So the reports were true: Sify CEO R. Ramaraj is out, and owner-chairman Raju Vegesna is now the new CEO and managing director of the portal company..the company announced its Q2 earnings today, and the changes were announced then.
On Q2 earnings: Sify’s net profit for Q2was $ 1.36 million compared to a net loss of $2.14 million in the year-ago quarter. The company reported net profits of $0.46 million in the previous quarter. Revenue rose 29.1% to $28.7 million, below analysts expectations of $30.27 million in the most recent quarter. The sequential growth in revenues over the previous quarter was 2.5%.
By segment, the company’s enterprise services division revenue increased 36.8% to $16.41 million and access media revenue rose 12.7% to $10.15 million.
— iWay Cyber-Cafe Growth: The iWay chain grew to 3,400 cafes (of which 34 are owned by Sify and the rest franchised).
— Sify Broadband Growth: Subscribers to Sify’s high speed Internet access to homes grew to over 191,000 subscribers.
On the portals side: Revenues grew approximately 17% on a sequential basis and 96% over the same quarter last year, driven by advertising, sponsorships and ecommerce. This includes revenues from the Globe Travels acquisition amounting to $ 0.13 million.
More details in earnings release here.
Related:
— Satyam Divests Stake In Sify For $62.6 Million
– Sify Top Brass Including CEO Ramaraj On Their Way Out: Report
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