Sify Technologies Ltd (SIFY) 2025 Q3 法說會逐字稿

Good morning, everyone and welcome to the Sify Technologies financial results for third quarter, fiscal year 2024 to 2025. (Operator Instructions) Please note this conference is being recorded.

大家早安，歡迎閱讀 Sify Technologies 2024 至 2025 財年第三季財務表現。（操作員說明）請注意本次會議正在錄製中。

I will now turn the conference over to your host, Praveen Krishna. Praveen, the floor is yours.

現在我將會議交給主持人普拉文克里希納 (Praveen Krishna)。普拉文，地板是你的。

Thank you, Jen. I'd like to extend a warm welcome to all of our partners on behalf of Sify Technologies Limited. I'm joined on the call today by Raju Vegesna, Chairman; and Mr. M. P. Vijay Kumar, Executive Director and Group CFO.

謝謝你，珍。我謹代表Sify Technologies Limited 對所有合作夥伴的到來表示熱烈的歡迎。今天，主席 Raju Vegesna 也加入了我的電話會議。以及執行董事兼集團財務長 M. P. Vijay Kumar 先生。

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 Weber Shandwick at +1-212 546-8260 and we'll have one sent to you. Alternatively, you may obtain a copy of the release of the investor information section on the company's corporate website at www.sifytechnologies.com/investors.

在我們對結果發表評論後，將有機會提問。如果您沒有我們的新聞稿副本，請致電+1-212 546-8260 聯繫萬博宣偉，我們將向您發送新聞稿。或者，您也可以在公司網站 www.sifytechnologies.com/investors 上取得投資者資訊部分的發布副本。

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 corporate website. Some of the financial measures referred to during this call and in the earnings release may include non-GAAP measures. Sify's result for the year are according to the international financial reporting standards or IFRS and will differ somewhat from the GAAP announcements made in previous years.

可以透過撥打新聞稿中提供的號碼或造訪 Sify 公司網站投資者資訊部分的網路廣播來重播今天的電話會議。本次電話會議和收益發布中提到的一些財務指標可能包括非公認會計準則指標。Sify今年的業績是根據國際財務報告準則或國際財務報告準則（IFRS）編制的，與往年公佈的公認會計原則（GAAP）公告略有不同。

A presentation of the most directly comparable financial measures calculated and presented in accordance with GAAP and a reconciliation of such non-GAAP measures and of the differences between such non-GAAP measures and the most comparable financial measures calculated and presented in accordance with GAAP will be made available on Sify's website.

根據 GAAP 計算和列報的最直接可比較財務指標的列報以及此類非 GAAP 指標的調整表，以及此類非 GAAP 指標與根據 GAAP 計算和列報的最可比較財務指標之間差異的調整表將在Sify 網站上提供。

Before we continue, I'd 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 and are subject to risks and uncertainties that could cause actual results to differ materially from those described. With respect to such forward-looking statements, the company seeks protections 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.

在我們繼續之前，我想指出，收益發布和本次電話會議中包含的某些陳述是前瞻性陳述，而不是歷史事實，並且受到風險和不確定性的影響，可能導致實際結果與預期結果存在重大差異。對於此類前瞻性陳述，該公司尋求 1995 年《私人證券訴訟改革法案》提供的保護。這些風險包括多種因素，包括競爭發展以及公司 SEC 報告和公開發布中不時列出的風險因素。

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 in a run to the company's business.

這些清單旨在確定可能導致實際結果與前瞻性陳述中描述的結果有重大差異的某些主要因素，但無意代表公司業務運作中所有風險和不確定性的完整清單。

I would now like to introduce Mr. Raju Vegesna, Chairman of Sify Technologies Limited. Chairman over to you.

現在我想介紹一下Sify Technologies Limited董事長Raju Vegesna先生。主席交給你了。

Thank you Praveen. Good morning and thank you for joining us on this call. India's growing prominence in the global marketplace is driven by liberal policies, support to business environment, and a wealth of skilled resources. These factors combine to create a compelling growth opportunity for international companies making India a critical destination in their global strategic expansion plans.

謝謝普拉文。早安，感謝您參加我們的這次電話會議。印度在全球市場上日益突出的地位得益於自由政策、對商業環境的支持以及豐富的技術資源。這些因素結合起來，為國際公司創造了引人注目的成長機會，使印度成為其全球戰略擴張計劃的關鍵目的地。

India has long established, a reputation being an it service provider for the world, that maturity now -- that narrative is now maturing to recognize that India can be an important AI test bed for the emerging digital economy. Multiple global leaders have also gone on the record regarding the importance of Indian market in their investment road map.

