Sify Technologies Limited
(NASDAQ:SIFY)

Sify Technologies Limited provides integrated ICT solutions and services in India and internationally. The company operates in five segments: Telecom Services, Data Center Services, Cloud and Managed Services, Technology Integration Services, and Applications Integration Services. The Telecom Servic...

Website: http://www.sifytechnologies.com

Founded: 1995

Full Time Employees: 2,794

Sector: Communication Services

Industry: Telecom Services

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• Employees:

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At a glance:

Bull Thesis:

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Main Competitors:

Moat:

Income Statements:

Quarterly

Annual

Unit: USD	2025-11-04	2025-10-27	2025-07-18	2025-04-18	2025-03-31	2025-01-17	2025-01-14	2024-10-22	2024-07-19	2024-03-31	2023-11-20	2023-03-31	2022-09-30	2022-03-31	2021-11-26	2021-03-31	2020-11-26	2020-03-31	2019-09-30	2019-03-31	2018-09-30	2018-03-31	2017-09-30	2017-03-31	2016-09-30	2016-03-31	2015-09-30	2015-03-31	2014-09-30	2014-03-31	2013-09-30	2013-03-31	2012-09-30	2012-03-31	2011-09-30	2011-03-31	2010-11-01	2010-09-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-07-23	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30	2002-06-30	2002-03-31

