Sify Technologies Ltd (SIFY) 2026 Q3 法說會逐字稿

Ladies and gentlemen, thank you for your patience. This call will begin shortly. Once again, thank you for your patience, and this call will begin shortly.

女士們、先生們，感謝你們的耐心等待。通話即將開始。再次感謝您的耐心等待，通話即將開始。

Good morning, everyone, and welcome to the Sify Technologies financial results for the third-quarter FY 2025 to 2026. (Operator Instructions) Please note, this conference is being recorded.

各位早安，歡迎收聽 Sify Technologies 2025 至 2026 財年第三季財務業績報告。（操作員說明）請注意，本次會議正在錄音。

I will now turn the conference over to your host, Praveen Krishna, Head of Investor Relations of Sify Technologies. Praveen, the floor is yours.

現在我將把會議交給主持人，Sify Technologies 投資者關係主管 Praveen Krishna。普拉文，現在輪到你發言了。

Thank you, Jenny. 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 Mr. Raju Vegesna, Chairman; and Mr. M. P. Vijay Kumar, Executive Director and Group CFO.

謝謝你，珍妮。我謹代表Sify Technologies Limited，熱烈歡迎各位與會者。今天與我一起參加電話會議的有董事長拉朱·維格斯納先生；以及執行董事兼集團首席財務官M·P·維傑·庫馬爾先生。

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 Luri Group at 164682856, 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.

在我們對結果進行評論之後，將安排提問環節。如果您沒有我們的新聞稿副本，請致電 Luri Group，電話號碼為 164682856，我們將發送一份給您。或者，您也可以在公司官網 www.sifytechnologies.com/investors 的投資者資訊部分取得該新聞稿的副本。

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 corporate website. 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 announcement made in previous years. A presentation of the most directly comparable financial measures calculated and presented in accordance with the 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 will be made available on Sify's website.

今天的電話會議錄音可以透過撥打新聞稿中提供的號碼收聽，也可以透過造訪公司網站「投資者資訊」部分的網路直播收聽。本次電話會議和獲利報告中提到的一些財務指標可能包括非GAAP指標。Sify 的年度業績是根據國際財務報告準則 (IFRS) 編制的，與往年發布的 GAAP 公告會有所不同。Sify 的網站上將提供按照公認會計準則 (GAAP) 計算和列示的最直接可比較財務指標的說明，以及此類非公認會計準則指標的調節表，以及此類非公認會計準則指標與計算出的最可比較財務指標之間的差異的說明。

Before we continue, I'd like to point out that certain statements contained in the earnings release and on this 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.

在我們繼續之前，我想指出，獲利報告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，這些風險和不確定性可能導致實際結果與所描述的結果有重大差異。對於此類前瞻性聲明，本公司尋求 1995 年《私人證券訴訟改革法案》提供的保護。

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. 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.

這些風險包括各種因素，包括競爭發展以及公司不時在提交給美國證券交易委員會的報告和公開聲明中列出的風險因素。這些清單旨在列出可能導致實際結果與前瞻性聲明中所述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 Mr. Raju Vegesna, Chairman of Sify Technologies. Chairman.

現在我謹向大家介紹 Sify Technologies 的董事長 Raju Vegesna 先生。總統.

Thank you, Praveen. Good morning, everyone, and thank you for joining us on the call. India's growth story has moved decisively from promising to performance, strong economic fundamentals, policy continuity, and accelerating digital adoption are positioning India as a central pillar in the global technology ecosystem. India IT is entering into a new phase, one defined not only by scale, but by leadership in digital infrastructure, cloud and AI-led innovations.

謝謝你，普拉文。各位早安，感謝各位參加本次電話會議。印度的成長故事已從充滿希望轉變為卓有成效，強勁的經濟基本面、政策的連續性以及加速的數位化普及，正使印度成為全球技術生態系統的核心支柱。印度IT產業正進入一個新階段，這個階段不僅以規模為特徵，更以在數位基礎設施、雲端運算和人工智慧驅動的創新方面的領先地位為特徵。

As enterprises and government intensify their focus on AI, cloud and data-driven platforms, demand for the secure and high-performance and severance digital infrastructure is rising rapidly. At Sify, our strategy is aligned with this inflection point through a sustained investment in hyperscaler data centers, resilient networks, and AI-driven platforms, positioning us to enable the next decade of enterprise transformation in India.

隨著企業和政府加大對人工智慧、雲端運算和數據驅動平台的關注，對安全、高效能和可分割的數位基礎設施的需求正在迅速增長。在 Sify，我們的策略與這一轉折點相契合，透過持續投資於超大規模資料中心、彈性網路和人工智慧驅動平台，使我們能夠協助印度企業在未來十年實現轉型。

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

現在請我們的執行董事兼集團財務長出場。M. P. Vijay Kumar 先生將介紹業務和財務亮點。維傑庫馬爾。

Yeah. Thank you, Chairman. We continue to exercise fiscal discipline while making measured investments to strengthen our long-term capabilities. Our capital allocation across data centers, networks, and people for digital platforms remains guided by a disciplined approach to risk and future readiness with a focus on long-term value creation.

是的。謝謝主席。我們將繼續秉持財務紀律，同時進行審慎的投資，以增強我們的長期能力。我們在資料中心、網路和人員方面對數位平台的資本配置，始終遵循嚴謹的風險控制和未來準備原則，並專注於創造長期價值。

Let me now expand on the business highlights for the quarter. The revenue split between the businesses for the quarter was Network Services, 37%; Data Center Colocation Services, 40%; and Digital Services, 23%. In this quarter, data center colocation capacity of 9.1 megawatts was sold. As of December 31, 2025, Sify Network Services provides services via 1,214 fiber notes, a 9% increase over the same quarter last year.

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情況為：網路服務佔 37%；資料中心託管服務佔 40%；數位服務佔 23%。本季度售出了 9.1 兆瓦的資料中心託管容量。截至 2025 年 12 月 31 日，Sify Network Services 透過 1,214 個光纖線路提供服務，比去年同期成長了 9%。

And as in the same day, we have so far deployed 9,695 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.

