Sify Technologies Limited (SIFY)

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Sify Ltd. (SIFY)

F2Q07 (Qtr End 9/30/07) Earnings Call

October 24, 2007 9:00 am ET


David Thierry - Investor Relations

Raju Vegesna - Chairman and CEO

Suri Venkat - COO

Vijay Kumar - CFO


Colin Gillis - Canaccord

Mike Cahill - Chilton Investment Company

Louis Corrigan - Kingsford Capital



Greetings and welcome to the Sify Technologies Limited Second Quarter 2007 Earnings Results Conference Call and webcast. 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. It is now my pleasure to introduce your host, Mr. David Thierry, Investor Relations for Sify Technologies Limited. Thank you Mr. Thierry, you may now begin.

David Thierry

Thank you, Operator. I'd like to send a warm welcome to all our participants today, on behalf of Sify Technologies Limited. I'm joined on the call today by Raju Vegesna, Chairman of the Board and Chief Executive Officer; Suri Venkat, Chief Operating Officer; and Vijay Kumar, Chief Financial Officer.

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 may obtain a copy of the release at the investor information section on 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 to 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 of the differences between such non-GAAP measures and the most comparable financial measures calculated and presented in accordance with GAAP, are also available on the 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 could cause actual results to differ materially from those described.

With respect to 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 lists 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 now like to introduce Mr. Raju Vegesna, CEO of Sify Technology's Limited. Raju.

Raju Vegesna

Thank you, David. 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.

We have done well to accelerate our revenues in the Enterprise market. With the business models, our team our now well set and beginning to yield results. We will continue to grow [Technical Difficulty] going forward. We also initiated the integration of our consumer services lines and infrastructure, leveraging synergies across all consumer platforms.

We believe we'll be able to see the results of these initiatives over the next few quarters. However, the full benefit of these efforts will be realized during the course of the next year.

Now, I would like to introduce Mr. MP Vijay Kumar, our Chief Financial Officer, who joined recently. I will now request him to take through our financials

[Technical Difficulty].

Vijay Kumar

Thank you Raju, and hello everyone. [Technical Difficulty]that I am delighted to be part of this equity and to be able to contribute to the company's growth story. I shall now go in to the details of our financial performance for the quarter.

Our revenues were $37.02 million for the second quarter, ended 30 September '07, 4.7% higher than the immediately preceding quarter and 6.4% over the same period last fiscal.

Sify's net profit was $1.12 million, as against $0.58 million in the previous quarter. However, post exceptional, [Technical Difficulty] $1.25 million, as compared to the previous quarter and a loss of $1.27 million.

We incurred exceptional expenses of $1.8 million for legal expenses this quarter, relating to a case against another Internet company. The total expenses incurred so far in this regards amount to $3.27 million during the current year. [Technical Difficulty], as against the cash profit of $3.32 million in the preceding quarter.

Our efforts to bring down the provision for doubtful debts, PDD, have resulted in their coming down to less than significant level, and I believe we will be able to manage them at these levels going forward. We have also done well to generate cash from operations during the quarter and expect to continue doing so in the future.

I will now hand over to Suri, who will take you through some of the key initiatives during the quarter. Suri?

Suri Venkat

Thank you, Vijay, and good morning, everyone. The Domestic Enterprise business continues to see gains from a number of new and prestigious customers, as well as additional business from our existing customers.

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