Sify Technologies Ltd (SIFY) 2025 Q4 法說會逐字稿

Greetings. Welcome to the Sify Technologies Financial Results for full year 2024-2025. (Operator Instructions) Please note, this conference is being recorded. I will now turn the conference over to your host, Praveen Krishna. You may begin.

問候。歡迎閱讀 Sify Technologies 2024-2025 年全年財務表現。（操作員指示）請注意，本次會議正在錄音。現在我將會議交給主持人 Praveen Krishna。你可以開始了。

Thank you, Holly. I'd like to extend a warm welcome to all our participants on behalf of Sify Technologies Limited. I'm joined on the call today by my Chairman, Mr. Raju Vegesna; and my Executive Director and Group CFO, Mr. M P Vijay Kumar. Following our comments on the results, there will be an opportunity for questions.

謝謝你，霍莉。我謹代表 Sify Technologies Limited 向所有參與者表示熱烈的歡迎。今天我的主席 Raju Vegesna 先生也參加了電話會議；以及我的執行董事兼集團財務長 M P Vijay Kumar 先生。在我們對結果進行評論之後，將會有一個提問的機會。

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 at the Investor Information section on the company's corporate website at www.sifytechnologies.com/investors. 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.

如果您沒有我們的新聞稿副本，請致電萬博宣偉 +1(212) 546-8260，我們會將其發送給您。或者，您也可以在公司網站 www.sifytechnologies.com/investors 的投資者資訊部分取得該新聞稿的副本。您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收聽今天的電話會議重播。

Some of the financial measures referred to during this call and in the earnings release may include non-GAAP measures. Sify's results 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.

本次電話會議和收益報告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 (IFRS) 公佈的，與前幾年發布的 GAAP 業績略有不同。

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 will be made available on Sify's website.

依照 GAAP 計算和呈現的最直接可比較財務指標的介紹以及此類非 GAAP 指標的調整表以及此類非 GAAP 指標與計算和呈現的最直接可比較財務指標之間的差異將在 Sify 的網站上公佈。

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 and are subject to risks and uncertainties that could cause actual results to differ materially from those described.

在我們繼續之前，我想指出，收益報告和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，並且受風險和不確定性的影響，可能導致實際結果與描述的結果有重大差異。

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.

對於此類前瞻性陳述，本公司尋求 1995 年《私人證券訴訟改革法案》所提供的保障。這些風險包括多種因素，包括競爭發展和公司 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 inherent to the company's business.

這些清單旨在識別可能導致實際結果與前瞻性陳述中描述的結果存在重大差異的某些主要因素，但並非旨在代表公司業務固有的所有風險和不確定性的完整清單。

I would now like to introduce my Chairman, Mr. Raju Vegesna. Chairman?

現在我謹介紹我的主席拉朱‧維格斯納先生。總統?

Thank you, Praveen. Good morning. Thank you for joining us on the call. India's emergence as a global growth hub is no longer a forecast. It is a present day reality.

謝謝你，普拉文。早安.感謝您參加我們的電話會議。印度成為全球成長中心已不再只是預測。這是當今的現實。

India is set to become the third largest economy by 2030-2031 with the projected annual growth of 6.7% according to S&P Global. This growth is underpinned by level economic reforms, a vibrant start-up ecosystem, and a geographic dividend.

根據標準普爾全球預測，到 2030-2031 年，印度將成為第三大經濟體，預計年增率為 6.7%。這一增長得益於水平的經濟改革、充​​滿活力的新創企業生態系統和地理紅利。

With the second largest Internet user base globally, India is now an important test bed for emerging technologies such as AI, 5G, and cloud computing. Government initiatives like Digital India and Startup India have further accelerated tech innovation with India now home to over 100 unicorns. For global enterprises, the convergence of policy support, digital infrastructure, and deep talent and positions India as a growth opportunity that is both immediate and immense.

印度擁有全球第二大網路用戶群，是人工智慧、5G、雲端運算等新興技術的重要試驗場。「數位印度」和「創業印度」等政府措施進一步加速了科技創新，印度目前擁有超過 100 家獨角獸企業。對於全球企業而言，政策支援、數位基礎設施和深厚人才的整合使印度成為一個既直接又巨大的成長機會。

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

現在，我請我們的執行董事兼集團財務長 M P Vijay Kumar 先生來解釋今年的業務和財務亮點。維傑庫馬爾？

Thank you, Chairman. We remain committed to cost efficiency and fiscal discipline, aligning our financial strategies with long-term value creation across each of our businesses. While we plan essential investments for future readiness, our current results faced multiple headwinds of depreciation from substantial capital expenditure for our network and data center infrastructure and substantial increase in manpower and upskilling demand power to be relevant for the IT services opportunities ahead.