revenue	119,000,000	10,533,000,000	9,699,000,000	9,699,000,000		10,491,000,000	122,628,000	10,275,000,000	9,637,000,000		105,843,000		97,334,000		94,076,000		79,929,000		82,154,000		5,509,350,000		74,050,000		65,885,000		56,514,000		51,291,000						37,103,000		38.46					34,438,000				35,002,000
yoy		0.40%	7809.29%	-5.61%			15.86%		9800.96%		12.51%		21.78%		14.51%		-98.55%		10.94%		8262.07%		31.03%		28.45%																	-1.61%
qoq	-98.87%	8.60%	0.00%			8455.14%	-98.81%	6.62%
cost of sales	-71,000,000	-6,294,000,000	-5,869,000,000	-5,869,000,000		-6,725,000,000		-6,362,000,000	-6,108,000,000
gross profit	48,000,000	4,239,000,000	3,830,000,000	3,830,000,000		3,766,000,000	46,688,000	3,913,000,000	3,529,000,000																																																										288,947,000	204,447,000	138,844,000	97,861,000
yoy		12.56%	8103.39%	-2.12%
qoq	-98.87%	10.68%	0.00%			7966.31%	-98.81%	10.88%																																																											41.33%	47.25%	41.88%
gross margin %	40.34%	40.24%	39.49%	39.49%	NaN%	35.90%	38.07%	38.08%	36.62%	NaN%	0%	NaN%	0%	NaN%	0%	NaN%	0%	NaN%	0%	NaN%	0%	NaN%	0%	NaN%	0%	NaN%	0%	NaN%	0%	NaN%	NaN%	NaN%	NaN%	NaN%	0%	NaN%	0%	NaN%	NaN%	NaN%	NaN%	0%	NaN%	NaN%	NaN%	0%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%
other operating income	1,000,000	81,000,000	76,000,000	76,000,000		64,000,000	1,611,000	135,000,000	182,000,000
selling, general and administrative expense	-21,000,000						-23,220,000				-21,222,000		-17,665,000		-17,703,000		-14,506,000		-16,661,000		-1,299,372,000		-16,175,000		-14,551,000		-13,486,000		-11,570,000						-12,644,000							-13,417,000				-14,958,000
depreciation and amortization	-20,000,000						-15,787,000				-14,607,000		-11,721,000		-10,644,000		-9,041,000		-7,462,000		-383,679,000		-8,025,000		-6,480,000		-5,616,000		-4,735,000						-3,514,000							-3,076,000
operating profit	8,000,000	709,000,000	371,000,000	371,000,000		539,000,000	9,292,000	780,000,000	752,000,000																																						228,118,193	-31,318,000	-2,661,000		-91,297,000	-90,257,000	-468,000	25,238,000	15,761,000
yoy		31.54%	3892.68%	-52.44%																																											-349.86%	-65.30%	468.59%		-679.26%
qoq	-98.87%	91.11%	0.00%			5700.69%	-98.81%	3.72%																																							-828.39%	1076.93%			1.15%	19185.68%	-101.85%	60.13%
operating margin %	6.72%	6.73%	3.83%	3.83%	NaN%	5.14%	7.58%	7.59%	7.80%	NaN%	0%	NaN%	0%	NaN%	0%	NaN%	0%	NaN%	0%	NaN%	0%	NaN%	0%	NaN%	0%	NaN%	0%	NaN%	0%	NaN%	NaN%	NaN%	NaN%	NaN%	0%	NaN%	0%	NaN%	NaN%	NaN%	NaN%	0%	NaN%	NaN%	NaN%	0%	Infinity%	-Infinity%	-Infinity%	NaN%	-Infinity%	-Infinity%	-Infinity%	Infinity%	Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%
investment income		16,000,000	76,000,000	76,000,000		52,000,000	26,000	2,000,000	25,000,000
impairment provision on investment
profit before financing and income taxes	8,000,000	721,000,000	447,000,000	447,000,000		591,000,000	9,318,000	782,000,000	777,000,000
finance income						19,000,000					1,669,000		24,000		195,000		1,106,000		167,000		9,106,000		663,000		244,000		204,000		283,000		25,198		37,030		102,000							356,000	23,173.25	27,436		776,000
interest expenses on borrowings
interest expenses on pension liabilities		-1,000,000					-5,000	-1,000,000
interest expenses on lease liabilities							-913,000
net finance income /	-10,000,000
profit / (loss) before tax																																					-3.33
income tax (expense)/ benefit							-450,000				-452,000		-1,329,000		-1,412,000		-2,134,000		-1,258,000		4,000
profit / (loss) after tax
basic earnings per share													0.007		0.03		0.02		0.02		1.68		0.02		0.02		0.01		0.01		0.8		4.56					-2.52			-2.21					-0.07
diluted earnings per share													0.007		0.03		0.02		0.02		1.66		0.02		0.02		0.01		0.01		0.8		4.56						0.788	7.77						-0.07
selling, general and administrative expenses		-1,871,000,000	-1,977,000,000	-1,977,000,000		-1,845,000,000		-1,945,000,000	-1,700,000,000																												-13.08										-1,650,597,285	539,613,000	14,442,000		539,352,000	524,344,000	437,853,000	478,794,000	480,780,000		473,098,000	425,073,000	1,020,764,000	364,805,000	336,003,000	311,550,000	909,323,000	312,303,000	328,260,000	290,070,000	348,360,000	433,321,000	569,841,000	446,689,000
depreciation and amortisation expense		-1,740,000,000	-1,558,000,000	-1,558,000,000		-1,446,000,000		-1,323,000,000	-1,259,000,000
impairment loss on investment		-4,000,000
interest expenses on borrowings and lease liabilities		-914,000,000	-762,000,000	-762,000,000		-729,000,000		-694,000,000	-641,000,000
profit/(loss) before income taxes		-194,000,000	-315,000,000	-315,000,000		-119,000,000		87,000,000	136,000,000
income tax expense		-81,000,000	-263,000,000	-263,000,000		-139,000,000		-38,000,000	-98,000,000																																						-19,466,000	-42,803,000
profit/(loss) for the period		-275,000,000	-578,000,000	-578,000,000		-258,000,000		49,000,000	38,000,000
profit attributable to:
reconciliation with non-gaap measure
add:
net finance expenses		841,000,000	630,000,000	630,000,000		636,000,000		588,000,000																													-1.39
less:
other income		26,000,000	28,000,000	28,000,000		-49,000,000		-35,000,000	-187,000,000		636,000		358,000		443,000		568,000		218,000		66,514,000		1,293,000		545,000		182,000		526,000						4,000		0.42					670,000				431,000	-94,336,152	24,735,000	904,000		33,679,000	31,517,000	31,059,000	35,192,000	30,874,000		9,340,000	16,187,000	13,291,000	28,389,000	38,671,000	12,973,000	12,791,000	15,245,000	103,339,000	12,772,000	18,554,000	18,409,000	9,769,000	6,216,000
ebitda		2,361,000,000	1,901,000,000	1,901,000,000		1,914,000,000		1,963,000,000	1,824,000,000
current tax			189,000,000	189,000,000		190,000,000		184,000,000
deferred tax			74,000,000	74,000,000		-51,000,000		-146,000,000
cost of goods sold and services rendered							-75,940,000				-66,330,000		-61,169,000		-56,571,000		-49,420,000		-50,600,000		-3,464,544,000		-46,913,000		-41,816,000		-32,943,000		-32,192,000						-21,658,000							-21,223,000				-20,633,000
finance expenses							-6,734,000				-5,356,000		-4,462,000		-3,590,000		-3,023,000		-3,857,000		-184,725,000		-1,792,000		-1,476,000		-2,828,000		-2,142,000						-1,581,000							-1,495,000				-787,000
net finance expense							-7,652,000				-3,687,000		-4,438,000		-3,395,000		-1,917,000		-3,690,000		-175,619,000		-1,129,000		-1,232,000		-2,624,000		-1,859,000						-1,479,000							-1,139,000
profit before tax							1,666,000				633,000		2,699,000		6,206,000		5,613,000		3,959,000		252,650,000		3,101,000																							-2,475,000						43,132,500	41,571,000
profit for the period							1,216,000				181,000		1,370,000		4,794,000		3,479,000		2,701,000		252,654,000		3,101,000		2,351,000		2,027,000		1,461,000
reconciliation with management-defined performance measures*
profit from operating activities											4,320,000		7,137,000		9,601,000		7,530,000		7,649,000		428,269,000		4,230,000		3,583,000		4,651,000		3,320,000
profit per share																																											-3.935	-6.04	-1.15
salaries and wages																															289,798		361,851										242,160	352,187
contribution to provident fund and other funds																															19,825		13,593										10,691	14,843
staff welfare expenses																															3,535		10,560										6,931.5	9,085
employee stock compensation expense																															12		439										11,836.75	15,970			9,904,500	10,295,000	386,000		13,965,000
attributable to cost of goods sold and services rendered																															187,404		223,286										139,236.75	184,980
attributable to selling, general and administrative expenses																															125,766		163,157										132,382.5	207,105
interest income on bank deposits																															9,426		10,321										19,039.5	22,337
others																															15,772		26,709				3.13						1,074.25	2,404						1.35
interest expense on financial liabilities leases																															35,587		8,062
bank charges																															21,409		14,292										-14,046.5	-28,581
other interest																															42,734		31,993
finance expense																															99,730		54,347										-41,524.25	-80,294
net finance income recognised in profit or loss																															-74,532		-17,317										-18,351	-52,858
net profit – as reported																															106,623		600,584
weighted-average number of shares – basic																															133,943,917		131,638,589
weighted-average number of shares – diluted																															133,943,917		131,651,387
impairment loss on intangibles
income from operating activities																																			-709,000							-3,595,000
share of profit of equity accounted investee																																			382,000							334,000				298,000
income before tax																																			-1,806,000							-4,400,000
income tax (expense) / benefit																																										1,701,000
loss for the period after tax																																			-1,806,000
loss per share
basic loss per share																																			-0.02							-0.07
diluted loss per share																																			-0.02							-0.07
enterprise																																					32.13
consumer																																					3.2
cost of revenues																																					-24.05													-18.74							659,742,000	581,975,000	606,243,000	529,207,000	457,248,000	431,244,000	442,593,000	376,366,000	336,912,000	320,844,000	-317,534,000	-314,720,000	-325,188,000	-306,659,000
ebidta																																					1.33
depreciation and amortisation expensese																																					-3.89
share of affiliates																																					0.2
income taxes
profit / (loss) for the period																																					-3.33
owners of the parent																																					-3.33
non-controlling interests
net income / (loss) — after minority interest																																					-3.33
*
net profit / (loss ) — as reported																																						-134,411	39,474.5	414,801	-117,825		-171,264.25	-258,548	-49,311
weighted-average number of shares — basic and diluted *																																						53,351,498			53,350,082
segment revenue																																						1,408,641	8,726	1,389,325	1,460,703
allocated segment expenses																																						-1,000,174	-8,327.5	-1,066,696	-1,106,630
segment operating income																																						408,467	398.5	322,629	354,073				-48,291
unallocated expenses
cost of goods sold
profit or (loss) before tax
income taxbenefit
profit for the quarter
weighted-average number of shares — diluted																																								53,369,520
income from legal settlement
profit or (loss) for the period
impairment loss on intangibles including goodwill																																										-987,000
loss for the period																																										-2,699,000
attributable to:
equity holders of the company																																										-2,904,000				-3,092,000
non-controlling interest																																										205,000
interest income from leases																																											3,059.5	2,695
interest expense on finance lease obligations																																											-92.5	-99
interest on borrowings																																											-27,385.25	-51,614
weighted-average number of shares — basic																																												42,820,082	42,814,555
