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About

Sify Technologies Ltd is one of the leading integrated Information Communications Technology companies in India. The company is primarily involved in providing services, such as Corporate Network and Data Services, Internet Access Services, Online Portal and Content, development of e-learning software and in selling hardware and software related to such services. They offer end-to-end solutions with a comprehensive range of services delivered over a common Internet backbone infrastructure. The company is headquartered in Chennai. The company is the fifth-largest internet access provider in the country. The services enable their business and customers to communicate, transmit and share information, access online content and conduct business remotely using the private data network or the Internet. They provide National Long Distance and International Long Distances services through their network. Sify Technologies Ltd was incorporated on December 12, 1995 as Satyam Infoway Ltd. In April 1998, the company commenced commercial operations. In October 1999, they completed their initial public offering of ADSs in the United States. Until December 2002, the company was majority-owned subsidiary of Satyam Computer Services Ltd. In January 2003, the company changed their name from Satyam Infoway Ltd to Sify Ltd. During the year 2003-04, the company acquired an enterprise assurance company, E Alcatraz Consulting Pvt Ltd. They established a centre at Mumbai to showcase their capabilities in providing security and solutions. The company's security service division received new orders from new customers namely GE, Hutch, TCS, HDFC and Toyota Kirloskar Motors. Also, they received repeat business from Whirlpool, Patni Computers and Siemens. During the year, the company acquired the entire shares of Sify Plasticscommerce Ltd held by Plasticscommerce Company Pte Ltd, Singapore and thus Sify Plasticscommerce Ltd became a wholly owned subsidiary company. The company sold their entire investments in Wisden Cricinfo Ltd for a consideration of Rs 35,269. Also, in July 3, 2007, they sold their entire take in the subsidiary, Satyam Institute of E Business Ltd to Dr Reddy's Laboratories Ltd. During the year, the entire business of the Sify eLearning Ltd including the fixed assets was transferred to the company. Also, the entire business of Satyam Webexchange Ltd, India World Communications Ltd and Sify Plasticscommerce Ltd were transferred to the company in view of the unfavourable market conditions. During the year 2004-05, the company entered into arrangements with CPA firms in the USA, whereby the company provides the expertise to facilitate Sarbanes Oxley Act compliance by the US public companies. They won two largest IP VPN orders. Also, they won new orders from Airtel and Google, as well as repeat engagements from GE India, Hutch, HDFC Standard Life, Oracle and Wipro. The company launched a standalone Remote Management Service for remotely managing and supporting infrastructure like data centers, networks, operating systems, database and application layers. They launched Games@iWay, with a number of 3D games including Counterstrike, Unreal Tournament 2004. The company made a tie up with Level Up, India to co-promote 'Ragnarok', India's first online game, and with Actoz Soft from Korea for their game A3. Also, they also started a chain of game parlours - gamedromes to promote these online and CD based games and to create a gaming community. During the year 2005-06, the company won multiple clients for their MPLS VPN services. The company's hosting and network services started integrating their service offerings for providing end-to-end offerings to customers including disaster recovery solutions. In November 2005, Satyam Computer Services Ltd divested their entire shareholding in the company to Infinity Capital Ventures LP, USA. During the year 2006-07, the company transferred the IP-VPN business to Sify Communications Ltd, a subsidiary company, with effect from November 22, 2006. In April 2006, the company acquired Globe Travels, a US-Domestic and US-India Online Travel Agency. They opened additional sales offices at USA (2 locations), London and Dubai. Also, they expanded their network reach by setting up an international Point of Presence in Singapore. During the year, the company developed a First level 4 internet data center in Bangalore to cater to the rising demand for hosting primary and disaster recovery data centers. In April 2007, the y launched Hyderabad live as a part of their expanding initiatives on local content. Hyderabad live offers real time live traffic feeds from five important locations in Hyderabad. They re-launched popular NRI portal, Samachar with audio visual content for the vast NRI diaspora. During the year 2007-08, the name of the company was changed from Sify Ltd to Sify Technologies Ltd to better reflect their core competence. Consequent to the name change, the company also changed their logo design with a new promise to their stake holders. During the year, the company launched RoamConnect, a solution that enables customers to access a global high-speed, reliable, and secure wireless Broadband service when on the move. They rechristened Sify iWay brand as Sify e-Port. Along with the brand change, they also repositioned the cafes as the largest e-services chain in the country. During the year, the company entered into several strategic tie ups with private companies and government institutions for providing services like travel ticket booking, utility bill payments, financial services, mobile recharge, international calling, online tutorials etc. through the e-Port chain. They developed their fourth Data Centre at Airoli, Navi Mumbai, to cater to rising demand. During the year, India World Communications Limited, Globe Travels Inc. Iowa, USA and Sify Americas Inc., USA had been closed as there were no business operations in these companies during the last three years. During the year 2008-09, Sify Communication Ltd, the company's subsidiary merged with the company with effect from April 1, 2008. Consequent to the merger, the VPN business was transferred to the company. Also, the National Long Distance (NLD) and International Long Distance (ILD) licences are being transferred to the company for the provision of VPN services. During the year, the company launched their ILD and NLD voice services under the licence issued by the Department of Telecommunications. They revamped the Enterprise Application Services, with consolidation and strengthening of the various services offered. In November 2008, they launched their brand new mail service from Sifymail called WIYI or World In Your Inbox. The company entered into strategic tie-ups with the National Internet Exchange (NIXI) and Microsoft for providing online educational content and certification to cafe users. Also, they entered into strategic tie ups with select colleges and competitive training institutes for conducting online examinations at ePorts. In July 2009, the company signed an MoU with Merlot by which both organizations would co-operate to develop plans and implement programs to serve and benefit both parties and their constituencies. In February 2010, the company launched their SLA driven utility based On-Demand storage service to manage the complete lifecycle of enterprise information, from its inception to its final disposal. In May 2010, the company and Gulf Bridge International (GBI), Qatar, signed an agreement to land GBI's sub-sea cable system in India. The GBI cable system, which will connect all the countries of the Gulf region to each other, will provide onward connectivity to India and beyond via Sify's landing station. In July 2010, the company has proposed to take up the laying of an international undersea cable project, connecting Delhi and Singapore.