截至目前，我們已在全國部署了 9,695 個 SD-WAN 服務點。我們已在網站上發布了新聞稿，詳細列出了我們所取得的主要成就。

Let me briefly sum up the financial performance for Q3 of financial year 2025, '26. Revenue was INR11,596 million, an increase of 11% over the same quarter last year. EBITDA was INR2,470 million, an increase of 29% over the same quarter last year. Loss before tax was INR257 million, and after tax, INR329 million. Capital expenditures during the quarter was INR3,452 million. And cash balance at the end of the quarter December 31, 2025, was INR 3,627 million.

讓我簡要總結一下 2025 財年和 2026 財年第三季的財務表現。營收為115.96億印度盧比，較去年同期成長11%。EBITDA 為 24.7 億印度盧比，比去年同期成長 29%。稅前虧損為 2.57 億印度盧比，稅後虧損為 3.29 億印度盧比。本季資本支出為 34.52 億印度盧比。截至 2025 年 12 月 31 日季末，現金餘額為 36.27 億印度盧比。

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

現在我將把發言權交給主席，請他致閉幕詞。

Thank you, Vijay Kumar. Sify is committed to driving technology-led growth by enabling enterprises to modernize, expand, and capture new opportunities. Our resilient infrastructure and comprehensive portfolio of services provide a strong foundation to deliver sustainable value and long-term returns. As we execute on this roadmap, I want to thank you for your continued confidence and support in our vision for the future.

謝謝你，維傑庫馬爾。Sify致力於透過協助企業現代化、擴張和抓住新機遇，推動技術驅動型成長。我們強大的基礎設施和全面的服務組合為實現永續價值和長期回報奠定了堅實的基礎。在我們執行這項路線圖的過程中，我要感謝你們一直以來對未來願景的信任與支持。

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

感謝您參加本次電話會議。現在我將把電話交給接線員，回答大家的問題。

(Operator Instructions) Greg Burns, Sidoti & Company.

（操作說明）Greg Burns，Sidoti & Company。

Good morning. I just wanted to start off just asking about maybe an update on the timing for the IPO of Infinite spaces. Are there any milestones that are upcoming -- or how should we think about the major milestones that still need to be completed in the timing, the expected timing, for that IPO?

早安.我只是想先問一下關於 Infinite Spaces IPO 的時間安排的最新情況。即將到來的里程碑事件有哪些？或者說，我們應該如何看待在預期的IPO時間表內仍需完成的主要里程碑事件？

Yeah, Greg, good morning. We filed the draft prospectus middle of October 2025. And usually in the period of three to four months, we get the securities regulators approval. We are expecting the approval of the draft prospectus this month. And we will be guided by the bankers on the exact timing of opening the issue and getting listed. Once we get the SIBI's approval this month, there are additional processes in terms of updating the draft prospect with the financials as of December 31. And basis the banker's guidance, we will go to the market for listing.

是的，格雷格，早安。我們在2025年10月中旬提交了招股說明書草案。通常情況下，三到四個月內，我們就能獲得證券監管機構的批准。我們預計本月將獲得招股說明書草案的批准。我們將聽從銀行家的指導，確定發行和上市的具體時間。一旦我們在本月獲得 SIBI 的批准，還需要進行一些額外的流程，例如根據 12 月 31 日的財務數據更新招股說明書草案。根據銀行家的指導，我們將進入市場進行上市。

Okay. And I guess you mentioned that you had sold an additional, I think, 9 megawatts of capacity this past quarter. Could you update us on maybe what your total design capacity currently is and how much of that in total has been sold?

好的。我想您之前提到過，上個季度您額外售出了 9 兆瓦的發電容量。可否告知我們貴公司目前的總設計產能是多少，以及已售出的總產能是多少？

Yes. The total design capacity is 188 megawatts, out of which the capacity, which is ready for service is 130 megawatts and out of 130, the total sold capacity is about 127 megawatts.

是的。總設計容量為 188 兆瓦，其中可投入使用的容量為 130 兆瓦，而在這 130 兆瓦中，已售出容量約為 127 兆瓦。

Okay. Great. And then of I don't know, maybe over the next 6 to 12 months. Could you give us maybe an update on the roadmap for your new data center construction, maybe in terms of either DCs or capacity that you expect to bring online?

好的。偉大的。然後，我不知道，也許在接下來的 6 到 12 個月內。能否向我們介紹貴公司新建資料中心的路線圖，例如預計上線的資料中心數量或容量？

Yes. There are two facilities in our Rabale data center campus, which will go live in this calendar year for which we have contracted with the customer. And there are other two greenfield projects, which are under construction. One of which will get delivered middle of this calendar year. and the other will get delivered middle of the next calendar year..

是的。我們在拉拉巴萊資料中心園區有兩個設施，將於今年投入使用，我們已與客戶簽訂了合約。此外，還有兩個正在興建中的新建案。其中一件將於今年年中交付，另一件將於明年年中交付。

And the total capacity of those four facilities?

這四個設施的總容量是多少？

Okay. The aggregate capacity of all the 4 facilities at present is about 125 megawatts, but basis customers' actual deployment, the capacity could be a little higher because we are seeing customers bringing in AI workloads into the country. It has just begun, so the densities are expected to increase.

好的。目前這 4 個設施的總容量約為 125 兆瓦，但根據客戶的實際部署情況，容量可能會更高一些，因為我們看到客戶正在將 AI 工作負載引入該國。疫情才剛開始，預計密度還會增加。

All right, thanks. And then lastly, the Digital Services, still operating at a loss. How should we think about that part of the business longer term? At what point do you expect that to maybe either be at breakeven or profitable? When are you going to start to get some operating leverage on the investments you're making there?

好的，謝謝。最後是數位服務部門，該部門仍處於虧損狀態。我們應該如何從長遠角度考慮這部分業務？你預計什麼時候才能達到損益兩平或獲利？你打算什麼時候開始從你在那裡的投資中獲得一些營運槓桿效應？

Yes, to breakeven, I don't want to sound forward-looking. Let me give a little guidance to an extent I can. The next fiscal year, '26, '27, latter part of the year, we should hopefully become breakeven. And depending on how the services market scales up for the new offerings, which we are investing, we will see profitability thereafter.