weighted-average number of shares — dilutive																																												42,820,082	42,814,555
•
total segment revenue																																													298,184
segment expenses allocated																																													-346,475
unallocated corporate expenses
depreciation and amortisation
foreign exchange gain																																																																						-11,843,000
net interest income
equity in profit of associate
minority interest																																															-19,979,858	5,824,000	-214,000	-0.56	-5,678,000	-22,635,000	-7,896,000											9,000	532,000	-462,000	272,000	2,000	10,557,000	1,733,000
net profit
depreciation and amortization expenses																																														-2,604,000
income/(loss) from operating activities																																														-2,762,000
net finance income																																														-11,000
income tax (expense)/benefit																																														-425,000
profit for the year/period																																														-2,900,000
minority interests																																														192,000
earnings per share
products																																															115,437,250	201,470,000	4,208,000		117,952,000
services																																															971,360,750	1,318,717,000	32,811,000		1,262,484,000	926,839,750	1,254,830,000	1,254,193,000	1,198,336,000
total revenue																																															-4,402,885,785	1,532,287,000	37,019,000			1,354,581,000	1,391,287,000	1,383,098,000	1,318,381,000		1,172,893,000		1,029,184,000	945,639,000	860,797,000				663,755,000	601,025,000
cost of revenue
cost of revenue - sum																																															610,017,000	856,694,000	20,907,000		752,351,000	536,908,750	746,280,000	706,039,000	695,316,000
provision for doubtful receivables and advances																																															27,526,750	29,440,000	746,000		51,030,000	35,585,000	68,676,000	50,579,000	23,085,000		16,827,000	16,218,000	9,872,250	13,745,000	12,694,000	13,052,000	15,578,250	7,949,000	16,288,000	38,076,000
impairment of assets
depreciation																																															88,225,000	118,864,000	3,030,000		110,151,000	112,616,000	102,385,000	105,090,000	95,036,000		104,746,000	109,627,000	93,591,500	130,097,000	124,605,000	119,664,000	90,156,000	121,323,000	118,295,000	121,006,000
amortisation of intangible assets																																															5,833,000	10,529,000	152,000		10,205,000	11,100,000	10,964,000	12,133,000			9,973,000					11,657,000
foreign exchange loss																																															4,537,250	-1,830,000			19,344,000			-302,000	-44,037,000		-2,853,000	220,000	-5,635,000	32,852,000	3,436,000	-33,248,000	27,689,000	1,831,000	8,529,000	14,099,000	7,856,000	2,991,000	1,014,000
total operating expenses																																															-4,631,003,978	1,563,605,000	39,680,000		1,496,398,000	1,444,838,000	1,391,755,000	1,357,860,000	1,302,620,000		1,262,346,000	1,146,493,000	1,169,285,000	1,086,334,000	951,907,000	857,584,000	901,176,000	838,495,000	850,120,000	806,974,000	457,459,000	538,299,000	581,032,000	441,419,000
gain on sale of investment in subsidiary																																																				56,500	226,000
equity in net profit of affiliate																																															36,762,750	81,409,000	1,081,000		22,676,000
net profit before income tax and minority interest																																															3,256,750	74,826,000	-676,000		-34,942,000
net profit before minority interest																																															-16,209,250	32,023,000	-1,196,000		-49,348,000
net profit after tax																																																	-1,410,000
net profit per share																																															-0.495	0.61			-1.286
basic weighted-average equity shares used in computing profit per share																																																42,820,082	42,814,555
diluted weighted-average equity shares used in computing profit per share																																																42,846,165	42,814,555
foreign exchange loss																																																	17,000
income tax benefit																																																	-520,000
net profit per share — basic																																																	-0.03			1.008	0.97	1.6
net profit per share — diluted																																																	-0.03			1.005	0.97	1.6
corporate services																																																		20.75
retail internet access																																																		11.3
interactive services																																																		1.73
sales revenue																																																		35.13
gross margin																																																		16.39
selling, general and admin expense																																																		-15.63
forex gain /																																																		-0.38
ebitda share of affiliates																																																		0.3
net other income																																																		0.01
adjusted ebitda *																																																		0.12
reconciliation items :
depreciation & amortization																																																		-3.28
below ebitda share for affiliates																																																		-0.05
profit — business / assets sold
net interest																																																		0.94
net profit / (loss) — before tax																																																		-2.27
tax																																																		1.7
net income / (loss) — after tax																																																		-0.57
adjusted ebitda* / (loss) /adr
net income / (loss) /adr																																																		-0.01
income tax benefit /																																																			-14,406,000
weighted-average number of equity shares used in computing earning per equity share
basic																																																			42,803,988
diluted																																																			42,803,988
revenue from related parties																																																									54,039,000		19,415,000	11,205,000	15,553,000	13,047,000	9,854,000	9,253,000	17,435,000	13,019,000
amortisation of deferred stock compensation expense																																																				11,627,250	5,039,000	5,527,000			813,000					3,665,000				8,835,000	14,187,500	40,000,000	10,177,000	6,573,000
foreign exchange fluctuation loss																																																				-5,945,250	20,558,000
profit before taxes and equity in profit of affiliate																																																				34,414,000	30,591,000	60,430,000	46,635,000
equity in profit of affiliate																																																				10,636,000	18,650,000	8,106,000	15,788,000
taxes																																																															-18,000		-71,000		1,554,500	1,041,000	1,041,000	4,136,000
weighted-average equity shares — basic																																																					42,743,011	42,704,756
weighted-average equity shares — diluted																																																					42,842,653	42,851,406
profit before income tax																																																						68,536,000	62,423,000
amortization of intangible assets																																																							16,497,000			12,223,000	9,867,750	12,938,000	14,876,000
amortization of deferred stock compensation expense																																																							35,943,000			1,157,000	1,239,000	2,690,000	3,045,000		5,439,000	6,620,000	7,052,000
net profit per share – basic																																																							1.47
net profit per share – diluted																																																							1.45
weighted-average equity shares – basic																																																							42,583,948
weighted-average equity shares – diluted																																																							43,064,618
revenues
operating income																																																									-89,453,000	-125,218,000	-140,101,000	-140,695,000	-91,110,000	-79,747,000	-76,219,000	-127,048,000	-186,365,000	-205,949,000	-168,512,000	-333,852,000	-442,188,000	-343,558,000
loss before taxes and equity in profits of affiliates																																																									-80,113,000
equity in profits of affiliates																																																									18,526,000	10,882,000
losses before income taxes																																																									-61,587,000	-98,149,000	-48,988,250	-95,012,000	-46,203,000	-54,739,000	-98,587,250	-102,473,000	-84,724,000	-207,153,000	-297,165,500	-322,728,000	-436,183,000	-429,751,000
net income
yoy
qoq
net income margin %	0%	0%	0%	0%	NaN%	0%	0%	0%	0%	NaN%	0%	NaN%	0%	NaN%	0%	NaN%	0%	NaN%	0%	NaN%	0%	NaN%	0%	NaN%	0%	NaN%	0%	NaN%	0%	NaN%	NaN%	NaN%	NaN%	NaN%	0%	NaN%	0%	NaN%	NaN%	NaN%	NaN%	0%	NaN%	NaN%	NaN%	0%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%
net income per share																																																									-1.74	-2.77	-3.16	-2.7	-1.32	-1.56	0.71	-2.94	-2.44	-6.18	-1.38	-12.93	-18.75	-18.34
weighted equity shares used in computing loss per equity share																																																									35,380,278	35,380,278		35,201,019	35,040,371	35,007,617		34,857,882		33,501,588		24,870,528	23,202,176	23,202,176
revenues from related parties																																																										15,222,000
total revenues																																																										1,021,275,000				777,837,000	494,056,750	711,447,000
loss before taxes, equity in losses of affiliates and minority interest																																																										-109,031,000	-57,879,500	-112,306,000	-52,439,000	-66,774,000	-97,001,250	-111,803,000	-83,026,000	-193,177,000	-290,769,250	-315,443,000	-432,419,000	-337,342,000
equity in (losses) / profits of affiliates																																																											8,891,250	17,294,000		12,035,000
equity in (losses) / profit of affiliates																																																													6,236,000		-1,605,750	9,321,000
initial services charges																																																															82,191,000	60,040,000	57,524,000	33,995,000
amortization of intangible asset																																																															15,232,750	12,103,000	34,784,000
equity in losses of affiliates																																																																	-2,230,000	-13,514,000	11,816,000	-7,287,000	-14,321,000	-94,142,000
weighted-average equity shares used in computing loss per equity share																																																																	34,822,821
amortisation of intangible asset																																																																		14,044,000
revenues from satyam computer services limited																																																																			1,401,500	1,024,000
operating expenses:
provision for doubtful receivables																																																																			36,683,750	61,987,000
acquisition expenses
amortisation of goodwill
impairment of goodwill
impairment of investment in affiliate
net loss from continuing operation
loss from discontinued operation
net income from continuing operations
loss from discontinued operations