Chairman Speech

Company History

Sify Technologies Ltd is one of the leading integrated Information Communications Technology companies in India. The company is primarily involved in providing services, such as Corporate Network and Data Services, Internet Access Services, Online Portal and Content, development of e-learning software and in selling hardware and software related to such services. They offer end-to-end solutions with a comprehensive range of services delivered over a common Internet backbone infrastructure. The company is headquartered in Chennai. The company is the fifth-largest internet access provider in the country. The services enable their business and customers to communicate, transmit and share information, access online content and conduct business remotely using the private data network or the Internet. They provide National Long Distance and International Long Distances services through their network. Sify Technologies Ltd was incorporated on December 12, 1995 as Satyam Infoway Ltd. In April 1998, the company commenced commercial operations. In October 1999, they completed their initial public offering of ADSs in the United States. Until December 2002, the company was majority-owned subsidiary of Satyam Computer Services Ltd. In January 2003, the company changed their name from Satyam Infoway Ltd to Sify Ltd. During the year 2003-04, the company acquired an enterprise assurance company, E Alcatraz Consulting Pvt Ltd. They established a centre at Mumbai to showcase their capabilities in providing security and solutions. The company's security service division received new orders from new customers namely GE, Hutch, TCS, HDFC and Toyota Kirloskar Motors. Also, they received repeat business from Whirlpool, Patni Computers and Siemens. During the year, the company acquired the entire shares of Sify Plasticscommerce Ltd held by Plasticscommerce Company Pte Ltd, Singapore and thus Sify Plasticscommerce Ltd became a wholly owned subsidiary company. The company sold their entire investments in Wisden Cricinfo Ltd for a consideration of Rs 35,269. Also, in July 3, 2007, they sold their entire take in the subsidiary, Satyam Institute of E Business Ltd to Dr Reddy's Laboratories Ltd. During the year, the entire business of the Sify eLearning Ltd including the fixed assets was transferred to the company. Also, the entire business of Satyam Webexchange Ltd, India World Communications Ltd and Sify Plasticscommerce Ltd were transferred to the company in view of the unfavourable market conditions. During the year 2004-05, the company entered into arrangements with CPA firms in the USA, whereby the company provides the expertise to facilitate Sarbanes Oxley Act compliance by the US public companies. They won two largest IP VPN orders. Also, they won new orders from Airtel and Google, as well as repeat engagements from GE India, Hutch, HDFC Standard Life, Oracle and Wipro. The company launched a standalone Remote Management Service for remotely managing and supporting infrastructure like data centers, networks, operating systems, database and application layers. They launched Games@iWay, with a number of 3D games including Counterstrike, Unreal Tournament 2004. The company made a tie up with Level Up, India to co-promote 'Ragnarok', India's first online game, and with Actoz Soft from Korea for their game A3. Also, they also started a chain of game parlours - gamedromes to promote these online and CD based games and to create a gaming community. During the year 2005-06, the company won multiple clients for their MPLS VPN services. The company's hosting and network services started integrating their service offerings for providing end-to-end offerings to customers including disaster recovery solutions. In November 2005, Satyam Computer Services Ltd divested their entire shareholding in the company to Infinity Capital Ventures LP, USA. During the year 2006-07, the company transferred the IP-VPN business to Sify Communications Ltd, a subsidiary company, with effect from November 22, 2006. In April 2006, the company acquired Globe Travels, a US-Domestic and US-India Online Travel Agency. They opened additional sales offices at USA (2 locations), London and Dubai. Also, they expanded their network reach by setting up an international Point of Presence in Singapore. During the year, the company developed a First level 4 internet data center in Bangalore to cater to the rising demand for hosting primary and disaster recovery data centers. In April 2007, the y launched Hyderabad live as a part of their expanding initiatives on local content. Hyderabad live offers real time live traffic feeds from five important locations in Hyderabad. They re-launched popular NRI portal, Samachar with audio visual content for the vast NRI diaspora. During the year 2007-08, the name of the company was changed from Sify Ltd to Sify Technologies Ltd to better reflect their core competence. Consequent to the name change, the company also changed their logo design with a new promise to their stake holders. During the year, the company launched RoamConnect, a solution that enables customers to access a global high-speed, reliable, and secure wireless Broadband service when on the move. They rechristened Sify iWay brand as Sify e-Port. Along with the brand change, they also repositioned the cafes as the largest e-services chain in the country. During the year, the company entered into several strategic tie ups with private companies and government institutions for providing services like travel ticket booking, utility bill payments, financial services, mobile recharge, international calling, online tutorials etc. through the e-Port chain. They developed their fourth Data Centre at Airoli, Navi Mumbai, to cater to rising demand. During the year, India World Communications Limited, Globe Travels Inc. Iowa, USA and Sify Americas Inc., USA had been closed as there were no business operations in these companies during the last three years. During the year 2008-09, Sify Communication Ltd, the company's subsidiary merged with the company with effect from April 1, 2008. Consequent to the merger, the VPN business was transferred to the company. Also, the National Long Distance (NLD) and International Long Distance (ILD) licences are being transferred to the company for the provision of VPN services. During the year, the company launched their ILD and NLD voice services under the licence issued by the Department of Telecommunications. They revamped the Enterprise Application Services, with consolidation and strengthening of the various services offered. In November 2008, they launched their brand new mail service from Sifymail called WIYI or World In Your Inbox. The company entered into strategic tie-ups with the National Internet Exchange (NIXI) and Microsoft for providing online educational content and certification to cafe users. Also, they entered into strategic tie ups with select colleges and competitive training institutes for conducting online examinations at ePorts. In July 2009, the company signed an MoU with Merlot by which both organizations would co-operate to develop plans and implement programs to serve and benefit both parties and their constituencies. In February 2010, the company launched their SLA driven utility based On-Demand storage service to manage the complete lifecycle of enterprise information, from its inception to its final disposal. In May 2010, the company and Gulf Bridge International (GBI), Qatar, signed an agreement to land GBI's sub-sea cable system in India. The GBI cable system, which will connect all the countries of the Gulf region to each other, will provide onward connectivity to India and beyond via Sify's landing station. In July 2010, the company has proposed to take up the laying of an international undersea cable project, connecting Delhi and Singapore.

Directors Reports

Dear Members,

The Board of Directors of Your Company hereby presents the report of business and operations together with the Audited Financial Statements of your Company for the Financial Year ended March 31, 2020.