印度早已確立了作為世界 IT 服務提供者的聲譽，現在這種成熟的說法現在正在成熟，人們認識到印度可以成為新興數位經濟的重要人工智慧測試平台。多位全球領導人也公開表達了印度市場在其投資路線圖中的重要性。

Let me now bring our Executive Director and Group CFO, Mr. M. P. Vijay Kumar to explain both the business and financial highlights. Vijay?

現在請允許我們的執行董事兼集團財務長 M. P. Vijay Kumar 先生來解釋業務和財務亮點。維傑？

Yeah. Thank you Chairman. good morning to all and wish you all a very happy new Year. We stay focused on cost efficiency and fiscal discipline, ensuring our financial strategies align with long term value creation. Our current results are weighed down by investment in people, building capabilities with people for the AI opportunities, depreciation and for interest payouts for our expansion financing.

是的。謝謝主席。大家早安，祝大家新年快樂。我們始終關注成本效率和財務紀律，確保我們的財務策略與長期價值創造保持一致。我們目前的業績受到對人員的投資、人工智慧機會的人員能力建設、折舊和擴張融資的利息支付的影響。

Our strategic investments are guided by a forward-looking approach designed to anticipate evolving market dynamics and drive sustainable growth. Our pursuit of responsible and innovative growth will be strengthened through such sustainable practices. We draw your attention to Sify adopting the new standard of International Accounting Standards Board, recent issuance of IFRS 18, presentation and disclosure in financial statements starting with the last quarter ending June 30, 2024.

我們的策略投資以前瞻性方法為指導，旨在預測不斷變化的市場動態並推動永續成長。透過這種永續的實踐，我們對負責任和創新成長的追求將得到加強。我們提請您注意 Sify 採用國際會計準則委員會的新準則、最近發布的 IFRS 18、從截至 2024 年 6 月 30 日的最後一個季度開始的財務報表的列報和披露。

By adopting the new standard, we seek to maintain clarity and consistency in our financial communications. Importantly, while our presentation may change, there is no alteration in total income or net profit. The December 2023 numbers are restated, consequent filing of amended form 20F/A with SEC on January 13, 2025.

透過採用新標準，我們力求維持財務溝通的清晰度和一致性。重要的是，雖然我們的表述可能會發生變化，但總收入或淨利潤沒有變化。2023 年 12 月的數據已重述，隨後於 2025 年 1 月 13 日向 SEC 提交了修訂後的 20F/A 表格。

Let me now expand on the business highlights for the quarter. The revenue split between the businesses for the quarter was network infrastructure services 41%, data center co-location services 36%, and digital services 23%. During the quarter, Sify commissioned 5 megawatts of additional data center capacity.

現在讓我詳細介紹本季的業務亮點。本季各業務的收入分配為網路基礎設施服務 41%、資料中心託管服務 36% 和數位服務 23%。本季度，Sify 新增了 5 兆瓦的資料中心容量。

As of December 31, 2024 Sify provides network infrastructure services via 1,109 fiber nodes across the country, a 14% increase over the same quarter last year. As of December 31, 2024 Sify has deployed 9,473 units of contracted SD-WAN service points across the country. A detailed list of our key wins is recorded in our press release, now live on our website.

截至2024年12月31日，Sify透過全國1,109個光纖節點提供網路基礎設施服務，比去年同期成長14%。截至2024年12月31日，Sify已在全國部署了9,473個合約SD-WAN服務點。我們的主要勝利的詳細清單記錄在我們的新聞稿中，現在發佈在我們的網站上。

Let me briefly sum up the financial performance for quarter three of financial year 2024, 2025. Revenue was INR10,491 million an increase of 21% over the same quarter last year. EBITDA was INR1,914 million an increase of 13% over the same quarter last year. Loss before tax was INR119 million. Loss after tax was INR258 million. Capital expenditure during the quarter was INR3,343 million. The cash balance at the end of the quarter was INR5,327 million.