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-11-04	2025-09-30	2025-03-31	2025-01-14	2023-11-20	2021-03-31	2016-09-30	2014-09-30	2014-03-31	2013-09-30	2013-03-31	2012-09-30	2012-03-31	2011-09-30	2011-03-31	2010-09-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30	2002-06-30	2002-03-31

assets
property, plant and equipment	468,000,000	468,000,000	38,915,236,000	424,598,000	339,443,000	170,013,000	93,789,000	98,644,000	11,021	87,871,000	11,021	91,674,000	11,021,000	78,874,000	21,827,000	72,356,000	70,159,000	75,922,000	71,327,000	70,097,000		61,610,000	64,150,000	56,206,000										1,270,621,000
right of use assets	104,000,000	104,000,000	8,821,738,000	91,447,000	74,630,000	61,759,000
intangible assets	7,000,000	7,000,000	696,873,000	6,944,000	7,039,000	9,450,000	8,643,000	9,444,000		9,096,000		12,105,000		2,330,000		2,534,000		2,864,000	2,707,000	2,627,000		3,670,000	3,928,000	4,308,000
other assets	35,000,000	35,000,000	5,554,925,000	61,223,000	30,779,000	11,516,000	11,010,000	12,397,000	208,999	6,295,000	208,999	9,766,000	208,999,000	14,789,000	245,800,000	13,531,000	220,282,000	11,632,000	9,141,000	7,404,000	189,581,000	7,641,000	11,270,000	9,386,000	170,896,000	224,491,000	8,933,000	224,491,000	224,491,000	191,343,000	191,343,000	191,343,000	191,343,000	93,241,000	93,241,000	93,241,000	93,241,000	91,891,000	87,312,000	87,312,000	87,312,000	176,192,000	176,192,000	176,192,000	176,192,000	188,895,000		188,895,000	188,895,000
deferred contract costs	2,000,000	2,000,000	5,803,000	100,000	2,875,000	407,000
other investments	15,000,000	15,000,000	1,229,808,000	14,404,000	14,317,000	2,887,000	26,000	28,000		27,000		3,000		3,000		3,000						292,000	352,000	385,000
deferred tax assets	17,000,000	17,000,000	1,397,121,000	16,950,000	13,520,000	8,659,000																289,000	291,000	415,000
total non-current assets	646,000,000	646,000,000	56,621,504,000	615,666,000	479,728,000	264,691,000	126,916,000	133,959,000		108,882,000		120,364,000		112,331,000		110,166,000		110,005,000	102,347,000	98,961,000		93,862,000	109,114,000	101,632,000
inventories	45,000,000	45,000,000	3,959,492,000	40,282,000	34,854,000	19,247,000	14,787,000	4,160,000		1,471,000		1,062,000		452,000		560,000		366,000	574,000	2,020,000		1,517,000	1,334,000	759,000		28,686,000	920,000	28,686,000	28,686,000	30,462,000	30,462,000	30,462,000	30,462,000	29,194,000	29,194,000	29,194,000	29,194,000	32,955,000	20,759,000	20,759,000	20,759,000	39,971,000	39,971,000	39,971,000	39,971,000	35,426,000		35,426,000	35,426,000
trade and other receivables	183,000,000	183,000,000	14,843,921,000	205,719,000	203,218,000	132,267,000	117,596,000	95,964,000		69,993,000		75,208,000		75,934,000		75,204,000		68,034,000	66,677,000	60,615,000		61,538,000	52,590,000	59,654,000
contract assets			24,063,000	271,000	376,000	102,000
prepayments for current assets	14,000,000	14,000,000	831,802,000	10,264,000	12,908,000	7,018,000	4,626,000	2,928,000		2,656,000		3,182,000		4,627,000		3,741,000		3,588,000	3,519,000	3,564,000			3,101,000	3,658,000
restricted cash	18,000,000	18,000,000	453,800,000	5,097,000	44,712,000	5,455,000	4,377,000	3,462,000		3,731,000		1,092,000		1,828,000		9,816,000						21,000	22,000	23,000		938,333,000
other bank deposits			1,306,816,000	31,859,000
cash and cash equivalents	29,000,000	29,000,000	4,997,210,000	53,436,000	46,427,000	69,398,000	23,259,000	20,958,000		21,909,000		16,121,000		9,369,000		6,752,000		17,380,000	5,074,000	5,328,000							50,365,000
total current assets	291,000,000	291,000,000	26,556,349,000	348,738,000	345,370,000	234,114,000	164,645,000	127,472,000				96,665,000		92,210,000		96,073,000		90,576,000	81,177,000	76,645,000		93,006,000	85,999,000	102,061,000		4,719,415,000	104,537,000	4,719,415,000	4,719,415,000	4,029,844,000	4,029,844,000	4,029,844,000	4,029,844,000	2,265,760,000	2,265,760,000	2,265,760,000	2,265,760,000	2,354,864,000	2,185,687,000	2,185,687,000	2,185,687,000	1,573,180,000	1,573,180,000	1,573,180,000	1,573,180,000	1,404,345,000	1,404,345,000	1,504,345,000	1,504,345,000
total assets	937,000,000	937,000,000	83,177,853,000	964,404,000	825,098,000	498,805,000	291,561,000	261,431,000	3,506,913	208,642,000	3,506,913	217,029,000	3,506,913,000	204,541,000	4,546,919,000	206,239,000	3,974,094,000	200,581,000	183,524,000	175,606,000	3,435,921,000	186,868,000	195,113,000	203,693,000	7,893,663,000		175,002,000
equity and liabilities
equity
share capital	49,000,000	49,000,000	4,353,846,000	51,870,000	22,202,000	24,967,000	21,349,000	23,098,000		22,669,000		25,223,000		23,961,000		12,162,000		11,703,000	11,372,000	11,413,000		9,078,000	9,494,000	10,273,000
compulsorily convertible debentures	38,000,000	38,000,000	3,405,833,000
share premium	223,000,000	223,000,000	19,780,298,000	235,575,000	237,322,000	267,032,000	277,145,000	299,845,000		294,303,000		346,645,000		366,165,000		367,957,000		354,082,000	344,058,000	345,280,000		337,077,000	352,534,000	381,440,000
share based payment reserve	3,000,000	3,000,000	250,621,000	3,742,000	4,304,000	4,576,000	4,392,000	3,636,000		3,574,000		4,239,000		3,945,000		4,166,000		3,802,000	3,387,000	3,289,000		4,050,000
other components of equity	2,000,000	2,000,000	144,014,000	1,144,000	859,000	1,230,000	733,000	752,000		668,000		462,000		420,000		130,000		45,000	12,000	-161,000	14,164,000	-678,000			15,380,000
accumulated deficit	-95,000,000	-95,000,000	-7,804,069,000	-81,952,000	-81,510,000	-118,694,000	-189,383,000	-213,861,000		-211,385,000		-255,534,000		-282,148,000		-298,376,000		-277,345,000	-278,128,000	-276,654,000		-266,351,000	-272,998,000	-288,539,000		-12,378,114,000	-314,193,000	-12,378,114,000		-12,565,874,000	-12,565,874,000	-12,565,874,000	-12,565,874,000	-12,415,532,000	-12,415,532,000	-12,415,532,000	-12,415,532,000	-12,305,006,000	-12,109,053,000	-12,109,053,000	-12,109,053,000	-11,737,769,000	-11,737,769,000	-11,737,769,000	-11,737,769,000	-10,408,381,000		-10,408,381,000	-10,408,381,000
total equity attributable to equity holders of the company	220,000,000	220,000,000	20,130,543,000			179,111,000																	92,521,000	106,625,000
liabilities
borrowings			28,224,971,000	321,111,000	204,225,000	49,556,000	12,329,000	12,246,000		7,493,000		9,580,000		3,774,000	53,000,000		3,508,000	9,860,000	9,738,000	4,246,000	4,645,000				105,059,000
lease liabilities			3,616,928,000	34,244,000	18,120,000	24,115,000
employee benefits			200,871,000	2,090,000	1,823,000	2,618,000	1,571,000	881,000		774,000		1,148,000		1,004,000				1,461,000	1,486,000	1,605,000		1,984,000	1,390,000	1,431,000
contract liabilities			3,289,882,000	39,372,000	22,406,000	12,647,000
other liabilities			51,842,000	622,000	661,000	544,000	9,495,000	8,155,000		3,475,000		4,016,000		3,550,000				3,431,000	3,488,000	3,467,000		2,732,000	2,810,000	2,895,000		121,938,000	3,458,000	121,938,000		234,533,000	234,533,000	234,533,000	234,533,000	63,627,000	63,627,000	63,627,000	63,627,000	57,909,000	51,127,000	51,127,000	51,127,000	65,864,000	65,864,000	65,864,000	65,864,000	39,877,000		39,877,000	39,877,000
total non-current liabilities			35,384,494,000	397,439,000	247,235,000	89,480,000	26,895,000	35,201,000		19,234,000		16,680,000		10,594,000				17,808,000	17,223,000	11,798,000		6,672,000	8,172,000	4,367,000
bank overdraft			326,327,000	7,998,000	8,324,000	1,682,000	10,471,000	9,451,000		6,715,000		8,915,000		4,511,000				20,430,000	16,975,000	15,708,000		27,867,000	23,360,000	19,404,000
trade and other payable			17,171,482,000			125,489,000
total current liabilities			27,662,816,000	324,077,000	312,815,000	230,214,000	150,430,000	112,760,000		79,579,000		79,314,000		81,604,000				90,486,000	85,600,000	80,641,000		92,123,000	89,545,000	87,853,000		2,486,488,000	58,522,000	2,486,488,000		1,660,183,000	1,660,183,000	1,660,183,000	1,660,183,000	1,453,157,000	1,453,157,000	1,453,157,000	1,453,157,000	1,274,562,000	1,025,532,000	1,025,532,000	1,025,532,000	739,361,000	739,361,000	739,361,000	739,361,000	683,725,000	683,725,000	683,725,000	683,725,000