1. FINANCIAL INFORMATION

Rs in lakhs

Financial Highlights

Details

Standalone

Consolidated

2019-20 2018-19 2019-20 2018-19
Income from operations 225,720 2,05,965 2,29,521 2,15,469
Other Income 2,935 2,547 3,012 2,635
Profit Before Interest, Tax, Depreciation and Amortization (PBITDA) 40,261 31,554 40,081 31,691
Depreciation and Amortization 22,633 15,309 22,908 15,339
Interest Expense (Net) 7,107 5,767 6,976 5,644
Profit Before Tax 10,521 10,478 10,197 10,714
Profit After Tax 7,408 10,478 7,054 10,687

Standalone Financial Statements:

During the year under review, your Company registered revenue from operations of T 225,720 lakhs as against T 2,05,965 lakhs in the previous year, a growth of 9.59%. The PBITDA for the year was T 40,261 lakhs as compared to T 31,554 lakhs in the previous year, a growth of 27.59%. The Profit after Tax for the year was T 7,408 lakhs compared to T 10,478 lakhs in the previous year, a decrease of 29.30%.

Consolidated Financial Statements:

During the year under review, your Company registered revenue from operations of T 2,29,521 lakhs as against T 2,15,469 lakhs in the previous year, a growth of 6.52%. The PBITDA for the year was T 40,081 lakhs as compared to T 31,691 lakhs in the previous year, a growth of 26.47%. The Profit after Tax for the year was T 7,054 lakhs compared to T 10,687 lakhs in the previous year, a decrease of 33.98%.

1.1 Financial information of the Subsidiaries

In accordance with Section 129(3) of the Companies Act, 2013, Your Company has prepared the Consolidated Financial Statements of the Company. Further, a statement containing the salient features of the Financial Statements of our Subsidiaries in the prescribed Form AOC-1 is provided as Annexure 1 to this Report. The statement also provides the details of performance and financial position of each of the Subsidiaries. A brief of the performance of the Subsidiaries is as follows:

Sify Technologies (Singapore) Pte. Ltd, Singapore

During the year under review, the Company reported revenue of T 1,022 lakhs as compared to T 5,811 lakhs in the previous year. The loss was T 15 lakhs as compared to profit of T 52 lakhs in the previous year.

Sify Technologies North America Corporation, USA

During the year under review, the Company reported revenue of ? 6,081 lakhs as compared to ? 5,781 lakhs in the previous year. The Loss was ? 295 lakhs as compared to profit of ? 187 lakhs in the previous year.

Sify Data and Managed Services Limited

Sify Data and Managed Services Limited, a Wholly-owned Subsidiary, is yet to commence its operations and hence no revenue has been reported.

Sify Infinit Spaces Limited

Sify Infinit Spaces Limited, a Wholly-owned Subsidiary, is yet to commence its commercial operations and hence no revenue has been reported.

1.2. Dividend

Due to the unexpected outbreak of pandemic COVID 19 and the consequent lockdown and reduced economic activities, compounded by uncertainty of the timing of return to normalcy, your Directors consider it appropriate to conserve resources within the company to stay liquid and use prudently for expansion. Hence your Directors do not recommend any dividend for the year 2019-20.

1.3. Transfer to Reserves

The Company has not transferred any amount to the Reserves during the current Financial Year.

1.4. Share Capital

During the year under review, the Share Capital has increased on account of exercise of Stock Options issued to Associates under the Associates Stock Option Plan 2014 (ASOP).

The Options issued under Associates Stock Option Plan 2014 (ASOP) and also the disclosures were in compliance with the provisions of Section 62 of the Companies Act, 2013 read with Rule 12(9) of the Companies (Share Capital and Debentures) Rules, 2014. No employee was issued Stock Option during the year equal to or exceeding 1% of the issued capital of the Company at the time of grant.

In this regard, the Nomination and Remuneration Committee has approved grant of options during the year as per the details given below:

S. No. particulars No of options No of Employees
1. Options granted 72,20,000 166
2. Options vested 91,900 6
3. Options exercised 78,900 3
4. Total number of shares arising as a result of exercise of option 78,900 3
5. Options lapsed 673,300 14
6. Exercise price 70.90 -
7. Variation of terms of options Nil Nil
8. Money realized by exercise of options (in lakhs) 53 -
9. Total number of options in force 1,10,56,100 217

Employee-wise details of options granted to:

S. No. particulars No. of options
1. Key Managerial Personnel 5,50,000
2. Any other employee who receives a grant of options in any one year of option amounting to five percent or more of options granted during that year Nil
3. Identified employees who were granted options, during any one year, equal to or exceeding one percent of the issued capital (excluding outstanding warrants and conversions) of the company at the time of grant Nil

1.5 Particulars of Loans, Guarantees and Investments

Loans, Guarantees and Investments covered under Section 186 of the Companies Act, 2013 form part of the Notes to the Financial Statements provided in this Annual Report.

1.6 Deposits

Your Company has not accepted any deposits within the meaning of Section 73 of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014.

1.7 Events subsequent to the date of financial statements

No material changes and commitments have occurred affecting the financial position of the Company after March 31, 2020 till the date of this Report.

1.8 Major Corporate Developments

Transfer of Business Undertakings to wholly-owned subsidiaries

The Company's business comprises Enterprise Network services, Data Center colocation services and other IT Services (Cloud and Managed Services, Application Integration Services and Technology Integration Services) and it has different attributes, drivers and has reached a scale where they require independent growth led strategy while still retaining the overall Information and Communication Technology positioning.

Also, the competition, customers, vendor ecosystem of these businesses are quite independent. It is hence proposed to reorganize by demerging the Company into two Wholly owned subsidiaries; one for DC business and another for IT Services Business. This structure would enable exploring partnerships with strategic players for business growth and value creation for the respective businesses.