是的，要達到收支平衡，我不想聽起來像是在展望未來。讓我盡我所能提供一些指導。下一個財政年度，也就是 2026 年和 2027 年的下半年，我們應該能夠達到收支平衡。而我們投資的新產品服務市場規模能否擴大，將決定我們之後能否獲利。

Okay. Perfect, thank you.

好的。太好了，謝謝。

Ramesh Vijaj, Stockhifi.

Ramesh Vijaj，Stockhifi。

So you mentioned the 12.16 megawatt technicity sold since June 2025. How much of this is already revenue generating?.

所以你提到了自 2025 年 6 月以來售出的 12.16 兆瓦技術電力公司。其中有多少已經產生收入？

Out of that, the revenue generating will be about 4 megawatts because a substantial part of the orders have come in December, which will generate revenue in the coming quarter.

其中，預計可產生收入的功率約為 4 兆瓦，因為相當一部分訂單是在 12 月下的，這些訂單將在下一季產生收入。

What is the average contract tenure and return on capital employed per megawatt?

平均合約期限和每兆瓦資本回報率是多少？

For hyperscaler, the average (technical difficulty). Hello. Hello, Jenny. Maybe we are experiencing difficulties on the line?

對於超大規模資料中心而言，平均（技術難題）你好。你好，珍妮。或許我們的線路故障了？

Yeah, Ramesh, I'm going to just boost your line. Are you quite far away from your headset -- handset?

是的，拉梅什，我這就幫你提升一下線。你離耳機/聽筒很遠嗎？

No, we are able to speak. I hope you guys are able to hear us.

不，我們能說話。希望你們能聽到我們說話。

That's better.

這樣好多了。

Jenny, just a confirmation, I think we lost Vijay on this call.

珍妮，確認一下，我覺得我們這通電話中維傑的號碼丟了。

Oh, okay. Bear with me one second. Vijay's line is still connected. Vijay, can hear us?

哦好的。請稍等片刻。Vijay的線路仍然通暢。維傑，你聽得到我們說話嗎？

Vijay -- okay, the line is still connected. Just bear with me a second, I'll try and put the line, just one second.

Vijay——好的，線路仍然連接著。請稍等片刻，我試試能不能把線接上，就一秒鐘。

Okay. I'm trying to get Vijay back in the call, so just bear with you while I try and do that. Okay, one second.

好的。我正在努力讓 Vijay 重新加入通話，請您耐心等待。好的，稍等一下。

Yes, please. He got dropped, so he's asking to connect again.

好的，謝謝。他被斷線了，所以他要求重新連線。

Okay. For the moment, we have lost Vijay, and I'm not getting him back in at the moment. I will keep trying. In the meantime, if -- would you like me to carry on with any questions? We still have Ramesh on the line.

好的。目前我們失去了維傑，我暫時不會讓他回歸。我會繼續努力。同時，您是否希望我繼續提問？拉梅什還在電話那頭。

I would -- could you wait another -- could you hold for a minute, please? Could you hold for a minute?

我——您能再等一下嗎——您能稍等片刻嗎？能稍等一下嗎？

Yes, certainly.

當然可以。

Yes.

是的。

Ladies and gentlemen, we'll just wait a moment to see if we can get the Chairman back on the line.

女士們、先生們，我們稍等片刻，看看能否讓主席先生重新接通電話。

I have Vijay on my phone, and he is listening in on this call, so we can take your questions.

我手機裡有 Vijay 的電話，他正在監聽這通通話，所以我們可以回答你們的問題。

Okay. So, Ramesh, if you would like to ask your question again.

好的。拉梅什，如果你還想再問一次你的問題的話。

The question was regarding the tender of (inaudible). Yeah, the hyperscale contracts are all for a tenure of seven years and with renewal for two further terms of a similar period. And for enterprise contracts, it is five years and which usually tend to get renewed for similar periods.

問題涉及招標事宜（聽不清楚）是的，所有超大規模合約的期限均為七年，並可續約兩次，每次續約期限相同。企業合約期限為五年，通常會續約類似的期限。

Okay. Return on capital employed each megawatt?

好的。每兆瓦投入資本的報酬率是多少？

Return on capital employed, we measure it essentially for the stabilized facilities, which is facilities when they get fully populated. And for the fully populated facilities, the return on capital employed is in high teens.

資本回報率，我們主要針對已穩定營運的設施進行衡量，也就是指設施完全投入使用後的回報率。對於滿載運轉的設施，資本報酬率高達十幾個百分點。

So this IPO, which you're coming out with Sify Infinite, is this proceed going to be used for debt reduction of parent level? Or is it going to be used for fresh network expansion?

所以，你們即將推出的Sify Infinite的IPO，所得款項是否會用於減少母公司的債務？或者它將被用於新的網路擴展？

The IPO primary portion of it is going to go for data center expansion A portion of the funds will go towards retiring the existing loans, and we will replace those loans with lower cost and longer-term infrastructure debt subsequently.

IPO募集資金的主要部分將用於資料中心擴建。部分資金將用於償還現有貸款，隨後我們將用成本更低、期限更長的基礎設施債務來取代這些貸款。

So how is Sify Infinite structurally supported like more debt, cash flow, everything -- how exactly is it separated?

那麼，Sify Infinite 的結構是如何支撐的，例如更多的債務、現金流等等——它究竟是如何分離的？

Yes. It Sify Infinite Spaces is the 100% subsidiary of Sify Technologies Limited, separate legal entity and its separate financial statements are available on our website. They are also available in the IP world documents which we have presented. It's also availability, MCA portal, the separate financial statements are available. And since our debt is listed in the Bombay Stock Exchange, the quarterly results are also updated in the Bombay Stock Exchange portal.