total liabilities			63,047,310,000	721,516,000	560,050,000	319,694,000	177,325,000	147,961,000	1,052,325	98,813,000	1,052,325	95,994,000	1,052,325,000	92,198,000	2,193,944,000		1,851,919,000	108,294,000	102,823,000	92,439,000	1,617,159,000	98,795,000	97,717,000	92,220,000	6,290,602,000	2,612,097,000	62,087,000	2,612,097,000		1,897,262,000	1,897,262,000	1,897,262,000	1,897,262,000	1,520,598,000	1,520,598,000	1,520,598,000	1,520,598,000	1,337,796,000	1,081,810,000	1,081,810,000	1,081,810,000	808,992,000	808,992,000	808,992,000	808,992,000	740,912,000	740,912,000	740,912,000	740,912,000
total equity and liabilities			83,177,853,000	964,404,000	825,098,000	498,805,000	291,561,000	261,431,000		208,642,000		217,029,000		204,541,000				200,581,000	183,524,000	175,606,000		186,868,000	195,113,000	203,693,000
other equity				32,509,000	81,871,000
equity attributable to equity holders of the company				242,888,000	265,048,000		114,236,000	113,470,000		109,829,000		121,035,000		112,343,000		86,039,000		92,287,000	80,701,000	83,167,000		83,176,000
trade and other payables				193,025,000	179,395,000		74,921,000	60,581,000		46,167,000		47,817,000		44,357,000				40,450,000	38,856,000	36,972,000		38,771,000	48,258,000	37,466,000
lease prepayments							13,448,000	13,446,000		5,593,000		6,816,000		1,237,000		6,790,000		6,597,000	7,085,000	7,144,000		10,017,000	18,346,000	19,800,000
finance lease obligations, other than current instalments							3,500,000	13,919,000		7,222,000		1,936,000		2,266,000				3,056,000	2,511,000
finance lease obligations current instalments							7,915,000	8,236,000		3,303,000		1,720,000		1,490,000				876,000	590,000
deferred income							19,155,000	14,025,000		9,924,000		11,003,000		10,057,000				10,051,000	10,027,000	7,498,000		10,103,000	10,486,000	12,685,000
cash and bank balance									146,980		146,980		146,980,000		281,486,000		148,213,000				181,616,000				287,465,000
cash-restricted									2,324,000		2,324,000		2,324,000,000		2,959,063,000		2,489,847,000				2,347,862,000				5,414,723,000
interest bearing deposits with bank									70,777		70,777		70,777,000		93,362,000		295,659,000				107,495,000				16,500,000
receivable from broker-dealers and clearing organizations									170,660		170,660		170,660,000		18,580,000		65,884,000				42,228,000				354,441,000
receivable from customers													340,998,000		447,770,000		437,207,000				171,993,000				930,671,000
available-for-sale securities:
marketable, at market value									41,005		41,005		41,005,000		40,776,000		877,000								161,280,000
deposits with clearing organizations									78,613		78,613		78,613,000		173,783,000		110,969,000				120,865,000				151,515,000
interest accrued but not due									57,301		57,301		57,301,000		67,124,000		71,443,000				102,170,000				234,126,000
intangible assets:
computer software									7,886		7,886		7,886,000		19,271,000						16,074,000				15,680,000
memberships in exchanges									6,385		6,385		6,385,000		5,733,000		5,782,000				9,495,000				8,409,000
deferred tax asset									42,288		42,288		42,288,000		79,476,000		17,901,000				56,082,000				54,682,000
capital and reserves attributable to the equity holders
ordinary shares									518,942		518,942		518,942,000		518,942,000		518,942,000				518,942,000				518,942,000
additional paid in capital									28,968		28,968		28,968,000		28,968,000		28,968,000				28,968,000				28,968,000
retained earnings									1,898,693		1,898,693		1,898,693,000		1,806,071,000		1,564,231,000				1,256,688,000				1,039,771,000
currency translations									8,759		8,759		8,759,000		-232,000		953,000
fair value adjustments									-774		-774		-774,000		-774,000		9,081,000
total equity									2,454,588		2,454,588		2,454,588,000		2,352,975,000	86,039,000	2,122,175,000	92,287,000	80,701,000	83,167,000	1,818,762,000	88,073,000	97,396,000	111,473,000	1,603,061,000
payable to broker-dealers and clearing organizations									184,659		184,659		184,659,000
payable to customers									684,802		684,802		684,802,000		1,272,571,000		1,177,517,000				985,075,000				2,494,634,000
accounts payable, accrued expenses and other liabilities									181,357		181,357		181,357,000
employee benefit obligation									1,507		1,507		1,507,000		98,264,000		136,602,000				47,695,000				24,388,000
total liabilities and equity									3,506,913		3,506,913		3,506,913,000		4,546,919,000		3,974,094,000				3,435,921,000				7,893,663,000
current assets before non-current assets held for sale										99,760,000		96,665,000
non-current assets held for sale
investment in equity accounted investee														15,098,000		14,952,000		12,990,000	12,087,000	11,689,000
not readily marketable															92,868,000		11,447,000				9,920,000				20,393,000
payable to broker dealers and clearing organizations															264,504,000		139,965,000				227,786,000				2,984,232,000
accounts payable, accrued expenses, and other liabilities															505,605,000		394,327,000				351,958,000				682,289,000
non-controlling interest
computer software including work in progress																	28,424,000
finance lease obligations, other than current installments																				2,480,000		1,956,000	25,000	41,000
finance lease obligations current installments																				561,000		697,000	57,000	68,000
furniture and equipment																					80,540,000				72,882,000
investment in equity accounted investees																						10,614,000
net investment in leases other than current installments																							47,000	78,000
net investment in leases, current installments																							137,000	163,000
prepayments and other assets																						2,847,000
cash and bank balances																						8,925,000	11,602,000	15,196,000
minority interest																						4,897,000	4,875,000	4,848,000		169,765,000	4,628,000	169,765,000						1,595,000	1,595,000	1,595,000	1,595,000	1,595,000	1,595,000	1,595,000	1,595,000	2,699,000	2,699,000	2,699,000	2,699,000	11,249,000	11,249,000	11,249,000	11,249,000
borrowings from banks																						14,685,000	3,947,000	18,230,000		800,000,000	746,000	800,000,000	800,000,000
investment in associates/equity accounted investees																							11,060,000	11,416,000
reserves																							3,491,000	3,451,000
current assets:
investment in short-term mutual funds
accounts receivable																										1,188,406,000	42,232,000	1,188,406,000	1,188,406,000	838,433,000	838,433,000	838,433,000	838,433,000	615,286,000	615,286,000	615,286,000	615,286,000	460,278,000	493,980,000	493,980,000	493,980,000	346,270,000	346,270,000	346,270,000	346,270,000	419,961,000		419,961,000	419,961,000
due from employees																										7,726,000	165,000	7,726,000	7,726,000	23,818,000	23,818,000	23,818,000	23,818,000	2,063,000	2,063,000	2,063,000	2,063,000	2,886,000
prepaid expenses																										118,207,000	2,396,000	118,207,000	118,207,000	91,158,000	91,158,000	91,158,000	91,158,000	87,162,000	87,162,000	87,162,000	87,162,000	92,589,000	106,957,000	106,957,000	106,957,000	124,785,000	124,785,000	124,785,000	124,785,000	114,755,000		114,755,000	114,755,000
net investment in leases																										16,560,000	288,000	16,560,000	16,560,000	10,776,000	10,776,000	10,776,000		9,430,000	9,430,000	9,430,000	9,430,000	9,285,000
other current assets																										289,673,000	7,658,000	289,673,000	289,673,000	212,696,000	212,696,000	212,696,000	212,696,000	140,285,000	140,285,000	140,285,000	140,285,000	153,476,000	123,571,000	123,571,000	123,571,000	72,948,000	72,948,000	72,948,000	72,948,000	85,028,000		85,028,000	85,028,000
deferred income taxes																										66,104,000	1,050,000	66,104,000	66,104,000