Your Directors propose to transfer the Data Center Business, Technology Integration and Application Integration, Cloud and Managed Services together with all specified tangible and intangible assets, including Land, Building, Plant and Machinery and other assets, liabilities and interests thereof including identified Employees, Licences, Regulatory Approvals, Permits, Contracts, Intellectual Property Rights in relation to the Undertaking with effect from 1st April 2020 or such other date as may be decided by the Board of Directors of the Company for such consideration whether in cash or shares or debt or a combination thereof as the Board may deem appropriate, arrived at based on the independent valuation of the Undertakings done by a Registered Valuer to be appointed under the Companies (Registered Valuers and Valuation) Rules, 2017, as a "Going Concern" and by way of a slump sale basis or in any other manner as the Board may deem fit in the interest of the Company to the following Wholly-owned Subsidiary Companies on such terms and conditions as more appropriately defined in the Business Transfer Agreement proposed to be executed by the Company with the 100% owned Subsidiaries:

Name of the Company Nature of Business to be transferred
Sify Infinit Spaces Limited, a Wholly-owned Subsidiary Company Data Center Services
Sify Digital Services Limited or such other name as may be approved by the Registrar of Companies (a Wholly-owned Subsidiary Company to be incorporated) Cloud and Managed Services, Application Integration services and Technology Integration Services

The businesses will consequently get better focus with Independent Management to take advantage of the huge untapped potentials prevailing in the market including attracting interested Investors for scaling up the business.

Your Directors recommend transfer of the undertakings by way of slump sale as above on a going concern basis subject to the approval of the shareholders and other concerned authorities.

Your Directors are of the opinion that the above proposal is in the best interest of the Company for unlocking value and creating further value, which would benefit the shareholders.

2. BUSINESS REVIEW

2.1 Business Strategy and Overview:

The past few years spent building a strong repository of Cloud enabled services came to fruition in an unlikely and unintended scenario. In the midst of the national lockdown owning to the COVID scare, both Your Company and clients relied heavily on automation to enable a suite of services to keep essential Networks and Data services running.

Your Company's services passed the litmus test with seamless transfer onto automated dashboards that were enabled at the client's end across multiple verticals during these trying times. Your Company's strong infrastructure base topped up with customizable services played the perfect host in the said transfer without any dependency on third party infrastructure.

While the current conditions might not be favorable to pursue businesses elsewhere, Your Company continues to pursue the agenda of being a comprehensive Enterprise network, Data Center and Cloud services provider with additional capital investments through the year. When things come to fruition, Your Company will occupy an enviable position as a digital transformation specialist with the most comprehensive ICT ecosystem, all of it built inhouse.

2.2 Technology Trends:

In the new world of IT, the Top Technology trends, according to the World Economic Forum would be the following.

1. Online shopping/ Robotic Deliveries

2. Digital and Contactless Payments

3. Remote Work

4. Distance Learning

5. Telehealth

6. Online Entertainment

7. Supply Chain 4.0

8. 3D Printing

9. Robotics and Drones

10. 5G and ICT

Post COVID, technologies that will not be resource dependent and elastic based on Enterprise needs software intelligent networks, self-computing AI driven databases and bot-assisted service desks will form the bulk of the new landscape. Given that a fair share of Your Company's revenue stems from multi-year deals, the revenue cycle remains assured in a majority of the cases.

What has opened a window of opportunity for Your Company is the new realm of Technology services that will be dictated by Intellectual property. A good number of Enterprises will seek to build a mirror of services online that will help Enterprises move their services into autopilot, should a force majeure be invoked in the future. These services will require intelligent machine learning and assists, geography-agnostic implementation and bot- driven problem solving.

Pre-COVID, Your Company's foresight to put together a full scale of services that will sit atop the stack of traditional services appealed to international players, both from a cost-efficiency and quick-to-market perspective, as it crunched their shopping cycle. In building the IT architecture for MNCs, Your Company built a positive equity with the domestic markets, a good number of Enterprises who viewed Your Company being the first choice of partner to some of the largest MNCs for multi-year service deals as a natural endorsement of the maturity of Your Company's services. Once the fear around COVID subsides, Enterprises would prefer to kick-start the momentum to gain lost time. Viewed with that perspective, Your Company's sees the current slowdown as only a pause in time.

2.3 Outlook

Data Centers

The Indian data center sector is expected to see 431 MW (IT power load) capacity additions during 2020-24. This would require a total design power capacity addition of ~713 MW. Based on the industry benchmark of $4 million per MW, this would require an investment of $4.6 billion over the next five years. This investment excludes land costs, which differ across locations.

Cloud Services

According to Gartner Inc, public cloud services revenue in India is projected to be a total of $2.4 billion in 2019, an increase of 24.3% from 2018. Even though India's revenue will represent only 1.2% of the global public cloud services total in 2019, it ranks among the nine countries whose growth rate will be higher than the global average growth rate (16%). India is also pacing up to record the third-highest growth rate in 2019 after China and Indonesia.

The shift from the ‘cloud first' to the ‘cloud only' model is pushing Organizations in India to increase their spending on public cloud services to advance their digital business initiatives. Cloud application services (SaaS) is set to be the fastest-growing market segment in India in 2019, accounting for nearly half of total public cloud services revenue, followed by cloud system infrastructure services (IaaS). The SaaS revenue is estimated to grow 23% in 2019 to reach $1.15 billion, while IaaS spending is likely to be up 22% in 2019.

The growth of SaaS spending is being fuelled by the increased end-user spending on customer relationship management (CRM) as organizations in India move away from commercial off-the-shelf (COTS) and license-based on-premises software to a subscription- based SaaS model to gain agility, innovation and cost efficiency.

The bottom line is that a robust cloud platform will be the vehicle for India to flatten its digital divide and pave the way for the making of a strong digital economy. At Sify, our Cloud@Core positions us perfectly to capitalize on the promising opportunities to make a significant contribution to new-generation Digital India.

NASSCOM estimates the size of the Indian cloud computing market to almost triple by 2022, averaging an annual growth rate of 30% to touch $7.1 billion. This growth is expected to be driven by increased awareness, consumerization of IT, proliferation of start-ups, a diverse landscape of supplier ecosystem, rising investments in infrastructure and availability of talent. Cloud has emerged as an economic proposition for India's small and medium enterprises, large enterprises and the government. The technology is increasingly being embraced across businesses as well as consumers. Complementing the ecosystem are futuristic technologies such as AI, machine learning (ML), analytics and the seamless adoption of SaaS, IaaS and PaaS (platform-as-a-service) offerings - which increase its acceptance.

Data Network services

Networking & Bandwidth

The cloud applications have a ferocious appetite for bandwidth - not just at the user end, but also inside the data center and between data centers. To address this meteoric rise in bandwidth demand, networking vendors have stepped on the gas to provide better connectivity and flexibility.