是的。Sify Infinite Spaces 是 Sify Technologies Limited 的全資子公司，是一家獨立的法律實體，其獨立的財務報表可在我們的網站上查閱。這些內容也可以在我們提供的智慧財產權領域文件中找到。此外，MCA入口網站也提供單獨的財務報表。由於我們的債務在孟買證券交易所上市，因此季度業績也會在孟買證券交易所門戶網站上更新。

Okay. is the existing Sify shareholders ADR going to get any kind of a shareholder quota in the new IPO?

好的。現有Sify股東持有的ADR是否會在新IPO中獲得任何形式的股東配額？

We have been advised by the bankers that the existing ADR shareholders are holders of American Securities and the legal framework does not allow any priority to be given. However, the US shareholders who have -- if you are in US, you can -- and you have a nonresident account in India, you could participate through the NRE account which you have here.

銀行家告知我們，現有的 ADR 股東是美國證券的持有者，而法律框架不允許給予任何優先權。但是，如果您身在美國，並且擁有印度的非居民帳戶，則可以透過您在印度的 NRE 帳戶參與美國股東的活動。

(Operator Instructions) Prateek Singh, IIFL Capital.

（操作員指示）Prateek Singh，IIFL Capital。

The first question is on the depreciation. So basically, I understand that the management estimates useful life for power equipment to be around 8 years. Is it something -- does it mean that after 8 years, we'll need to replace power equipment? I don't think so, right? It's just for accounting, the power equipment would be lasting for 15 to 20 years, is this understanding correct?

第一個問題是關於折舊的。所以基本上，我了解到管理階層估計電力設備的使用壽命約為 8 年。是不是意味著8年後我們需要更換電力設備？我覺得不是，對吧？僅就帳目而言，電力設備的使用壽命為 15 至 20 年，這種理解是否正確？

Exactly. You're right, Pratik. In fact, we have been in business for about 25 years. And except for certain items like the UPS and the batteries, rest of them have a life north of 15 years, north of 15 years. One of the reasons the company took a depreciation policy of an average of 8 to 10 years is to coincide with the pricing model which the company adopts. So our pricing model assumes 8 to 10 years' capital recovery. And hence, the depreciation is synced to that.

確切地。你說得對，普拉蒂克。事實上，我們已經經營約25年了。除了 UPS 和電池等特定零件外，其餘零件的使用壽命均超過 15 年。公司採用平均 8 至 10 年折舊政策的原因之一是為了與公司採用的定價模式一致。因此，我們的定價模型假設資本回收期為 8 至 10 年。因此，折舊也與此同步。

The next question is on margins of the data center business, which is kind of a steady state and growing very well for us. Margins, while I understand that they are stable, we saw a small dip in margin this quarter. So usually, when we have to forecast numbers, how should we look at it? Is it like hyperscalers? Are they driving pricing down or the institution is quite tight in India.

下一個問題是關於資料中心業務的利潤率，目前該業務處於穩定狀態，並且對我們來說成長得非常好。雖然我了解到利潤率保持穩定，但本季我們看到利潤率略有下降。所以通常情況下，當我們需要預測數字時，我們應該如何看待這個問題？它和超大規模資料中心類似嗎？他們是否在努力壓低價格，還是印度的製度非常嚴格？

That's not the case. It might be due to power costs going up. How should we look at margins and pricing environment going ahead?

事實並非如此。這可能是由於電力成本上漲所造成的。未來我們該如何看待利潤率和定價環境？

Okay. The EBITDA margins are consistent between 44% to 45%, 100 basis points difference at times arises between quarters, depending on the customers ramping up their IT power consumption. So when, for example, Rabale Tower went live in the last 9 months, and those equipments have come in, which have contributed to capacity revenue, but the power revenues start scaling up over a period of time. And similarly, whenever new large capacities come live, there are -- there is that period of ramping up for about 6 to 9 months where you have some operating expenses, which later give us the operating leverage to reduce the same. So it generally fluctuates between 100 to 200 basis points. Otherwise, it's close to 45%.

好的。EBITDA 利潤率穩定在 44% 至 45% 之間，有時季度之間會有 100 個基點的差異，這取決於客戶提高其 IT 電力消耗的情況。例如，在過去的 9 個月裡，拉巴萊塔投入運營，相關設備也已投入使用，這增加了容量收入，但電力收入需要一段時間才能開始成長。同樣地，每當新的大型產能投入使用時，都會有一個大約 6 到 9 個月的產能提升期，在此期間會產生一些營運費用，但這之後會給我們帶來營運槓桿，從而降低這些費用。因此，其波動幅度通常在 100 到 200 個基點之間。否則，就接近 45%。

Understood. And sir, so like sir said earlier that our design capacity is 188, installed is around 130, operational is 127. So did I hear it correctly install is 130, right? Or was 150.

明白了。先生，正如先生之前所說，我們的設計產能是 188，已安裝產能約為 130，運作產能為 127。所以我沒聽錯吧，安裝費是 130 美元，對嗎？或者說是150。

130.

130.

Okay. So these are the same numbers as of June as per the DRHP. So does it mean that the CapEx that we are doing right now is going into capital work in process and we can see a step jump when a new facility is commissioned.

好的。所以這些數字與 6 月根據招標草案得出的數字相同。那麼，這是否意味著我們目前正在進行的資本支出將用於在建工程，而當新設施投入使用時，我們可以看到一個飛躍式的成長？

Correct. Correct. You're right. The design capacity of 180 between the DRHP of June and now is the same. A substantial amount of capacity is going to get added in this calendar year, where we have Rabale Tower 6 and 7, which will go live and Rabale 11 also, which is going to go live. So you'll have a substantial capacity getting added.

正確的。正確的。你說得對。6 月的 DRHP 和現在的設計容量 180 是一樣的。今年將新增大量容量，Rabale Tower 6 和 7 將投入使用，Rabale 11 也將投入使用。因此，你們的產能將會大幅提升。

And what kind of time difference do we see? Like -- so I understand that design capacity is bare shell, right, without UPS, gen sets and all those things and installed capacity has all those things. So what kind of time difference do we see between 130 going to 188? Is it more like 6, 7 months, or is it more like 12 months? So basically, how long does it take for installed capacity to rise to the level of design capacity in short?