讓我簡單總結一下2024、2025財年第三季的財務表現。營收為 104.91 億印度盧比，比去年同期成長 21%。EBITDA 為 19.14 億印度盧比，比去年同期成長 13%。稅前虧損為 1.19 億印度盧比。稅後虧損為 2.58 億印度盧比。本季資本支出為 33.43 億印度盧比。本季末現金餘額為 53.27 億印度盧比。

I will now hand over to our Chairman for his closing remarks. Chairman?

現在請主席致閉幕詞。總統?

Thank you Vijay Kumar. Over the course of the next quarters, you will see Sify repositioning itself to cater to AI workloads that we are coming up in the country. The maturity of our services should draw a new set of enterprise players who will seek our mature network, data center and digital businesses.

謝謝維傑庫馬爾。在接下來的幾個季度中，您將看到 Sify 重新定位自己，以滿足我們在該國即將出現的人工智慧工作負載。我們服務的成熟應該會吸引一群新的企業參與者，他們將尋求我們成熟的網路、資料中心和數位業務。

Thank you for joining us on the call. I will now hand over to the operator for questions. Operator?

感謝您加入我們的通話。我現在將問題交給接線員。操作員？

(Operator Instructions)

（操作員說明）

Greg Burns, Sidoti & Company.

格雷格‧伯恩斯 (Greg Burns)，西多蒂公司 (Sidoti & Company)。

Good morning. Could you just give us maybe a little bit more color about your GPU as a service offering? How that maybe fits into your broader cloud services, solutions? And what kind of demand you're seeing for that service?

早安.您能為我們提供更多關於您的 GPU 即服務產品的資訊嗎？這如何適合您更廣泛的雲端服務、解決方案？您對該服務有什麼樣的需求？

So the way Greg is, we have already a cloud platform, Cloud Infinite which supports the CPUs. We are doing this thing for more than a decade. So we are extending that support of cloud platform to extend it to the GPU also.

就像 Greg 一樣，我們已經有一個支援 CPU 的雲端平台 Cloud Infinite了。我們做這件事已經有十多年了。因此，我們正在擴展雲端平台的支持，將其擴展到 GPU。

So we just started and we are doing a couple of POCs for Indian enterprises and the market is still in very nascent stage. I cannot assess how big the market, but market is getting, starting, interesting and enterprise customers showing some interest especially in BFSI and manufacturing sector. And I don't have any prediction of the growth, but at least I'm seeing some interest. We are seeing some interest.

所以我們才剛開始，正在為印度企業做一些概念驗證，而市場仍處於非常初級的階段。我無法評估市場有多大，但市場正在變得越來越有趣，企業客戶尤其對 BFSI 和製造業表現出一些興趣。我對成長沒有任何預測，但至少我看到了一些興趣。我們看到了一些興趣。

Okay, great, thanks. And then in terms of your data center capacity, could you just give us an update on maybe the number of data centers that are currently operational? How much megawatt of power, I guess has been commissioned and then maybe what you're looking forward over the next 12 months to maybe come online, in terms of maybe -- either from a megawatt capacity or a data center capacity. Thank you.

好的，太好了，謝謝。然後，就您的資料中心容量而言，您能否向我們介紹一下目前正在運作的資料中心數量的最新情況？我猜已經投入使用了多少兆瓦的電力，然後也許您期望在未來 12 個月內上線，無論是兆瓦容量還是資料中心容量。謝謝。

Yeah. Greg, we currently have a capacity which is installed and commissioned for about 120 megawatt of which 110 megawatt is already contracted with the customers and who have already come into the facilities. We have about 12 facilities across six cities. And in addition to this, there are capacities which are under development which will be going live within the next few months, which have a designed capacity, which are two facilities of 26 megawatt each, which are going live and based on the customers inflow, we will commission the needful capacity.

是的。Greg，我們目前已安裝和調試的容量約為 120 兆瓦，其中 110 兆瓦已經與客戶簽訂了合同，並且已經進入設施。我們在六個城市擁有約 12 個設施。除此之外，還有一些正在開發的產能，將在未來幾個月內投入使用，這些產能具有設計產能，其中有兩個設施，每個設施容量為26 兆瓦，這些設施正在投入使用，並基於客戶流入量，我們將委託所需的產能。

Apart from that, there are four other facilities coming up in Mumbai, which are at a reasonably advanced stage of development, hopefully by end of this calendar year or a little earlier, they should also go live. We will publish the details of their status, maybe a couple of quarters down the line.