With the proliferation of public cloud, Software-as-a-Service, larger, rich packet types of applications like video and the anticipated data volumes that will characterize the IoT, network needs and location has vaulted to the top of the list for determining where an upcoming data center should be located. This heightened emphasis on location is being driven by the desire to place information as close to the end-user as possible to eliminate the negative impact of latency on applications that must process information in real time for the information to be usable.

Increasing network relevance

India's internet consumption rose by 13% since the nationwide lockdown was put in place to check the spread of Covid-19, according to telecom ministry data that showed Indians consumed 308 petabytes (PB) or 308,000 terabytes (TB) of data daily on an average for the week beginning March 22, 2020.

In the wake of the pandemic, as more and more employees from across industries are being ordered to work from home it is expected that sharp slowdowns in data speeds, dropped video calls and heavy buffering may be in the near future for all consumers of mobile and home broadband services.

As per Ookla, a US-based mobile and broadband network intelligence firm, the fixed broadband download speed in India reduced to 35.98 Mbps in March 2020 as compared to 39.65 Mbps a month ago. As stated by Tutela median download and upload speeds (for both WiFi and mobile data) between 11 AM and 11 PM dropped by up to 36% and 17%, respectively, after March 25 when compared to February's average. Moreover, there is higher packet loss and latency, which are also indicators that the network is congested.

Going forward, as Cloud Computing gaining center stage in the aftermath of the global pandemic, the relevance of a strong network with high uptime and speed will only be amplified.

2.4 COVID 19: Impact and Mitigation

Impact on Financial condition:

Your Company's principal services viz., Network and Data Center centric Services, are classified as ‘essential services' during the lockdown period. Your Company does not see a material impact on the financial condition and results of operations. Though in short and medium term, see the demand to be sluggish, it is not expected to materially impact the Financial condition and results in the long term.

Impact on business and products:

The impact on Your Company's Network centric Services is ‘Neutral'. Though there are some effects due to reduction in branch office network requirement, Your Company is witnessing an increase in demand for connecting to Data Center and Cloud connect offerings. The demand for DC Centric products is increasing due to remote work arrangements and increased data security requirement from customers. On the supplier side, Your Company has a time tested supply chain, but due to COVID-19, some delay can be expected in completion of the expansion projects and commencing new projects.

Impact on Liquidity:

Your Company has reasonably adequate cash balance, undrawn lines of credit and receivables from customers who have good payment record to meet its expenses in the short term. Your Company does not see any material uncertainty about its ongoing ability to meet the covenants of any credit arrangements. There are no significant changes in the accounting judgements due to COVID-19 circumstances which has impacted the accounting of any of the assets on the Balance Sheet. Your company has evaluated the carrying value of assets in the Balance Sheet for any impairment and does not anticipate any material impairments or any increase in credit losses of these assets.

Impact on Systems & Controls:

Your Company has carried out a detailed business impact analysis of the remote work arrangements and its ability to maintain operations including financial reporting systems, Internal Financial Control and disclosure controls and procedures. There are no material changes that have occurred which materially affect or reasonably likely to affect the Internal Financial Control. Your Company does not anticipate any challenges in maintaining the systems and controls in case such remote work arrangement continues. All lines of business of Your Company have triggered the business continuity plans which are tested on a continuous basis. Your Company believes there are enough captive resources and infrastructure to implement these plans.

Impact on operations:

Your Company has deployed tools and automated many of the customer delivery processes and not materially affected on account of constraints on human capital resources. The projects which are to be delivered at the customer premise are affected by this calamity and your company is actively engaged with the customer to deliver these projects, when normalcy resumes as some of them also have dependency on suppliers supplying the equipment. The customers have wherever required been informed of the enforcement of Force Majeure clauses. Majority of the company service offerings are delivered remotely and hence Your Company does not see any material impact on account of travel restrictions and border closures.

2.5 The key highlights for the year 2019-20

• Capacity Expansion of the Data Center in Mumbai. New facilities at Hyderabad and Kolkata.

• New expansion of data centers in Mumbai, Chennai, Bengaluru and Delhi regions.

• Connectivity services to Oracle FastConnect PoP at the Rabale Data Center in Mumbai, in addition to GlobalCloudConnect (GCC), Amazon Web Services and Microsoft Azure.

• Launched the First Media-Focussed Private Cloud in partnership with BeBop Technology partners

• Multiple successful handovers of Data center transformation projects, WAN and Security refresh projects and DC/DR build projects across BFSI and Government organizations

• The Network business launched Carrier Ethernet and augmented the Metro network in Hyderabad.

• Extended the AMS-IX Carrier-Neutral Internet Exchange to Kolkata and Hyderabad.

• Consulting practice for Cloud & Managed Services now offered in Europe through ZSAH Managed Technology services.

• Onboarded Global Network service provider from the GCC region.

• Continued investments in building the wired network in metro cities, network now covers 1600 towns and cities and India and offers 100,000 Enterprise endpoints.

2.6 Awards

Your Directors are pleased to place on record that your Company was awarded the following during the Financial Year 2019-20:

Awards:

> ET Iconic Brands of India 2020- Hybrid Multi Cloud

> Voice & Data CyberMedia- Leadership Recognition Award 2019 for Network Transformation

> Won the Brandon Hall Group's Gold award for excellence in the ‘Best Advance in Learning Measurement'.

Recognition:

> Security Audit and Compliance Services in Gartner's Market Guide for Vulnerability Assessment and Penetration Testing (VAPT) Consulting Services in India 2019

> Major Player in IDC MarketScape report for Cloud Managed Services APeJ 2019

With endorsement on these scales, recognition for Your Company was not too far behind. Your Company was recognised by the Peers in the industry with two CIO Choice Awards for Data Center and Network Transformation. Your company was also featured in two of Gartner's industry reports: Market Guide for Top DC services providers and Critical Capabilities for Managed Hybrid Cloud Hosting APAC.

3. GOVERNANCE AND ETHICS

3.1 Corporate Governance

Your Company is compliant with the requirements of SEC / NASDAQ Regulations relating to the independence of Directors in Board, Audit, Nomination & Remuneration, Compensation and Nominating Committees.

In further compliance with the laws of the lands and the guidelines laid down by the Ministry of Corporate Affairs, Your Company affirms its consonance with the principles of the National Guidelines on Responsible Business Conduct (NGRBC).