那我們看到的是什麼樣的時差呢？例如——所以我理解設計容量是指裸機容量，對吧，不包括 UPS、發電機組以及所有這些設備，而安裝容量則包括所有這些設備。那麼，從 130 到 188 之間，時間差是多少呢？更像是 6 個月、7 個月，還是更像是 12 個月？那麼，簡而言之，裝置容量需要多長時間才能達到設計容量水準？

Yes. So the markets are divided as Mumbai and other cities. In Mumbai, the recent experience is any capacity you add, the design capacity getting fully populated is approximately about 15 months -- 15 months, whereas in other cities, where you build on a tower concept, where you build a core and shell meet the future demand because when customers come in, they see whether the capacity is scalable, that becomes one of the important requirements. So in other markets, experiences, it takes about 3 to 4 years to get fully populated. But at times, if a hyperscale customer comes in, then it gets populated earlier.

是的。因此，市場被劃分為孟買市場和其他城市市場。在孟買，最近的經驗是，無論增加多少產能，設計產能達到滿負荷運轉大約需要 15 個月——而在其他城市，如果採用塔樓概念進行建設，建造核心筒和外殼就能滿足未來的需求，因為當客戶進來時，他們會查看產能是否可擴展，這成為一項重要的要求。所以在其他市場，體驗式行銷大約需要 3 到 4 年才能完全普及。但有時，如果有超大規模客戶加入，那麼系統就會更早完成填充。

The second question you had on pricing. We are not seeing any pricing challenges, whether it is hyperscale customers or the enterprise customers. The pricing -- the return on capital is fairly consistent. The for customers to look at it is availability of capacity on time. And the service providers quality of product and operations and maintenance is a key criteria for the customers and it continues to be so now.

關於定價的第二個問題。我們沒有看到任何定價方面的挑戰，無論是超大規模客戶還是企業客戶。定價方面－資本報酬率相當穩定。客戶需要關注的是產能能否準時到位。服務提供者的產品、營運和維護品質是客戶的關鍵考量因素，現在依然如此。

Understood.

明白了。

Your line cut out for a second. Would you mind reasking the question, please?

您的線路短暫中斷了一會兒。請問您能否重新問一次這個問題？

Sure. So is my line clear now?

當然。現在我的線路通了嗎？

Yes.

是的。

Better.

更好的。

Yes. So on the related party disclosures in the DRHP, when we talk about expense transfer and revenue transfer with the Sify Technologies. I wanted to get more sense as to what these are and how should we look at it?

是的。因此，在 DRHP 中的關聯方揭露方面，當我們談到與 Sify Technologies 的費用轉移和收入轉移時。我想更深入地了解這些是什麼，以及我們應該如何看待它們？

Yes. Yes. So the related party transactions are broadly 2 things. The revenue transfer and the expense transfer, which you see there is actually in the context of some of the contracts which were signed by the parent company before the data center business was carved out. So those customer contracts have remained with the parent company because they are largely with the public sector companies, so those contracts, whatever revenue comes, we pass it on as it is to the data center entity as per the business transfer agreement.

是的。是的。所以關聯方交易大致分為兩類。您在這裡看到的收入轉移和支出轉移，實際上是在母公司在資料中心業務分拆之前簽署的一些合約的背景下進行的。因此，這些客戶合約仍然保留在母公司，因為它們大多是與公共部門公司簽訂的，所以這些合同，無論產生什麼收入，我們都根據業務轉讓協議將其原封不動地轉交給資料中心實體。

So parent company does not have any margin. It's just a simple revenue and expense transfer, which is -- that's point number one. Second is there are 3 data center assets, which are owned by the parent company. Those assets have been given on lease to the subsidiary because when we did the business transfer in 2020, it was tax efficient to retain the asset in the parent company and give it a long-term lease to the subsidiary.

因此，母公司沒有任何利潤。這只是簡單的收入和支出轉移，這是第一點。其次，母公司擁有 3 個資料中心資產。這些資產已租給子公司，因為我們在 2020 年進行業務轉讓時，將資產保留在母公司並以長期租賃的方式交給子公司，這樣可以節省稅金。

The third point is, as far as the go-to-market of the company is concerned, the go-to-market, we have for hyperscale business and dedicated go-to-market team within the data center entity. But for the domestic enterprise business, we leverage on the go-to-market capabilities, which are there in the parent company, where we have about 5,000 enterprise customers. So that go-to-market cost and the marketing costs are a portion or an actual cost basis to the data center.

第三點是，就公司的市場推廣而言，我們針對超大規模業務制定了市場推廣策略，並在資料中心實體內部設立了專門的市場推廣團隊。但對於國內企業業務，我們利用母公司現有的市場推廣能力，我們擁有約 5000 家企業客戶。因此，上市成本和行銷成本是資料中心實際成本的一部分。

Understood. And just one last clarification, when sir said that December quarter -- the capacity sold in December quarter will generate revenue in the upcoming quarter. by upcoming quarter, do we mean March or June?

明白了。最後再澄清一下，先生提到的12月季度——12月季度售出的產能將在下一季產生收入。請問下一季是指3月還是6月？

March, March, March. (inaudible) interact anytime at your comment, please feel free to reach out to us --

三月，三月，三月。 （聽不清楚）歡迎隨時留言互動，請隨時與我們聯絡。--

Sourabh Arya, Oaklane Capital.

Sourabh Arya，Oaklane 資本。

Am I audible?

我能被聽見嗎？

Yes, you are. Yes.

是的，你是。是的。

Sir, my first question is actually on the network business. So why this business is flat in this quarter?

先生，我的第一個問題其實是關於網路業務的。那麼，為什麼這家公司本季業績持平呢？

Yes. As far as the network business is concerned, during this quarter, we had some bit of price corrections for our existing customers. Second is there is also a small shift of customers moving from MPLS to Internet and when the customers move from MPLS to Internet because of the new technologies like SD-WAN and SASE, the price realization comes up. But at the same time, we manage our costs also to protect our margin. So volume-wise, we would have grown -- volume wise would have grown, but the revenue numbers would look a little flattish.