除此之外，孟買還有其他四個設施正在建設中，這些設施處於相當先進的開發階段，希望在今年年底或更早的時候，它們也應該投入使用。我們將在幾個季度後發布他們的詳細狀態。

Okay, great, thanks. And then in terms of your SG&A, it was pretty significant growth this quarter. Is there anything one time in there or is that a good number to build off of in terms of modeling?

好的，太好了，謝謝。然後就 SG&A 而言，本季成長相當顯著。其中是否有任何一次性的東西，或者在建模方面這是一個很好的數字？

For the time being, it's a good number to model. What we have done is, we are strengthening our leadership team across the businesses. So you will see the current level of SG&A to remain for the forthcoming period as well.

就目前而言，這是一個很好的建模數字。我們所做的是，我們正在加強跨業務的領導團隊。因此，您將看到當前的 SG&A 水平在未來一段時間內也將保持不變。

Okay, thanks for that. And digital services posted a loss this quarter. What was driving that?

好的，謝謝。數位服務本季出現虧損。是什麼推動了這一點？

Yeah. So it is -- that particular business, we are a little bit of a revenue mix change and most importantly, loss is driven by our efforts to get in more leadership team within that business. As you know, the business requires a combination of upskilling and reskilling, not just at the delivery organization level, but also building the business team and the technology leadership. So we have started investing in that, maybe we'll invest a little more for a couple of quarters because we see opportunities coming in the foreseeable future and we want to be ready for those opportunities.

是的。事情就是這樣——對於特定的業務，我們的收入結構發生了一些變化，最重要的是，損失是由於我們努力在該業務中加入更多的領導團隊而造成的。如您所知，業務需要將技能提升和再技能結合起來，不僅在交付組織層面，還需要建立業務團隊和技術領導。因此，我們已經開始對此進行投資，也許我們會在幾個季度內進行更多投資，因為我們看到在可預見的未來會出現機會，並且我們希望為這些機會做好準備。

Okay. Thanks for that. And then lastly, the growth in the network services is pretty -- it was strong. Stronger than we were expecting. Could you just detail what's driving the demand on that side of the business? And do you expect that kind of growth to continue?

好的。謝謝你。最後，網路服務的成長相當強勁。比我們預期的強。您能否詳細說明是什麼推動了該業務方面的需求？您預計這種成長會持續下去嗎？

Yeah. So between last year same quarter and this year, the growth is driven by the wired line infrastructure investment we have done over the last two years. So last two years that investment is now starting to pay off. We have done network in about 17 cities and in these cities, we will continue to densify our wireline infrastructure and it should support the growth.

是的。因此，從去年同季到今年，成長是由我們過去兩年進行的有線基礎設施投資所推動的。因此，過去兩年的投資現在開始獲得回報。我們已經在大約17個城市建立了網絡，在這些城市，我們將繼續加強我們的有線基礎設施，這應該會支持成長。

And equally important, Greg is with all the increased digitalization, which is happening and also the potential AI workloads, networks will also require a substantial capacity for the enterprises to consume. So this particular growth is driven by the enterprises preparing for such consumption levels.

同樣重要的是，格雷格認為，隨著數位化的不斷發展以及潛在的人工智慧工作負載，網路也將需要企業消耗大量的容量。因此，這種特殊的成長是由企業為這種消費水準做準備所推動的。

Okay, great. Thank you.

好的，太好了。謝謝。

Thanks, Greg.

謝謝，格雷格。

Jennifer? Hello?

詹妮弗？你好？

Yeah. Hello?

是的。你好？

(technical difficulty)

（技術難度）

Jennifer, you're not audible.

詹妮弗，你聽不見。

(Operator Instructions)

（操作員說明）

(technical difficulty), private investor.

（技術難度），私人投資者。

Jennifer, just a word of caution. The line is not clear. Could you have the question repeat it, please.

詹妮弗，請注意一點。線路不清楚。請您重複一下這個問題。

No, I think she's connecting someone inside.

不，我認為她正在聯繫裡面的某個人。

No problem. (inaudible), he's an investor.

沒問題。 （聽不清楚），他是投資者。

Hi, good evening everybody. Can you hear me?

嗨，大家晚上好。你聽得到我嗎？

Yeah. Loud and clear.

是的。響亮清晰。

Hey, good evening team. First of all, congratulations for improving some of the metrics, year-over-year. Companies is in a great shape and a great management team and building the right infrastructure to address the future demand.