1. Businesses should conduct and govern themselves with integrity in a manner that is Ethical, Transparent and Accountable.

2. Businesses should provide goods and services in a manner that is sustainable and safe.

3. Businesses should respect and promote the well-being of all employees, including those in their value chains.

4. Businesses should respect the interests of and be responsive to all their stakeholders.

5. Businesses should respect and promote human rights.

6. Businesses should respect and make efforts to protect and restore the environment.

7. Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that is responsible and transparent.

8. Businesses should promote inclusive growth and equitable development.

9. Businesses should engage with and provide value to their consumers in a responsible manner.

Your Company ensures strict compliance with Whistle Blower Policy and Code of Conduct for the Board of Directors and Senior Management.

The provisions of the Sarbanes-Oxley Act of 2002 which are applicable to the Company have been complied with.

3.2 Directors' responsibility statement

Your Directors state:

i) that in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

ii) that they had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the Financial Year and of the profit or loss of the Company for that period;

iii) that they had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

iv) that they had prepared the annual accounts on a going concern basis;

v) that they had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

3.3 Board Meetings

During the year, the Board of Directors of your Company met Five times. The dates of meetings are April 22, 2019, July 24, 2019, October 18, 2019, December 11, 2019 and January 24, 2020.

The maximum interval between any two meetings did not exceed 120 days as prescribed under 173(1) of the Companies Act, 2013

3.4 Directors and Key Managerial personnel

i. Key Managerial personnel

As per the provisions of Section 203 of the Companies Act, 2013 read with Rule 8 and 8A of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the following Officers of the Company were designated as the WholeTime Key Managerial Personnel of the Company:

Mr Raju Vegesna Chairman and Managing Director
Mr M P Vijay Kumar Chief Financial Officer
Mr V Ramanujan Company Secretary

ii. Independent Directors

The following Directors have continued as Independent Directors of the Company.

1. Dr T H Chowdary

2. Mr C B Mouli

3. Mr C E S Azariah

4. Mr Arun Seth

3.5 Directors

i. Retirement by rotation

Ms Vegesna Bala Saraswathi, Director, retires by rotation at the ensuing Annual General Meeting and being eligible, offers herself for reappointment. Your Directors recommend her re-appointment.

ii. Reappointment of Executive Director

Based on the recommendation of the Nomination & Remuneration Committee and subject to the approval of the members of the Company, the Board of Directors of the Company proposes to reappoint Mr Ananda Raju Vegesna as the Executive Director of the Company for a further period of five years effective June 22, 2020, with such remuneration as may be decided by the Committee and Board in compliance with the provisions of Section 196 and 197 read with Part II of Schedule V of the Companies Act, 2013.

The Committee has also recommended to the Board that in case the date of Annual General Meeting is fixed beyond June 22, 2020, Mr Ananda Raju Vegesna be appointed by the Board as an Additional Director under Section 161 of the Companies Act from June 22, 2020, till the date of the Annual General Meeting.

Pursuant to the recommendation of the Committee, the Board of Directors on May

5. 2020, have appointed Mr Ananda Raju Vegesna as an Additional Director under Section 161 of the Companies Act, 2013 and he shall hold office up to the date of the ensuing Annual General Meeting and is eligible for election as a Director by the shareholders at the AGM.

Your Company has received a Notice from a Member proposing his appointment as envisaged in Section 160(1) of the Companies Act, 2013. However, consequent to the Companies (Amendment) Act, 2017, the requirement of deposit of '1,00,000/- by the Member who is proposing his appointment, shall not apply, where such appointment is recommended by the Nomination and Remuneration Committee.

iii. Declaration by Independent Directors

The Company has received necessary declaration from each Independent Director of the Company under Section 149(7) of the Companies Act, 2013 confirming that they meet with the criteria of their Independence laid down in Section 149(6) of the Companies Act, 2013. For the purpose of Rule 8(5)(iiia) of the Companies (Accounts) Rules, 2014, there were no independent directors appointed during the year ended March 31, 2020

iv. Registration in the Databank of Independent Directors

As per the Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2019, every Independent Director who was already appointed or proposed to be appointed, is required to apply with the Indian Institute of Corporate Affairs (IICA) for the inclusion of his name in the Data Bank of Independent Directors.

As per the above rules, Your Company Independent Directors have enrolled with Indian Institute of Corporate Affairs and complied with the provisions of Rules.

3.6 Committees

i. Audit Committee

The Audit Committee consists of Mr C B Mouli, Mr Arun Seth and Mr C E S Azariah as Members. Mr C B Mouli is the Chairman of the Committee and is a Financial Expert.

ii. Compensation Committee

The Compensation Committee consists Dr T H Chowdary, Mr C B Mouli and Mr C E S Azariah as Members. Dr T H Chowdary is the Chairman of the Committee.

iii. Nomination and Remuneration Committee

The Nomination and Remuneration Committee consists Dr T H Chowdary, Mr C B Mouli and Mr C E S Azariah as Members. Dr T H Chowdary is the Chairman of the Committee.

The Company has framed a Policy on the Directors' appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a Director and other matters provided under sub-section (3) of section 178 of the Companies Act, 2013.

iv. Corporate Social Responsibility Committee

The Corporate Social Responsibility Committee consists Mr Raju Vegesna, Mr Ananda Raju Vegesna and Mr C E S Azariah as Members. Mr Raju Vegesna is the Chairman of the Committee.

v. Nominating Committee

The Nominating Committee constituted under the SEC Regulations consists Dr T H Chowdary, Mr C B Mouli and Mr C E S Azariah as members. Dr T H Chowdary is the Chairman of the Committee.

3.7 Statement of performance Evaluation by the Board

The Board of Directors of your Company, basis the procedures (through questionnaires, One to One Meetings and discussion with all the stakeholders), have evaluated its own performance and that of its Committees and Individual Directors.

The performance evaluation criteria for Directors is determined by the Nomination and Remuneration Committee.

3.8 Remuneration policy

The Board, Nomination & Remuneration and Compensation Committee framed a Policy for selection and appointment of Directors including determining qualifications, independence of a Director, Key Managerial Personnel, Senior Management Personnel and their remuneration as part of its Charter and other matters provided under Section 178(4) of the Companies Act, 2013 and the policy has been displayed on the Company's website at www.sifytechnologies.com.