是的。就網路業務而言，本季我們對現有客戶進行了一些價格調整。其次，客戶也逐漸從 MPLS 轉向互聯網，而當客戶因為 SD-WAN 和 SASE 等新技術而從 MPLS 轉向互聯網時，價格就會上漲。但同時，我們也控製成本，以保護我們的利潤率。因此，從銷售來看，我們會成長——銷量會成長，但營收數字看起來會有點平緩。

So does that mean this exercise will continue? And second then, how should one look at the growth of this business? Because I was under the impression, ultimately, it should grow in line with the data center business.

那是不是代表這項演習還會繼續下去？其次，我們該如何看待這項業務的成長？因為我之前一直認為，最終它應該會隨著資料中心業務的發展而發展。

Correct. Correct. And that's actually what will happen. The network business will grow similar to the data center business, but probably not at the same pace because data center growth momentum is significantly higher, but network will also grow alongside the data center business.

正確的。正確的。而這實際上也正是將要發生的事情。網路業務的成長將與資料中心業務類似，但可能不會以相同的速度成長，因為資料中心的成長勢頭明顯更高，但網路業務也將與資料中心業務同步成長。

Okay. And second was there's continuous new (inaudible) this Google partnership on the networking side. Can you explain that if like what exactly is happening? And what kind of CapEx Sify would be doing because these are very large numbers that keep coming.

好的。其次，Google在網路方面不斷推出新的（聽不清楚）合作夥伴關係。你能解釋一下到底發生了什麼事嗎？Sify 將會進行什麼樣的資本支出？因為這些數字非常龐大，而且還在增加。

Yes, yes. So as far as Sify Network business is concerned, you might be aware, we are a carrier-neutral cable landing station operator in the country. We have one operating cable landing station in Mumbai for over a decade where there are 3 cable systems, which are landing and those cable systems may take them into the city to the various data centers.

是的，是的。就 Sify Network 的業務而言，您可能已經知道，我們是該國運營商中立的電纜登陸站營運商。我們在孟買有一個運行超過十年的電纜登陸站，那裡有 3 個電纜系統，這些電纜系統將電纜引入城市，連接到各個資料中心。

Now some of the hyperscalers as part of their overall strategy are looking at landing capacities in other cities in India, which (inaudible) happens to be on a chosen location. So Google for their cable landing system, which is coming on the eastern side has chosen Sify as the partner for setting up the cable landing station where their cable will come and land.

現在，一些超大規模資料中心營運商作為其整體策略的一部分，正在考慮在印度其他城市部署資料中心，而這些城市恰好位於一個選定的地點。因此，Google為其位於東部的海底光纜登陸系統選擇了 Sify 作為合作夥伴，負責建立光纜登陸站，屆時他們的光纜將在此登陸。

So this cable will land in a data center, which we are setting up in Visakhapatnam, which we call as an edge data center, where we'll have some anchor customers as well. And this cable will land there. And this cable from the data center. And the cable landing stage investment is not a material investment. It's a very strategic investment, though.

所以這條電纜將連接到我們在維沙卡帕特南正在建造的資料中心，我們稱之為邊緣資料中心，那裡也會有一些我們的重要客戶。這條電纜將降落在那裡。還有這條來自資料中心的電纜。而且，電纜登陸平台的投資並非實質投資。這是一項非常具有戰略意義的投資。

The material investment will be carrying the capacity from the cable landing station to Google's own data center, which they are putting up in Visakhapatnam, which is not too much of a distance. So that will be a capital investment to be done. At this point in time, we don't have a real estimate of how much is that. But typically, those investments are largely funded by the customer themselves. So they would not be balance sheet heavy for Sify Technologies.

這項物質投資將把電纜登陸站的容量輸送到谷歌在維沙卡帕特南建設的資料中心，距離並不算太遠。所以這將是一筆資本投資。目前，我們還沒有確切的估計數字。但通常情況下，這些投資主要由客戶自行出資。因此，它們不會對Sify Technologies的資產負債表造成沉重負擔。

Okay. That is fine. So you will continue to benefit from this but not by putting too much of capital.

好的。沒問題。所以你將繼續從中受益，但無需投入太多資金。

Correct. Correct. It's a very strategic investment. What it actually helps us in the long term is carrying the traffic which comes to the subsea cable systems, into the data centers, length and breadth of the country. So that's the kind of strategic position it comes.

正確的。正確的。這是一項極具戰略意義的投資。從長遠來看，它實際上幫助我們把透過海底電纜系統傳輸到全國各地資料中心的流量輸送出去。這就是它所處的戰略位置。

It's similar to an international -- cable and station is similar to an international airport where the traffic comes in. And from there, you carry the traffic to your network into the domestic cities. So that's a simpler way of understanding the cable administration investment.

它類似於國際——電纜和車站類似於國際機場，交通流量由此進入。然後，你將流量從你的網路傳輸到國內城市。這樣就更容易理解電纜管理投資了。

Okay. Okay. And one last question. So you said that the new data centers, the Rabale, the new towers, there the capacity is some 30s, right, per tower. But you are seeing some AI investments if they can upgrade the capacity. But is the -- so does it mean the CapEx per megawatt for some of these upgradation is far more than your traditional $5 million, $6 million per megawatt investment, which happens in normal scenario?.

好的。好的。最後一個問題。所以你說新的資料中心，Rabale，新的塔樓，那裡的容量大約是 30 台，對吧，每座塔樓。但是，如果他們能夠提升產能，你會看到一些人工智慧的投資。但是——這是否意味著，某些升級改造項目的每兆瓦資本支出遠高於通常每兆瓦500萬美元、600萬美元的投資？

Yes. So currently, what is happening Saurab is the 4 data centers, 2 of them are 77 megawatts, the other 55-megawatt. The 77 megawatts we are going to host AI infrastructure of the customer. So a customer is bringing in substantial amount of AI into that facility. This facility was originally designed for 52, whereas now it's going to be 47 megawatts.