property, plant and equipment-net																										1,644,564,000	46,351,000	1,644,564,000	1,644,564,000	1,423,246,000	1,423,246,000	1,423,246,000	1,423,246,000		1,270,621,000	1,270,621,000	1,270,621,000	1,208,193,000	1,249,798,000	1,249,798,000	1,249,798,000	1,542,829,000	1,542,829,000	1,542,829,000	1,542,829,000	1,932,046,000
goodwill and other intangible assets																										192,390,000	4,618,000	192,390,000	192,390,000	62,436,000	62,436,000	62,436,000	62,436,000	171,732,000	171,732,000	171,732,000	171,732,000	86,151,000	125,622,000	125,622,000	125,622,000	166,983,000	166,983,000	166,983,000	166,983,000	341,179,000		203,306,000	203,306,000
investments in affiliated companies																										302,956,000	9,273,000	302,956,000	302,956,000	233,060,000	233,060,000	233,060,000	233,060,000	192,357,000	192,357,000	192,357,000	192,357,000	176,073,000	140,508,000	140,508,000	140,508,000	140,053,000	140,053,000	140,053,000	140,053,000
liabilities and stockholders’ equity
current liabilities:
current instalments of capital lease obligations																										2,476,000
trade accounts payable																										316,935,000	15,420,000	316,935,000	316,935,000	440,841,000	440,841,000	440,841,000	440,841,000	454,466,000	454,466,000	454,466,000	454,466,000	281,279,000	220,322,000	220,322,000	220,322,000	82,635,000	82,635,000	90,436,000	89,259,000
accrued liabilities																										737,284,000	21,984,000	737,284,000	737,284,000	584,264,000	584,264,000	584,264,000	584,264,000	393,727,000	393,727,000	393,727,000	393,727,000	402,418,000	317,228,000	317,228,000	317,228,000	278,256,000	278,256,000	270,455,000	271,632,000	499,390,000		499,390,000	499,390,000
deferred revenue																										450,030,000	13,815,000	450,030,000	450,030,000	444,333,000	444,333,000	444,333,000	444,333,000	409,244,000	409,244,000	409,244,000	409,244,000	417,569,000	341,953,000	341,953,000	341,953,000	289,297,000	289,297,000	289,297,000	289,297,000	144,519,000		144,519,000	144,519,000
advances from customers																										89,908,000	3,182,000	89,908,000		112,512,000	112,512,000	112,512,000	112,512,000	69,429,000	69,429,000	69,429,000	69,429,000	72,431,000	83,670,000	83,670,000	83,670,000	26,171,000	26,171,000	26,171,000	26,171,000	15,320,000		15,320,000	15,320,000
other current liabilities																										89,855,000	3,295,000	89,855,000		74,174,000	74,174,000	74,174,000	74,174,000	117,876,000	117,876,000	117,876,000	117,876,000	92,496,000	56,182,000	56,182,000	56,182,000	60,520,000	60,520,000	60,520,000	60,520,000	21,278,000		21,278,000	21,278,000
capital lease obligations, excluding current instalments																										3,671,000
stockholders’ equity
common stock																										428,003,000	10,772,000	428,003,000		423,895,000	423,895,000	423,895,000	423,895,000				353,803,000		349,010,000	349,010,000	349,010,000	327,952,000	327,952,000	327,952,000	327,952,000	232,022,000		232,022,000	232,022,000
additional paid-in capital																										16,325,960,000	411,566,000	16,325,960,000		16,238,413,000	16,238,413,000	16,238,413,000	16,238,413,000	14,563,734,000	14,563,734,000	14,563,734,000	14,563,734,000	14,563,578,000	14,490,037,000	14,490,037,000	14,490,037,000	14,326,742,000	14,326,742,000	14,326,742,000	14,326,742,000	13,649,324,000		13,649,324,000	13,649,324,000
accumulated other comprehensive income																										5,241,000	142,000	5,241,000														-3,390,000	-3,390,000	-3,390,000	-3,390,000	-3,891,000		-3,891,000	-3,891,000
total stockholders’ equity																										4,381,090,000	108,287,000	4,381,090,000		4,054,509,000	4,054,509,000	4,054,509,000		2,498,589,000	2,498,589,000	2,498,589,000	2,498,589,000	2,607,400,000	2,715,668,000		2,715,668,000	2,888,696,000	2,888,696,000	2,888,696,000	2,888,696,000	3,394,113,000	3,394,113,000	3,394,113,000	3,394,113,000
total liabilities and stockholders’ equity																											175,002,000
investment in short term mutual funds																											513,000
cash restricted																											25,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000		24,904,000	24,904,000	24,904,000	24,904,000	16,883,000	101,587,000	101,587,000	101,587,000	74,612,000		74,612,000	74,612,000
current installments of capital lease obligations																											80,000	2,476,000	2,476,000	2,759,000	2,759,000	2,759,000	2,759,000	6,089,000	6,089,000	6,089,000	6,089,000	6,743,000	5,851,000	5,851,000	5,851,000	2,482,000	2,482,000	2,482,000	2,482,000	3,218,000		3,218,000	3,218,000
capital lease obligations, excluding current installments																											107,000	3,671,000		2,546,000	2,546,000	2,546,000	2,546,000	3,814,000	3,814,000	3,814,000	3,814,000	5,325,000	5,151,000	5,151,000	5,151,000	3,767,000	3,767,000	3,767,000	3,767,000	3,922,000		3,922,000	3,922,000
due to employees																														1,300,000	1,300,000	1,300,000	1,300,000	2,326,000	2,326,000	2,326,000	2,326,000	1,626,000
deferred compensation — employee stock offer plan																														-41,925,000	-41,925,000	-41,925,000	-41,925,000	-3,416,000	-3,416,000	-3,416,000		-4,946,000	-14,326,000	-14,326,000		-24,839,000						-74,961,000	-74,961,000
due from related parties																																		33,524,000	33,524,000	33,524,000	33,524,000	24,660,000	13,030,000	13,030,000	13,030,000	16,016,000	16,016,000	16,016,000	16,016,000
net investment in sales-type leases, current portion																																	10,776,000
net investment in sales-type leases																																	10,842,000
liabilities and shareholders’ equity
shareholders’ equity
total shareholders’ equity																																	4,054,509,000
total liabilities and shareholders’ equity
equity shares, rs.10 par value; 50,000,000 (previous year 37,500,000) equity shares authorized; issued and outstanding: 35,464,849 shares as of december 31, 2005 and 35,380,278 shares as of march 31, 2005.																																		353,803,000
equity shares, rs 10 par value; 37,500,000 shares authorized; issued and outstanding: 35,380,278 shares as of september 30, 2005 and 35,380,278 shares as of march 31, 2005.																																			353,803,000
equity shares, rs. 10 par value; 37,500,000 authorized; issued and outstanding: 35,380,278 shares as of june 30, 2005 and 35,380,278 shares as of march 31, 2005																																				353,803,000
deferred compensation - employee stock offer plan																																					-3,416,000				-14,326,000		-24,839,000	-24,839,000	-24,839,000	-74,961,000
equity shares, rs 10 par value; 37,500,000 shares authorized; issued and outstanding: 34,900,993 shares as of march 31, 2004 and 35,377,361 shares as of december 31, 2004.																																						353,774,000
due from officers and employees																																										982,000	982,000	982,000	982,000	38,675,000		38,675,000	38,675,000
due to officers and employees																																							326,000	326,000	326,000
liabilities and stockholders equity
stockholders equity
total stockholders equity																																								2,715,668,000
total liabilities and stockholders equity
investments in securities																																										1,140,000	1,140,000	1,140,000	1,140,000
cash - restricted																																											74,612,000			52,389,000
assets held for sale
deferred tax liability																																														13,388,000		13,388,000	13,388,000
investments in affiliates																																														170,332,000		308,205,000	308,205,000
investments																																														9,477,000		9,477,000	9,477,000
non-current liabilities:
property, plant and equipment— net																																																1,932,046,000	1,932,046,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30	2002-06-30

