Sify Turns In Profits Of $1.49 Million In Q2; Revenues Grew 17.9% At $30.1 Million

Sify Ltd has announced its Q2 results for the three month period ending September 30, 2006. Here are the highlights:

— The company is stabilising its profitable growth by notching up net profits of $1.49 million in Q2 2006 compared to a loss of $1.34 million in Q2 2005. In the previous quarter, it was net profits of $1.36 million.
–Revenues grew by 17.9 per cent over last year’s same quarter to touch $30.1 million. Over the previous quarter, the growth was 4.9 per cent. The focus is clearly on profitable growth not just revenue growth.
–Gross margins for the quarter improved to 48.9 per cent from 43.8 per cent in the same quarter last year, and 47.3 per cent in the previous quarter.
–Sify’s cash profit, in adjusted EBITDA terms, grew three fold from $1.18 million in the same quarter last year to $3.55 million for the current quarter.
–Sify ended the quarter with a cash balance of $50.39 million after capital expenditures of $1.76 million during the quarter.

Other nuggets
iWay Cyber-Cafes: The iWay chain grew to 3,559 cafes (of which 34 are owned by Sify and the rest franchised) across 154 cities and towns.
Online Games: The MMORPG game A3, launched by Sify, has over 65,000 users.
Sify Broadband: It has crossed 200,000 subscribers during the quarter.

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