是的。所以目前 Saurab 正在建造 4 個資料中心，其中 2 個是 77 兆瓦，另外 55 兆瓦。我們將用這77兆瓦的電力來託管客戶的人工智慧基礎設施。所以，客戶正在向該工廠引進大量的AI技術。該設施最初設計裝置容量為 52 兆瓦，而現在將為 47 兆瓦。

And the incremental capacity, incremental CapEx cost for the AI is marginal for us, and some of it is getting funded by the customers themselves because they are bringing some proprietary design. Second, coming to 152 megawatt what I mentioned?

人工智慧帶來的增量產能和增量資本支出對我們來說微不足道，其中一部分是由客戶自己出資的，因為他們帶來了一些專有設計。其次，我剛才提到的152兆瓦是多少？

Yes.

是的。

The other 52 megawatts, which I mentioned, has been originally designed for cloud workloads. But if the customer is coming with AI workloads, we have the opportunity of increasing that 52-megawatt to a higher capacity. So it depends eventually on what kind of workloads the customer is bringing in.

我提到的另外 52 兆瓦電力，最初是為雲端工作負載設計的。但如果客戶帶來的是人工智慧工作負載，我們就有機會將 52 兆瓦的容量提升到更高的水準。所以最終取決於客戶帶來的工作負載類型。

Sure. This is helpful. Just very lastly. So when the normal DCs there, you have got air cooling. So does it mean -- and as you are saying, the CapEx would not increase much and it is done by the customer only. So does it mean none of these new capacities have some liquid cooling, et cetera, which are very, very expensive? And even if those are there, those would be borne by the customer.

當然。這很有幫助。最後一點。所以，當普通的資料中心採用空氣冷卻時，就會出現這種情況。所以，這是否意味著——正如你所說，資本支出不會增加太多，而且完全由客戶承擔？那麼，這是否意味著這些新增產能都沒有採用液冷等非常昂貴的技術呢？即使有這些費用，也由顧客負擔。

No, no, that's not the right way to understand. All our data centers, which have gone live since 2024, are NVIDIA certified and capable of hosting liquid cooling systems. They're all designed for that. And our new facility Rabale 6 and 7, which is coming right from day 1, we'll have liquid cooling system. And the commercial engagement with the customers where it is from customer to customer, contract to contract.

不，不，那不是理解的正確方式。我們所有自 2024 年起投入使用的資料中心均已獲得 NVIDIA 認證，並能夠容納液冷系統。它們都是為了這個目的而設計的。我們新建的 Rabale 6 和 7 號廠房，從第一天起就配備了液冷系統。以及與客戶之間的商業往來，即從一個客戶到另一個客戶，從一份合約到另一份合約。

Some contracts we incur the whole MO and it gets added to the capacity charges, some customers, some customers the customer invest in that for which we enable the AC. So it depends on contract to contract and customer-wise. And whenever you have the liquid cooling system coming in, the incremental cost is approximately $1.3 million per megawatt.

有些合約我們會承擔全部的維護費用，並將其計入容量費；有些客戶，客戶會投資我們啟用空調的方案。所以這取決於具體的合約和客戶。而且，一旦引入液冷系統，每兆瓦的增量成本約為 130 萬美元。

$1.3 million per megawatt, right?.

每兆瓦130萬美元，對吧？

Correct. Correct. Correct.

正確的。正確的。正確的。

Okay. Okay. That is helpful, and that is borne by the customer or by you?.

好的。好的。那很有幫助，但這筆費用是由客戶負擔還是由您負擔？

(inaudible) the customer does it. Sometimes we do it and charge from the customers.

（聽不清楚）顧客這樣做。有時我們會這樣做，然後向顧客收費。

Perfect. And one last if I can squeeze is on the data services side, though you gave the guidance that maybe we will see some flat margins for breakeven by next year, second half. But what kind of ramp-up in this business is expected, like some time now? And what are the green shoots?

完美的。最後，如果可以的話，我想問一下數據服務方面的問題，雖然您曾表示，到明年下半年我們可能會看到利潤率持平，實現盈虧平衡。但預計該業務的成長速度會有多快？例如現在就需要一段時間？那麼，這些綠色嫩芽又是什麼呢？

We are expecting a combination of actions to help us get to breakeven. One is from our portfolio of services. We will look at focusing on two or three services more for revenue ramp-up like we have the cloud and managed services, (inaudible) managed services and the security managed services. So those are a portfolio, which we will see some revenue growth to help us get to breakeven, where we are actually developing capabilities around AI ops to bring the differentiation to the customers. That's part one.

我們預計一系列措施將幫助我們實現收支平衡。其中一項來自我們的服務組合。我們將考慮更專注於兩到三項服務以提升收入，例如我們擁有的雲端服務和託管服務、（聽不清楚）託管服務和安全託管服務。所以這些都是我們的投資組合，我們將看到一些收入成長，以幫助我們實現損益平衡，我們實際上正在圍繞人工智慧營運開發能力，以為客戶帶來差異化優勢。這是第一部分。

Stick -- some of the portfolios where the scale of opportunity is limited, we might decide to repurpose those resources and get them to businesses which are productive. So we are looking at that carefully, and we will do it in a calibrated manner over the next three to four quarters. We have good quality resources engineers, very young engineers, whom we have traded good quality people. So we would like to monetize their capabilities by increasing the focus on certain set of services.

堅持－對於一些機會規模有限的投資組合，我們可能會決定重新分配這些資源，並將它們投入到有生產力的企業中。所以我們正在仔細研究這個問題，並將在接下來的三到四個季度中以循序漸進的方式進行。我們擁有高素質的工程師資源，非常年輕的工程師，我們透過交易引進了這些優秀人才。因此，我們希望透過更專注於某些特定服務來實現他們的能力變現。

Ramesh Vijaj, Stockhifi.

Ramesh Vijaj，Stockhifi。

Ramesh, can you hear us? Ramesh. It's quite hard to hear you.

拉梅什，你聽得到我們說話嗎？拉梅什。我很難聽清楚你說話。

Are you able to hear me?

你聽得到我說話嗎？

Yes, we can hear you now. You can ask a question.