cash flows from operating activities
operating profit for the half year
adjustments for:
depreciation and amortization	27,049,000	4,164,000	3,109,000	3,076,000	-17,518,000	2,604,000																		140,046,000	160,131,000	143,885,000
gain on sale of property, plant and equipment						-4,000
provision for doubtful receivables and advances		875,000	492,000	541,000		1,252,000	21,847,000	29,439,000	29,638,000	51,030,000		68,676,000	50,579,000	23,085,000	43,907,000	13,718,000	16,827,000	16,218,000	18,090,000	13,743,000	12,694,000	13,052,000	14,174,000	7,949,000	16,288,000	38,076,000
stock compensation expense		324,000	109,000	165,000		408,000
unrealized loss on account of exchange differences		259,000	-31,000	-298,000		-156,000				30,966,000		-7,165,000	2,183,000	-1,418,000
change in trade and other receivables		-628,000	-5,128,000	-6,019,000		-9,947,000
change in inventories		232,000	1,442,000	-1,202,000		120,000
change in contract assets
change in contract costs
change in other assets		989,000	-1,061,000	-1,700,000		-632,000
change in trade and other payables		646,000	4,510,000	5,377,000		3,104,000
change in employee benefits		-2,000	35,000	145,000		363,000
change in contract liabilities
change in other bank deposits
change in other bank balances
cash generated from operating activities
income taxes								42,803,000	20,655,000	14,406,000
net cash generated from operating activities
cash flows from investing activities
acquisition of property, plant and equipment		-4,618,000	-6,476,000	-3,162,000		-14,655,000
investments in equity shares
investments in preference shares
amount paid for acquisition of right of use assets
proceeds from sale of property, plant and equipment		6,000	77,000	9,000		5,000	-780,000	6,313,000	13,000	84,000		2,269,000	354,000	1,286,000	1,435,000	2,207,000	984,000	296,000	4,855,000	8,064,000	1,081,000	1,200,000		596,000
finance income received		62,000	91,000	1,329,000		1,512,000
net cash (used) in investing activities
cash flows from financing activities
proceeds from issue of shares on exercise of rights issue
proceeds from issue of shares on exercise of esop
proceeds from long-term borrowings
proceeds from issue of non-convertible debentures
repayment of long-term borrowings
increase in short-term borrowings
repayment of lease liabilities
finance expenses paid		-2,204,000	-1,605,000	-1,545,000		-704,000
transaction costs of equity transaction
payment of dividends
net cash (used in) / generated from financing activities
net increase in cash and cash equivalents							-1,311,941,000	198,705,000	127,647,000	-1,195,780,000		22,901,000	-218,766,000	-288,183,000	1,673,874,000	17,374,000	-158,336,000	-34,323,000	-237,940,000	102,938,000	118,070,000	15,041,000	137,532,000	102,748,000	185,098,000	2,829,000	50,032,000
cash and cash equivalents at april 1		190,000	-24,000	6,533,000		20,701,000
effect of exchange fluctuations on cash held		-13,000	47,000	37,000		-4,000
cash and cash equivalents at september 30
cash flows from / (used in) operating activities
benefit from doubtful receivables and advances
unrealized (gain)/ loss on account of exchange differences
cash flows from / (used in) investing activities
cash flows from / (used in) financing activities
increase/(decrease) in short-term borrowings
net (decrease) / increase in cash and cash equivalents
operating profit for the period
amortisation of leasehold prepayments
income taxes (paid)/refund received
net cash from operating activities	-1,684,000	15,446,000
capital expenditures	0	0
free cash flows	-1,684,000	15,446,000
investments in corporate debt securities
net cash from investing activities	-23,730,000	-6,696,000	-7,135,000	-2,663,000		-14,425,000
proceeds from issue of shares
proceeds from issue of compulsorily convertible debentures
net cash from financing activities						13,867,000
cash and cash equivalents at period end		4,729,000	-1,309,000	-5,262,000
supplementary information
additions to property plant and equipment represented by finance lease obligations		1,224,000	226,000	106,000
9 of 69
profit for the period						-2,900,000
net finance expense		1,823,000	1,431,000	1,139,000
income tax expense		-49,000	6,000	-1,702,000		425,000
change in deferred income
cash from operating activities
expenditure on intangible assets		-2,158,000	-825,000	-1,256,000		-1,326,000	-16,748,000	-6,086,000	-853,000	-6,551,000		-58,899,000	-4,769,000	-2,509,000
investments in corporate debt securities during the year
coupon paid on compulsory convertible debentures
net finance expense /
9 of 67
10 of 63
10 of 60
revenue
cost of goods sold and services rendered
other income
selling, general and administrative expenses
profit / (loss) from operating activities
finance income
finance expenses
net finance income /
profit / (loss) before tax
income tax (expense) / benefit
profit / (loss) for the year attributable to equity holders
earnings per share
basic earnings per share
diluted earnings per share
dividend paid per share *
fully paid up
partly paid up
6
proceeds from / (repayment of) borrowings		-1,523,000	4,863,000	-4,660,000
repayment of finance lease liabilities		-471,000	-156,000	-116,000		-16,000
change in deferred revenue		-191,000	2,554,000	87,000		4,105,000
9 of 61
profit / (loss) for the year
attributable to:
equity holders of the company
non-controlling interest
9 of 52
profit from sale of equity accounted investee and rights therein
loss on sale of property, plant and equipment		-3,000	-55,000	-3,000				404,000	-11,000	205,000		96,000	-200,000	-61,000	843,000	39,000	-160,000	940,000	2,527,000	187,000	-89,000	132,000
share of profit of equity accounted investee		-630,000	-420,000	-334,000	2,053,000
earnings / (loss) per share
basic earnings /(loss) per share
diluted earnings/(loss) per share
loss/ (gain) on sale of property, plant and equipment
9 of 47
impairment loss on intangibles including goodwill		29,000	-3,000	987,000
loss for the period			-2,444,000	-2,699,000
customs duty credit entitlement written off
proceeds from issue of shares on private placement
proceeds from issue of shares on exercise of options
profit before income tax
adjustments for
profit on sale of available-for-sale securities
provision on receivable from customers
interest on fixed deposits with banks
loss(profit) on sale of property plant & equipment
interest and other financial costs
interest income
dividend income
others																	744,000	920,000	527,000	-2,015,000	-1,274,000	-824,000	27,264,000	3,139,000	8,287,000	12,055,000	13,050,000	2,206,000
movements in working capital
cash-restricted
interest bearing deposits with banks
deposits with clearing organizations
receivable from broker-dealers and clearing organizations
receivable from customers
other assets								-8,658,000	-92,518,000	-52,775,000		35,300,000	-63,207,000	-13,109,000	-54,750,000	-16,548,000	-10,142,000	12,105,000	11,839,000	-27,301,000	-23,891,000	13,107,000	33,827,000
payable to broker dealers and clearing organizations
payable to customers
accounts payable, accrued expenses, and other liabilities
stock appreciation rights
cash from operations
interest received
interest received on fixed deposits placed
income taxes paid	-146,070,000	-823,000	-1,865,000	-766,000		-555,000
net cash from by operating activities
purchase of available for sale securities: marketable, at market value
available for sale securities: not readily marketable
expenditure on furniture and equipment
expenditure on computer software
sale of property plant & equipment
net cash (used in) / provided in investing activities
proceeds from loan from associate company
repayment of loan to associate company
interest and other finance charges paid
(repaymnet of) / proceeds from borrowings
effect of foreign exchange fluctuation on cash and bank balances
net increase in cash and bank balance
cash and bank balance at beginning of the period
cash and cash equivalents at the end of the year
cash and cash equivalents comprise of:
balances with banks
demand deposits
highly liquid investments
total
profit from sale of shares in associate considered separately
income taxes (paid)/ refund received
proceeds from sale of shares in associate and rights therein
proceeds from issue of shares on excercise of options
net cash from / (used) in financing activities			3,102,000	-6,321,000
profit from sale of shares in associate and rights threin considered separately
other investments
net decrease in cash and cash equivalents		4,552,000	-1,332,000	-11,832,000		-2,658,000																							-172,720,000	-211,556,000
supplementary information additions to property plant and equipment represented by finance lease obligations
loss on sale of property plant & equipment
interest accrued but not due
sale of furniture and equipment
cash and bank balance at end of the period
loss on sale of investments		0	0	8,000
other non-cash items			20,000	350,000
short term investments		12,000	-2,000	417,000
loss on sale of property,plant and equipment
expenditure on property, plant and equipment								-239,970,000	-162,221,000	-263,732,000		-96,087,000	-84,557,000	-301,351,000	-106,085,000	-143,954,000	-166,563,000	-170,853,000	-197,945,000	-184,586,000	-70,770,000	-79,896,000		-101,711,000
sale of property, plant and equipment
(repayment of) / proceeds from borrowings
net cash ( used in ) / provided by financing activities
effect of foreign exchange fluctuation
net (decrease) in cash and bank balance
cash and bank balance at beginning of the year
cash and bank balance at end of year
amortization of leasehold prepayments
net investment in leases						39,000						1,576,000	-11,187,000	-509,000		1,991,000	2,463,000	501,000
net cash (used) in financing activities
net cash (used in) / from operating activities				-2,848,000		-2,100,000
(in thousands of rupees, except share data and as
otherwise stated)
impairment loss on goodwill
income / (loss) from operating activities
profit / (loss) for the year attributable to:
minority interests
foreign currency translation differences for foreign operations
defined benefit plan actuarial gains /
change in fair value of available for sale investments
share of gains and (losses) from equity accounted investees
income and (expense) recognised directly in equity
total recognised income and (expense) for the year
minority interest								5,824,000	8,508,000	5,678,000													0	76,000	-617,000	462,000	-4,286,000	-2,000
cash flows from operating activities - sum
proceeds from issue of share capital