謝謝主席。我們始終致力於提高成本效率和財務紀律，使我們的財務策略與每項業務的長期價值創造保持一致。雖然我們計劃為未來做好必要的投資，但我們目前的業績面臨著多重阻力，包括網路和資料中心基礎設施的大量資本支出以及人力和技能提升需求的大幅增加，以滿足未來 IT 服務機會的需求。

Our approach remains to invest to build resilience, enhance operational agility, and capture emerging opportunities. The income tax expense includes tax, both current and deferred tax of INR539 million on profit of its data center subsidiary. The cash balance at the end of the year was INR6,836 million.

我們的方法仍然是透過投資來增強彈性、提高營運靈活性並抓住新興機會。所得稅費用包括資料中心子公司利潤的5.39億印度盧比的當期稅和遞延稅。年末現金餘額為 68.36 億印度盧比。

Let me now expand on business highlights for the year. The revenue split between the businesses for the year was data center services, 38%; network services, 41%; and digital services, 21%. As of March 31, 2025, Sify provides services on the network infrastructure via 1,137 fiber nodes across the country, a 10% increase over last year.

現在讓我詳細介紹今年的業務亮點。全年業務收入分成中資料中心服務佔38%；網路服務，41%；數位服務佔21%。截至 2025 年 3 月 31 日，Sify 透過全國 1,137 個光纖節點在網路基礎設施上提供服務，比去年增加了 10%。

As of March 31, 2025, Sify has deployed 1,870 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. Let me briefly sum up the financial performance for the year. Revenue for the year was INR39,886 million, an increase of 12% over last year. EBITDA was INR7,562 million, an increase of 12% over last year.

截至2025年3月31日，Sify已在全國部署了1,870個簽約SD-WAN服務點。我們的新聞稿中詳細記錄了我們取得的主要勝利，現已發佈在我們的網站上。我來簡單總結一下今年的財務表現。全年營收為398.86億印度盧比，比去年成長12%。EBITDA 為 75.62 億印度盧比，較去年同期成長 12%。

Loss before tax was INR286 million and loss after tax was INR785 million. Capital expenditure for the year was INR12,745 million.

稅前虧損為2.86億印度盧比，稅後虧損為7.85億印度盧比。本年度資本支出為 127.45 億印度盧比。

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

現在我將把時間交給主席作總結發言。總統?

Thank you, Vijay Kumar. Over the years in the business has given us a ringside view to how the ICT industry is evolving and our combination of network, data center and digital services and tools are our unique selling advantage. We intend to strengthen each of these over the coming years. Thank you for joining us on this call. I will now hand over to the operator for questions.

謝謝你，維傑庫馬爾。多年來，我們在業務中累積了豐富的經驗，對 ICT 產業的發展有著深入的了解，而我們將網路、資料中心和數位服務和工具結合，形成了我們獨特的銷售優勢。我們打算在未來幾年內加強這些面向。感謝您參加本次電話會議。現在我將把問題交給接線員。

(Operator Instructions)

（操作員指示）

Greg Burns, SIDOTI & Company.

SIDOTI & Company 的 Greg Burns。

I'd like to just maybe dig into the quarterly dynamics of each of the segments and just maybe if we could start with network services. What drove the decline there this quarter?

我想深入了解每個細分市場的季度動態，也許我們可以從網路服務開始。是什麼導致了本季的下滑？

On the revenue side, there is no decline. But on the expenses side, we had substantial expenses for some of our new capacities, which we had leased for the future business requirements.

收入方面，沒有下降。但在費用方面，我們為滿足未來業務需求而租賃的一些新產能產生了大量費用。

Okay. And then when we look at the -- your data center services, I think it declined a little bit sequentially, still up nicely year over year, but maybe you could just talk about that dynamic a little bit. And also, if we could just talk about your data center road map for this year, what is currently in the process of being brought live maybe over the next 12 months, like what the road map for fiscal '26 looks like for your data centers?