3.9 Risk Management

The Board of Directors of the Company has approved the Risk Management Policy wherein all material risks faced by the Company are identified and assessed.

Business risks are identified based on incident analysis and the environment in which the Company operates and the focus on Risk Management continues to be high. The periodic assessment of business risk environment is carried out to identify significant risks to the achievement of business objectives of the Company. Key risks are reported and evaluated at appropriate forums and levels within the Company. The Risk Committee of the Company is responsible for assisting the Audit Committee with full status of the risk assessment and management of the risks. Audit Committee and the Board also obtain periodical updates on identified risks, depending upon the nature, quantum and likely impact on the business.

3.10 Vigil Mechanism

In compliance with the procedure laid down under the Whistleblower Policy / Vigil mechanism as required under the Companies Act, 2013 / Sarbanes-Oxley Act, 2002, the Company has established procedures for:

i. receiving, retaining and treating complaints received;

ii. confidential, anonymous submission by employees / Directors, of complaints regarding questionable accounting or auditing matters, conduct which results in a violation of law by Company or in substantial mismanagement of Company resources;

iii. reporting the genuine concerns by the employees and Directors;

iv. adequate safeguards against victimization of persons who use the vigil mechanism.

3.11 NASDAQ Listing

Your Company achieved a major milestone of completion of 20 continuous years of listing on the prestigious NASDAQ Stock market.

NASDAQ Listing Compliances:

On April 23, 2020, your Company received a letter from the Listing Qualifications Department of the Nasdaq Stock Market ("Nasdaq") indicating that, based upon the closing bid price of the Company's common stock for the last 30 consecutive business days, the Company did not meet the minimum bid price of $1.00 per share required for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2).

In terms of the letter, given the extraordinary market conditions, Nasdaq has determined to toll the compliance periods for the bid price and market value of publicly held shares requirements through June 30, 2020. As a result, the compliance periods for the Price- based Requirements will be reinstated on July 1, 2020. Hence, the Company needs to regain compliance by December 28, 2020 pursuant to NASDAQ Listing Rule.

Your Company is in the process of evaluating options to comply with the minimum bid price requirement for regaining compliance of the Listing Rule.

3.12 Related party Transactions

Particulars of contracts/arrangements entered into by the Company with Related Parties referred to in Sub-section 1 of Section 188 of the Companies Act, 2013 during the Financial Year 2019-20 are listed below:

Subsidiary Companies

Sify Technologies (Singapore) pte. Limited Amount in ? Lakhs
Advances given Nil
Receipt of Services 633
Purchase of goods Nil
Rendering of Services 64
Sale of Property, Plant & Equipment Nil
Trade Receivables 334
Trade Payables 978
Sify Technologies North America Corporation Amount in ? Lakhs
Advances given Nil
Receipt of services Nil
Rendering of Services 2,869
Advances repaid Nil
Trade Receivables 1,020
Sify Data and Managed Services Limited Amount in ? Lakhs
Advances given 1,286
Interest on Loan accrued 11
Investment made in Shares Nil
Advances Receivables 1306
Interest Receivable 11
Sify Infinit Spaces Limited Amount in ? Lakhs
Services rendered 20
Investment made in Shares Nil
Advances receivables 20
Amounts receivable 20

Holding Company

Raju Vegesna Infotech and Industries Private Limited Amount in T Lakhs
Lease rental paid 12
Enterprise over which KMP have a significant influence
Raju Vegesna Developers Private Limited Amount in T Lakhs
Lease rental paid 5
Radhika Vegesna
Lease rental paid 62
Others
Name of the Director Nature of Payment Amount in T Lakhs
Dr T H Chowdary, Director Consultancy Services 3

Particulars of contracts or arrangements or transactions with Related Parties during the year referred to in Section 188(1) of the Companies Act, 2013, in the prescribed Form AOC-2, is appended as Annexure 2 to the Board's report.

3.13 Employees' Particulars in terms of Section 197 read with rules therewith of the Companies Act, 2013

The provisions of Section 197(12) of the Companies Act, 2013 and the Rule 5 (2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are not applicable to the Company.

3.14 Policy on Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

Your Company has a zero tolerance approach for sexual Harassment of Women at Workplace. A policy has been framed and adopted for prevention, prohibition and redressal of sexual harassment at workplace in line with the provisions of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules framed thereunder. An Internal Complaints Committee has been constituted and there were no Complaints reported under the Act during the year.

3.15 Extract of Annual Return

As required under Section 92(3) of the Companies Act, 2013 read with rule 12(1) of the Companies (Management and Administration) Rules, 2014, an extract of Annual Return in Form MGT-9 has been displayed on the Company's website at www.sifytechnologies.com.

3.16 Secretarial Standards

During the year, your Company has complied with the provisions of the applicable mandatory Secretarial Standards issued by Institute of Company Secretaries of India.

4. internal financial controls and audit

4.1 Adequacy of Internal Financial Controls

The Internal Financial Control is a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Financial Statements for external purposes in accordance with applicable reporting requirement standards. Our Internal Financial Control includes:

> that all disclosures as required by law and applicable accounting/reporting standards have been complied with;

> that all policies and procedures of the Company have been adhered to and those policies and procedures relating to safeguarding of assets have been complied with;

> that compliance of such policies and procedures enable prevention and detection of fraud and error;

> that policies and procedures adopted by the Company ensure accuracy and completeness of accounting records.

On account of its inherent limitations, Internal Financial Control may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

The assessment of the effectiveness of our Internal Financial Control as of March 31, 2020 was conducted. The assessment of Internal Financial Control was based on the evaluation of the framework in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Tread way Commission (COSO). Based on the assessment, it was concluded that our Internal Financial Control was effective as of March 31, 2020.

4.2 Auditors

i. Statutory Auditors a. Name and Address

M/s ASA & Associates LLP, Chartered Accountants, 7th Floor, Beta Wing, Raheja Towers, Anna Salai, Chennai 600 002.

In terms of Section 139 of the Companies Act, 2013, the members had appointed them as Statutory Auditors for the second term of five years at the Twentieth Annual General Meeting held on July 4, 2016 to hold office from the conclusion of that Annual General Meeting until the conclusion of 2021 Annual General Meeting subject to ratification at every Annual General Meeting at a remuneration recommended by the Audit Committee.