net finance expenditure /						11,000
proceeds from / (repayment) of borrowings						14,587,000
cash and cash equivalents at period/year end
share of profit of equity accounted investees						-298,000
cash and cash equivalents at period/ year end						18,039,000
profit before tax
gain on disposal of subsidiary															0	0
net finance income
net cash (used in)/ from operating activities
business acquisition												0	0	-92,934,000
for the fiscal years ended march 31,
(in thousands of except share data and as
proceeds from / (repayment) of finance lease liabilities
cash and cash equivalents at march 31
cash and cash equivalents includes rs. 617,637 (previous year - nil) lying as bank overdrafts
additions to property, plant and equipment represented by capital lease obligations							4,415,000	919,000	917,000	1,915,000		2,733,000	944,000	776,000
net profit
adjustments to reconcile net loss to net cash from operating activities:
depreciation								122,303,000	120,446,000	110,151,000
amortization of intangible assets								7,090,000	6,037,000	10,205,000
employee stock compensation expense								10,295,000	15,358,000	13,965,000
equity in profit of affiliate												-18,650,000	-8,106,000	-15,788,000	-5,446,000
unrealized gain on account of exchange differences								2,120,000
changes in assets and liabilities:
accounts receivable								-338,903,000	-179,351,000	-386,940,000		-37,263,000	-211,256,000	-77,313,000	-105,602,000	-47,810,000	-37,081,000	-89,360,000	-173,098,000	-12,714,000	-8,654,000	15,581,000	-74,083,000
due from employees								401,000	789,000	429,000		-3,006,000	-8,676,000	29,060,000	-5,119,000	-16,668,000	-257,000	-1,908,000	1,525,000
inventories								1,556,000	-8,281,000	393,000		488,000	4,193,000	-4,534,000	6,790,000	11,846,000	23,879,000	-43,783,000	3,234,000	11,148,000	-24,588,000	5,357,000	4,507,000
prepaid expenses								-32,998,000	31,655,000	-8,705,000		-507,000	-41,121,000	1,502,000	16,616,000	-48,053,000	24,090,000	3,351,000	5,427,000	-9,530,000	53,318,000	-29,420,000	33,837,000
trade accounts payable and accrued liabilities								218,156,000	273,804,000	161,355,000		80,818,000	-98,629,000	-74,962,000	124,258,000	-9,337,000	-97,099,000	159,363,000	164,496,000	155,062,000	-23,566,000	14,651,000	58,798,000
deferred revenue								-40,754,000	90,050,000	9,063,000		-82,749,000	17,262,000	12,191,000	-59,742,000	-4,940,000	29,325,000	70,446,000	-8,325,000	37,339,000	32,536,000	5,741,000	-11,828,000
advances from customers								-15,958,000	23,228,000	13,362,000		-46,046,000	45,155,000	-48,926,000	30,823,000	-11,524,000	-40,481,000	64,252,000	-3,002,000	-10,876,000	2,795,000	-3,158,000	-6,047,000
other liabilities								-34,284,000	28,345,000	17,585,000		-137,189,000	-189,000	21,007,000	-18,029,000	15,925,000	-3,282,000	-7,220,000	31,044,000	42,716,000	1,223,000	-789,000	-51,031,000
net cash provided/(used) by operating activities
cash flows from investing activities:
net movement in cash-restricted
receipts in respect of assets given on sale-type leases								6,197,000
purchase of short term investments								0
cash flows from financing activities:
repayments of short term borrowings from banks,net
payments under capital lease obligation
net proceeds from issuance of common stock								-3,000	2,618,000	2,047,000		16,930,000	2,722,000	48,623,000	1,677,566,000				476,000	55,266,000	101,000	22,918,000	7,091,000	449,000	76,170,000	83,210,000	2,000
effect of exchange rate changes on cash and cash equivalents								-182,000	26,814,000	-24,750,000		-14,092,000	-2,144,000	13,379,000	11,879,000	6,609,000	2,820,000	-750,000	3,017,000
cash and cash equivalents at the beginning of the period								-938,333,000	0	3,070,157,000		0				0	0	1,323,912,000	0	0								0	-152,389,000	810,500,000
cash and cash equivalents at the end of the period
cash paid towards interest								-991,000	261,000	4,786,000		-3,446,000	1,138,000	2,874,000			5,200,000	1,225,000	137,000
cash paid / (refund received) towards income taxes								20,765,000	47,106,000	24,859,000		22,336,000	16,583,000	7,183,000	4,200,000	4,062,000
equity in net profit of affiliate									-42,966,000	-22,676,000
repayments of short term borrowings from banks
payment under capital lease obligation
net cash provided/(used) by financing activities
adjustments to reconcile net profit to net cash from operating activities:
receipts in respect of assets given on sale — type leases										4,270,000
net movement in cash – restricted										-190,777,000						10,000,000
repayments of short-term borrowings from banks										-628,331,000
payments under capital lease obligations										-711,000
particulars
net income
adjustments to reconcile net income to net cash from operating activities:
loss on exchange membership rights
allowance for doubtful debts
deferred tax expense
gain on exchange shares
changes in operating assets and liabilities:
deposits with clearing organizations and others
net receivable from broker-dealers and clearing organizations
net receivable from customers
securities owned
other
increase in operating liabilities:
purchase of dgcx membership
proceeds from sale of furniture, equipment
payment of bank loans
effect of foreign exchange fluctuation on cash
net increase in cash
cash at the beginning of the year
cash at the end of the year
depreciation, impairment and amortization of intangible assets and deferred stock compensation												118,388,000	122,750,000	147,476,000	118,586,000	114,586,000	115,532,000	123,007,000
gain on sale of investment
write back of amortisation of intangibles
translation loss on cash and cash equivalents												14,092,000	2,144,000	-13,379,000			-2,820,000	750,000	-3,017,000
net movement in cash — restricted																		483,000			89,431,000	-29,403,000
proceeds from sale of investments																			0	0							0
principal payments under capital lease obligations												-2,780,000	-603,000	-1,422,000	-2,506,000	-2,185,000	-1,968,000	-1,702,000	-2,561,000	-3,439,000	-1,830,000	-1,749,000	-1,860,000	-1,544,000	-1,853,000	-2,060,000	-841,000	-136,000	-517,000	-202,000
due from related parties																	45,804,000	-62,348,000	-8,810,000	595,000	-10,195,000	-2,084,000	-1,888,000
cash and cash equivalents at the beginning of the year														2,822,501,000								1,325,803,000	0			897,596,000
cash flows from operating activities:
net loss
gain on sale of investment in affiliates
net investment in sales-type leases																			2,267,000	-30,720,000
proceeds from sale of investment in affiliates
expenditure on acquisition of minority interest																							0
purchase consideration for acquisition, net of cash acquired
advances towards sale of investments
acquisition related debt
reversal of minority interest pursuant to disposal of subsidiary.
write back of amortization of intangibles
translation loss
proceeds from sale of investment
asset acquired under capital lease obligation outstanding
equity in profits of affiliates																	-18,526,000	-10,882,000
gain on sale of investments																			0	0							2,051,000
net cash from / (used in ) in financing activities
cash paid/(refund received) towards taxes																		-37,341,000
equity in losses/(profits) of affiliates																						-12,035,000
expenditure on investment in affiliates																							61,219,000	-2,013,000	-211,000	-2,258,000				-29,982,000
net movement in cash - restricted																									-86,979,000	13,266,000	18,679,000
purchase consideration for acquisition, net of cash
cash paid towards taxes																			8,855,000
depreciation, amortization of intangible assets and deferred stock compensation																				145,725,000	142,526,000	134,986,000
equity in losses / (profits) of affiliates																				-17,294,000
net loss from continuing operations
translation loss on dollar deposit denominated deposits
due from officers and employees																					1,082,000	2,413,000	1,986,000
net cash from continuing operations
effect of exchange rate changes on cash																					63,352,000	-32,457,000	-21,528,000	-3,225,000	-9,547,000	-12,763,000	-7,325,000	-871,000	1,092,000	-241,000
profit on sale of investments
depreciation, amortization and impairment
equity in losses of affiliates																							-23,506,000	-9,321,000	2,230,000	13,514,000	-11,816,000			94,142,000
loss on sale of plant and equipment																										56,000	1,557,000	275,000	-1,556,000	2,276,000
inventory write down																							-3,335,000	902,000	725,000	3,115,000	-13,553,000	1,056,000	15,717,000	3,500,000
net cash from discontinued operations
expenditure on plant and equipment																										-54,712,000	-155,994,000	-36,306,000	-61,590,000	-30,456,000
proceeds from sale of plant and equipment																										3,055,000	941,000	181,000	9,784,000	1,149,000
proceeds from sale of discontinued operation
supplemental schedule of non cash financing activity
additional common stock issued for acquisition of business
loss / (profit) on sale of assets, including investment
expenditure on intangible asset																								1,000	-1,000	-2,330,000
proceeds from sale of investments in securities and other asset																								0
loss/ (profit) on sale of assets, including investment
gain on sale of other assets																										-3,725,000
proceeds from sale of other assets																										5,694,000
deferred taxes
principal payments of long-term debt
principal payments of short term loans
capital leases
property plant and equipment purchased on credit during the year
net loss from continuing operation
depreciation, amortization and impairment of goodwill																												170,553,000	355,003,000	142,421,000
provision for doubtful receivables																												61,987,000	41,538,000	43,210,000
investment in affiliates																												-8,056,000
license fee																												-2,208,000
equity in loss of affiliates
net cash from continuing business
net cash from discontinued business
minority interest & others																														-5,869,000
expenditure on license fee																														-7,444,000
expenditure on investments
proceeds from sale of discontinued operations
proceeds from issuance of long-term debt
supplemental schedule of non cash financing and investing activities

Sify Technologies Limited(NASDAQ:SIFY)

Sify Technologies Limited
(NASDAQ:SIFY)