Why Did Sify Technologies Stock Gain After FY21 Earnings? - Sify Technologies (NASDAQ:SIFY)

Sify Technologies Ltd (NASDAQ: SIFY) reported fourth-quarter FY21 revenue growth of 19.6% year-on-year to INR6.9 billion.
Revenue from Data Center centric IT Services rose 22% Y/Y. Segment-wise, revenue from Data Center Services rose 45%, Cloud and Managed Services rose 21%, and Technology Integration Services rose 19%, while Applications Integration Services declined 19% Y/Y.
Revenue from Network-centric services declined 7% Y/Y. Segment-wise, revenue from Data and Managed Services rose 4%, and Voice business declined 35% Y/Y.
EBITDA rose 40% Y/Y to INR1.5 billion.
Sify held INR5.4 billion in cash and equivalents.
CFO M P Vijay Kumar expects contracts to take slightly longer to conclude as clients take time to regain momentum.
Sify remains firm on its commitment to the data center, cloud, and network-centric expansion plans and will exercise due caution in terms of both timing and cost structure of these projects, Kumar said.
Sify did not declare dividends to conserve capital due to the pandemic-induced uncertainty.
Price action: SIFY shares closed higher by 7.42% at $3.01 on Friday.

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