergies across our portal, cyber caf├ęs and the broadband to home. We also developed a new model for the iWays which shows a lot of promise. We intend to market our services aggressively once our strategies are in place to accelerate growth, and for a large share of the growing Indian market for the services we offer, I am confident that the results of all this initiatives will see growth and profitability as planned for the year. Now I request Pijush to take you through our financial performance for the last quarter.

Pijush Das

Thank you Raju. Hello everyone, I shall now go into details of our financial performance for the quarter.

Our revenues were $34.6 million for the quarter, 6.6% higher than the quarter ended June 30, 2006. Net loss for the quarter was $1.27 million, compared to a net profit of $1.54 million in the same quarter of the previous fiscal year. Our net profit for the quarter was impacted due to the following reasons. Provision of doubtful debts, overdue amounts carried on the books for a period of time amounted to $1.28 million during the quarter, considerably less than in previous quarters. Add an exchange loss of $0.4 million incurred on account of the stronger rupee against the dollar, compared to the exchange gain of $1.1 million in the same quarter of the previous fiscal year. We managed to minimize the impact of the strength of the rupee against the dollar, once again with some timely financial measures.

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