是的，我們現在可以聽到你的聲音了。你可以提問。

There is a small thing that we would like to know. How should we go forward with this equity stability, especially such as CapEx and debt going forward, which is continuing to rise.

我們想知道一件小事。我們應該如何維持股權穩定，尤其是在資本支出和債務方面，因為這些方面都持續成長。

Yes. As the capital requirements is substantially for the data center business, and our initiative now to do an IPO helps us to create the stock as a currency. The initial primary capital which you are raising should take care of the demand growth for the next two to three years. And thereafter, we should be able to do a combination of rights and (inaudible) to raise capital to meet the incremental capital requirements.

是的。由於資料中心業務的資本需求量很大，而我們現在進行首次公開發行（IPO）的舉措有助於我們將股票打造為一種貨幣。您籌集的初始資金應該能夠滿足未來兩到三年的需求成長。此後，我們應該能夠透過配股和（聽不清楚）等方式籌集資金，以滿足新增資金需求。

In fact, this listing is essentially to fund the growth for the future, given the fact that the business has very good prospects over the next decade.

事實上，此次上市主要是為了未來的發展而籌集資金，因為該公司在未來十年有著非常好的發展前景。

What kind of offloading has been -- or what kind of new equity is being issued? How much percentage would be impacting for the existing shareholders? For the Sify Intimate?

已經進行了哪些類型的資產剝離？或正在發行哪些類型的新股？現有股東將受到多大比例的影響？適用於 Sify Intimate？

The DRHP has been filed and it is in the company's domain. I would encourage given the fact that these are all subject to capital market regulations, I encourage you to read the same. The primary capital which we are raising is INR2,500 crore, and there's an offer for sale from our capital partner, Kotak, where we have Aria and GIC LPs, where they'll be liquidating a small portion of their existing holding for INR1,200 crore. So total issue size is INR3,700 crore.

招股說明書草案已提交，目前在公司管轄範圍內。鑑於這些都受到資本市場監管，我建議您也要閱讀相關規定。我們正在籌集的主要資金為 250 億印度盧比，我們的資本合作夥伴 Kotak 提出了一項出售要約，Aria 和 GIC LP 將出售其現有持股的一小部分，售價為 120 億印度盧比。因此，發行總額為 370 億印度盧比。

Prateek Singh, IIFL Capital.

Prateek Singh，IIFL Capital。

Hey, just a clarification on an earlier answer, so when we said we have four capacities in line Rabale, two brownfield and two greenfields. So these two greenfield are in Rabale as well or they are in some other city or some of the area?

嘿，我只是想澄清一下之前的回答，當我們說我們在 Rabale 有四個產能時，其中兩個是棕地項目，兩個是綠地項目。所以這兩個綠地也是在拉萊拉嗎？還是在其他城市或週邊地區？

Yes, all the four are greenfield. All the four are greenfield. two of them are right adjacent to the existing facilities. And the other is right opposite other two are right opposite the existing facilities. They all constitute a single CapEx. All the four are greenfield projects.

是的，這四個地方都是新建的。這四個項目都是新建項目，其中兩個緊鄰現有設施。另一處就在現有設施的正對面，另外兩處也正對面。它們共同構成一項資本支出。這四個項目均為新建案。

Okay, in Rabale itself? Yes. In Rabale itself, right? All four in Rabale?

好的，是在拉拉巴萊城內嗎？是的。就在拉巴萊城內，對吧？拉巴萊的四個人都在這裡嗎？

In Rabale. They're all part of the same campus and all before on green shoot projects.

在拉巴萊。它們都屬於同一個校園，而且之前都參與過綠芽計畫。

Understood. Understood. And when we signed these AI contracts -- do they have -- do we expect to maintain similar kind of return on capital employed in AI contracts like cloud, or would they be a bit higher?

明白了。明白了。當我們簽署這些人工智慧合約時——它們是否——我們是否期望保持與雲端運算類似的人工智慧合約所投入的資本回報率，或者它們會更高一些？

At present, we are seeing same kind of returns. In early stages, particularly how it increases in the future. But at present, it's the same set of returns.

目前我們看到的也是類似的回報。在早期階段，尤其是未來發展趨勢。但目前，收益情況仍然相同。

Okay. And the Andra Edge facility will be 50 megawatts. Is that the right understanding?

好的。安德拉邊緣核電廠的裝置容量將達到 50 兆瓦。我的理解正確嗎？

No, no, no. Andra in it is on a land parcel of 3.6 acres. The initial design could be for 5 acres, but it's early stages. Once everything is firmed up, we will communicate, it's early stages. But typically, all the sites, we are designing it for 5 megawatts.

不，不，不。安德拉位於一塊 3.6 英畝的土地上。初步設計方案可能佔地 5 英畝，但現在仍處於早期階段。一切塵埃落定後，我們會進行溝通，現在還處於早期階段。但通常情況下，我們所有的站點都按照 5 兆瓦的功率進行設計。

Understood.

明白了。

And just to clarify on the Andra one, apart from the 3.6, we have a land allotment of 50 acres, probably your 50-megawatt context came there. So we have a land development of 50 acres, which is there in Visakhapatnam, which is for the future capacity additions depending on how the demand comes in.

關於安得拉邦的這個項目，除了 3.6 英畝之外，我們還有 50 英畝的土地，你提到的 50 兆瓦可能就是從那裡來的。因此，我們在維沙卡帕特南有 50 英畝的土地開發項目，用於未來的產能擴張，具體取決於需求情況。

Well, we're appeared to have reached the end of our question-and-answer session. I will now hand back over to Raju for any closing comments.

好了，我們的問答環節似乎已經結束了。現在我將把發言權交還給拉朱，請他做最後的總結發言。

Thank you for joining us on the call. Have a good day. Thank you.

感謝您參加本次電話會議。祝你有美好的一天。謝謝。

Thank you very much. This does conclude today's call. You may disconnect your phone lines at this time, and have a wonderful day. We thank you for your participation.

非常感謝。今天的電話會議到此結束。現在您可以斷開電話線了，祝您有美好的一天。感謝您的參與。

Thank you, Jenny.

謝謝你，珍妮。

Thank you.

謝謝。