嘿，團隊晚上好。首先，恭喜您的一些指標較去年同期有所改善。公司狀況良好，擁有優秀的管理團隊，並正在建立合適的基礎設施來滿足未來的需求。

So once again, congratulations on, a good set of numbers compared to year on year. I didn't go through the specifics but without talking about any individual stock price movement or any forward-looking statements eventually the investors would be interested in wealth creation, right? So the first question would be what is being done to address that to get a wider participation from investors in a more widely held and also generate some investor returns.

再次恭喜您，與去年同期相比，這是一組不錯的數字。我沒有詳細介紹細節，但在不談論任何個股價格走勢或任何前瞻性陳述的情況下，投資者最終會對財富創造感興趣，對吧？因此，第一個問題是正在採取哪些措施來解決這個問題，以使投資者更廣泛地參與更廣泛持有的股票，並產生一些投資者回報。

Yeah, Srikant, did I get your name right, Srikant?

是的，Srikant，我沒聽錯你的名字嗎，Srikant？

Correct.

正確的。

Yeah. So thank you. Thank you for your time on the call and wish you and your family a very happy new year. As far as the our effort is concerned in terms of wealth creation, we continue to stay focused to build the business to stay relevant with all the changes which are happening, particularly on the digital infrastructure side. Thanks to all the AI kind of initiatives which enterprise are getting geared, too.

是的。所以謝謝你。感謝您抽出寶貴的時間接聽電話，並祝您和您的家人新年快樂。就我們在創造財富方面的努力而言，我們將繼續專注於發展業務，以適應正在發生的所有變化，特別是在數位基礎設施方面。感謝企業也正在採取的所有人工智慧措施。

And regarding the shareholding expansion is concerned, there are no specific initiatives at this point in time. However, our Investor Relations team continues to stay engaged with the IR community, particularly in US, to see how there can be more active participation. We take note of your observation and let's think through if there is something to be evaluated on that.

而對於增持股份，目前還沒有具體措施。然而，我們的投資者關係團隊繼續與投資者關係界（尤其是美國的投資者關係界）保持聯繫，以了解如何才能有更積極的參與。我們會記錄您的觀察結果，並考慮是否需要對此進行評估。

Okay. One other question on the upcoming facilities. I know the Rabale facility is like one of the largest in the group. Has it been, is it already taking customers or will it be, will there be any official announcement of an official opening or it's just pre-launch, are you taking any customers.

好的。關於即將推出的設施的另一個問題。我知道拉巴萊工廠是集團中最大的工廠之一。是否已經吸引了客戶，或者是否會，是否有正式開業的正式公告，或者只是預先啟動，您是否正在吸引任何客戶。

No, Rabale, all the facilities which are there, there are five facilities in the Rabale campus as of now, which are operational. The last one operational about nine months back. And all the facilities are -- the first four facilities are fully occupied. The last of the facilities is also almost fully contracted and occupied. So there won't be any fresh market communication on that.

不，拉巴萊，那裡的所有設施，到目前為止，拉巴萊園區有五個設施正在運作。最後一次投入運作大約是九個月前。所有的設施－前四個設施都已滿員。最後的設施也幾乎全部承包並被佔用。因此，不會有任何新的市場溝通。

And in Rabale itself, there are four more facilities which are under construction which will go live most likely by end of this calendar year or around about there. And currently our communication on these facilities launch is limited to what we do in our website and in the investor conversation, which we do.

在拉巴萊本身，還有四個設施正在建設中，最有可能在今年年底或前後投入使用。目前，我們對這些設施啟動的溝通僅限於我們在網站和投資者對話中所做的事情。

Okay. Excellent. That's all for me and --

好的。出色的。這就是我和--

Thank you Srikanth.

謝謝斯里坎特。

Thank you, Srikant and thanks for the (multiple speaker)

謝謝你，Srikant，謝謝你（多個發言者）

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Hello?

你好？

Hello? (technical difficulty)

你好？（技術難度）

Sir, maybe you can give your concluding remarks. Jennifer's voice is cracking most of the time, today.

先生，也許您可以做一下總結發言。今天，詹妮弗的聲音大部分時間都在沙啞。

Thank you. Thanks for your time. And we are continuously going to update, as we making the quarterly results and have a good day. Thank you.

謝謝。感謝您抽出時間。當我們公佈季度業績並祝您度過美好的一天時，我們將不斷更新。謝謝。