好的。然後，當我們查看您的資料中心服務時，我認為它環比略有下降，但同比仍然增長良好，但也許您可以稍微談論這種動態。另外，如果我們可以談談您今年的資料中心路線圖，那麼目前在未來 12 個月內可能實施的計劃是什麼，例如 26 財年的資料中心路線圖是什麼樣的？

Yeah. On the data center revenues, there has been a secular trend as far as the recurring revenues are concerned. There are some onetime revenues, which keep coming in select quarters depending on the new customers' specific requirements. Otherwise, it has a very peculiar growth trend. As far as the capacities for the future is concerned, two facilities -- greenfield facilities have just gone live.

是的。就資料中心收入而言，就經常性收入而言，一直存在長期趨勢。有一些一次性收入，根據新客戶的具體要求，這些收入會在特定的季度持續產生。否則，它具有非常奇特的成長趨勢。就未來的產能而言，兩個設施——綠地設施剛剛投入使用。

One is at Delhi, another is at Chennai. These are two facilities, which have gone live. And there is new capacities which are under construction in Mumbai, which should go live sometime in the next 12 to 18 months.

一個在德里，另一個在金奈。這兩個設施已經投入使用。孟買正在建造新的產能，預計在未來 12 到 18 個月內投入使用。

Okay. Maybe you could frame that new capacity in terms of where you were in terms of the number of data centers and megawatts of capacity and what those two that just came live plus what you're -- the third one that you expect over the next 12 months, like what -- how much incremental capacity those added? .

好的。也許您可以根據資料中心數量和容量兆瓦數來規劃新容量，以及剛剛投入使用的兩個資料中心以及您預計在未來 12 個月內新增的第三個資料中心，這些新增容量將增加多少？。

Yeah. So currently, we have on the ground design capacity of about 130 megawatt, which is operational. And these two new facilities, which have been designed for an overall capacity of 130 megawatts each, of which in the Phase 1, each of them with a design capacity of 26 megawatts have been made ready and made available for service.

是的。目前，我們的地面設計容量約為 130 兆瓦，已投入營運。這兩座新電廠的總設計容量均為 130 兆瓦，其中第一期工程的每個電廠的設計容量為 26 兆瓦，目前已準備就緒並投入使用。

Okay. So when we look at your CapEx expectations for fiscal '26. Are they about in line with where you were for fiscal '25? Or is it going to go up or down by any meaningful amount?

好的。因此，當我們查看您對 26 財年的資本支出預期時。它們與 25 財年的水準一致嗎？或者它會以任何有意義的量上升或下降嗎？

The capital expenditure will be marginally higher.

資本支出將會略高。

Okay. And then maybe we could just talk a little bit about the demand dynamics in India for -- particularly for data center colocation services. What are the primary factors driving the demand there? When you look at the supply in the market versus that demand, where is the market in terms of the supply of capacity needed to meet that demand?

好的。然後，也許我們可以稍微談談印度的需求動態——特別是資料中心託管服務。推動那裡需求的主要因素是什麼？當您觀察市場供應量與需求量時，您會問，就滿足需求所需的產能供應量而言，市場處於什麼位置？

Yeah. So at present, the demand still continues to exceed the supply in the market. And the demand continues to be driven by the cloud consumption by Indian enterprises and the hyperscalers who are currently operating in India continue to expand their footprint in the light of increasing cloud consumption.

是的。因此目前市場需求仍持續超過供應。而這種需求持續受到印度企業雲端運算消費的推動，目前在印度營運的超大規模企業隨著雲端運算消費的增加而持續擴大其業務範圍。

And as far as AI-led demand is concerned, we are at the early stages of its growth. And there are active conversations happening with the enterprises for their AI-led demand for the future. So the demand supply cap continues to be favoring additional capacity creation at this point in time.

就人工智慧驅動的需求而言，我們正處於其成長的早期階段。我們正在與企業積極討論未來由人工智慧主導的需求。因此，目前的需求供應上限仍有利於額外的產能創造。

Okay. And then just lastly, in terms of maybe your operating leverage. I know you've been investing in the resources necessary to drive your future growth. But how should we think about potential operating leverage as revenue from some of these infrastructure investments start to scale?

好的。最後，就您的經營槓桿而言。我知道您一直在投資必要的資源來推動未來的發展。但是，隨著部分基礎設施投資的收入開始擴大，我們該如何看待潛在的營運槓桿？

Yeah. The operating leverage for our network investment, rest of infrastructure business, and the data center infrastructure business, both of them are positive levers for us to drive as we build scale. And on the data center infrastructure services side, while the increase in margins will be probably a few basis points. On the network side, we have the potential for increasing our margins substantially with higher capacity utilization in the foreseeable future.

是的。我們的網路投資、其他基礎設施業務以及資料中心基礎設施業務的營運槓桿都是我們擴大規模時可以推動的積極槓桿。而在資料中心基礎設施服務方面，利潤率的成長可能會達到幾個基點。在網路方面，在可預見的未來，我們有可能透過提高產能利用率來大幅提高利潤率。

Jonathan Atkin, RBC.

喬納森·阿特金（Jonathan Atkin），加拿大皇家銀行。

I wanted to follow up on the last response and just around demand. And is the mix that you see going forward of demand on a megawatt basis more likely to be driven by Indian enterprise or as direct tenants of your data center platform? Or is it more likely to be driven by international hyperscalers?

我想跟進最後的回應以及需求。您認為未來兆瓦級需求的組合更有可能由印度企業或資料中心平台的直接租戶推動嗎？或者更有可能由國際超大規模企業推動？

We expect, in the short run, the demand to be driven by the international hyperscalers. But we are, at the same time, witnessing a good amount of Indian enterprises engaging in setting up private clouds, hybrid clouds, and also doing actively engaging in cloud repatriation as well. So in the short term, it will still be hyperscale driven, but over the medium and long term, we should see more Indian enterprise consumption act.

我們預計，短期內需求將由國際超大規模企業推動。但同時，我們也看到大量印度企業正在積極建立私有雲、混合雲，並積極參與雲回流。因此，從短期來看，它仍將由超大規模驅動，但從中長期來看，我們應該看到更多的印度企業消費行為。

And has the -- on the hyperscale side, has the demand -- has the demand broadened by the number of CSPs and other hyperscalers that are looking to grow into India? Or is it generally the same group of companies that you were seeing in your sales pipeline a year ago?

那麼，在超大規模方面，需求是否隨著希望在印度發展的 CSP 和其他超大規模企業的數量而擴大？或者它總體上和您一年前在銷售管道中看到的是同一組公司？

It is generally the same. We are seeing one or two local service -- cloud service providers emerging, but they're still too small to recon for the scale at which the hyperscalers are operating.

大體上都是一樣的。我們看到有一兩家本地服務——雲端服務供應商正在崛起，但它們的規模仍然太小，無法與超大規模企業的營運規模相提並論。

No, my question was on the international hyperscalers then. Is it the same group of --

不，我的問題是關於國際超大規模企業。是同一群--

It is the same.

是一樣的。

Okay. And then the -- there's a lot of -- I mean, just given that India is believed to have faster build times and lower barriers to entry, there seems to be continuing interest in terms of foreign capital getting into that segment of the market. So what are you seeing in terms of availability of resources, whether it's electricians, contractors, power, land, and then just overall pricing environment, how would you characterize that?

好的。然後——有很多——我的意思是，鑑於印度被認為擁有更快的建設時間和更低的進入門檻，外國資本似乎對進入該市場領域持續感興趣。那麼，就資源可用性而言，無論是電工、承包商、電力、土地，還是整體定價環境，您如何看待它？

It is pretty stable. The interest for capital providers continues to be there. And on the land, power, and the pricing part of it, we aren't seeing any material changes. It's pretty stable at this point in time.

它非常穩定。對資本提供者的興趣仍然存在。在土地、電力和定價方面，我們沒有看到任何實質的變化。目前它相當穩定。

And then finally, the build times construction timelines, is that changed notably in the past 6 to 12 months?

最後，建設時間施工時間表在過去 6 到 12 個月內有顯著變化嗎？

Yeah, it has improved compared to -- we all came back after COVID where it took a substantial amount of time due to supply chain constraints, but those are now behind, and there is marginal improvement. But given the fact that there is substantial demand for creating capacity, the time lines haven't changed materially, but they marginally improved.

是的，與疫情過後相比有所改善——由於供應鏈的限制，我們都花費了大量時間才恢復，但這些都已經過去了，並且略有改善。但考慮到對創造產能的需求很大，時間表並沒有實質變化，但略有改善。

(Operator Instructions)

（操作員指示）

We have reached the end of the question-and-answer session. And I will now turn the call over to Raju for closing remarks.

問答環節已結束。現在我將把發言時間交給拉朱，請他做最後發言。

Thank you all for your time on this call. Have a good day. Thank you.

感謝大家參加這次電話會議。祝你有美好的一天。謝謝。

Thank you all for your time.

謝謝大家抽出時間。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，大家可以斷開連線了。感謝您的參與。