However, the same was amended through Companies (Amendment Act, 2017) notified on May 7, 2018 which dispensed with the requirement of ratification at every AGM.

The Company has received a certificate from M/s ASA & Associates LLP, Chartered Accountants confirming they continue to be compliant with the provisions of Section 141 of the Companies Act, 2013.

ii. Secretarial Auditor

Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed Mr V Ramasubramanian, Company Secretary in Practice to undertake the Secretarial Audit of the Company.

a. Name and Address

Mr V Ramasubramanian, Practising Company Secretary, Flat 3B, No.5, Second Main Road, Kannappa Nagar, Thiruvanmiyur, Chennai 600 041.

b. Report

The Report of the Secretarial Auditor in Form MR-3 for the Financial Year ended March 31, 2020 is provided as Annexure 3 to the Report.

The Report does not contain any qualifications, reservations or adverse remarks.

The Board has reappointed Mr V Ramasubramanian, Practicing Company Secretary as Secretarial Auditor of the Company for the Financial Year2020-21.

iii. Cost Auditor

Pursuant to the provisions of Section 148 of the Companies Act, 2013 and the Rules made thereunder, the Company has appointed the Cost Auditor as given below to undertake the Cost Audit of the Company.

a. Name and Address

Mr S Ramachandran, Cost Accountant, 160, MGR Street, Saligramam, Chennai 600 093.

b. Report

The Cost Auditor will submit his report for the Financial Year 2019-20 on or before the due date.

Pursuant to the recommendation of the Audit Committee, the Board has approved the appointment of Mr S Ramachandran, Cost Accountant, as Cost Auditor, for the Financial Year2020-21.

The Report of the Statutory Auditor forming part of the Annual Report, does not contain any qualification, reservation, adverse remark or disclaimer.

During the year under review, the Statutory Auditors have not reported to the Audit Committee under Section 143(12) of the Companies Act, 2013, instances of any fraud committed against the Company by its Officers or Employees.

5. SOCIAL RESPONSIBILITY AND SUSTAINABILITY

5.1 Corporate Social Responsibility

Pursuant to the provisions of Section 135 and Schedule VII of the Companies Act, 2013, the Policy on Corporate Social Responsibility (CSR) approved by the Board has been displayed on the Company's website at https://www.sifytechnologies.com/investors/ company-profile/csr-policy/.

For the Financial Year 2019-20, the Company had spent ? 172 lakhs towards CSR Projects as detailed herein below:

particulars Amount in ?. Lakhs Amount in ?. Lakhs
Amount to be spent towards CSR 172.00
Amount Spent
Sri Venkateswara Institute of Research and Rehabilitation for the Disabled Trust (VIRRD), Dwaraka Tirumala 150.00
Voluntary Health Services, Taramani. 17.00
Saraswathi Vidya Peetham 5.00

1. Contribution to VIRRD Trust: the Company has contributed ? 150.00 Lakhs towards Doctors' and Staffs' quarters and other patient amenities.

2. Voluntary Health Services, Trust: The Company has contributed ? 17.00 Lakhs for purchase of ventilators specifically for Covid-19 and purchase of Urology surgical equipments.

3. Saraswathi Vidya peetham: The Company has contributed ? 5.00 Lakhs towards the construction of additional classrooms rooms, Renovation of Existing Class Rooms, New Toilet blocks, Digital Class Rooms and state of the art Sports Facilities.

Annual Report on CSR is provided as Annexure 4.

5.2 Human Resource Management

Your Company considers its human resources as an important asset and endeavors to nurture, groom and retain talent to meet the current and future needs of its business. We have conducted management and supervisory development programs as well as put in place succession plans and long term career growth plans. We have invested in upskilling our employees to meet the demands of the fast-changing technology landscape by conducting training through Sify 'ffhyacademy. Our training hours went up multifold in the current year. We continue to provide conducive work environment and opportunities for development of its employees. The number of employees as on March 31, 2020 was 2,794.

5.3 Conservation of Energy and Technology Absorption

Conservation of Energy:

Data Centers are energy intensive and Sify has been working continuously to ensure that we operate in the most energy efficient manner. Across all our Data Centers in India, we have implemented comprehensive energy conservation and efficiency programs through Energy usage optimization which eradicates energy hot spots though UPS optimization, installation of power factor controllers and installation of precision air handling units and maintaining power utilization efficiency to improve effectiveness across all the Data Centres.

Technology Absorption:

The Company has deployed latest technologies in its Network and its Data Center Business which has helped in improving quality of its services and productivity of its resources. The Company's operations do not require significant import of technology.

6. OTHER DISCLOSURES

6.1 Order of the Court

During the year, your Company has filed two applications under Section 441 of the Companies Act, 2013 before the Regional Director (RD), Ministry of Corporate Affairs, Southern Region, Chennai for compounding the non-compliance / offence with the provisions of Section 134(3)(g) on disclosure of particulars of Loans, Guarantees or Investments under Section 186 and under Section 134(3)(m) of the Companies Act, 2013 on the Conservation of Energy, Technology Absorption in the Directors' Report for the Financial Years ended 31.3.2013, 31.3.2014 and 31.3.2015. The applications were considered by the RD and passed the Compounding Orders levying fine on the Company, Managing Director, Executive Director, Chief Financial Officer and the Company Secretary (Former). The Company and the KMPs have paid the fines.

Other than the above, there were no significant and material orders passed by the Regulators or Courts or Tribunals impacting the going concern status and Company's operations in future.

6.2 Foreign Exchange Earnings and Outgo

Details of Foreign Exchange Earnings and outgo during the year are as follows:

Foreign Exchange Inflow: ? 30,612 lakhs Foreign Exchange Outgo: ? 55,830 lakhs

7. acknowledgement

Your Directors take this opportunity to thank all Investors, Customers, Vendors, Banks and Government Authorities for their continued support. Your Directors also wish to place on record their appreciation of the valuable contribution made by the employees.

For and on behalf of the Board

Chennai Raju Vegesna Ananda Raju Vegesna C B Mouli
May 5, 2020 Chairman & Managing Director Executive Director Director

   

Company Background

Ananta Koti Raju VegesnaAnanta Koti Raju Vegesna
Incorporation Year1995
Registered OfficeII Floor Tidel Park,No 4 Canal Bank Road Taramani
Chennai,Tamil Nadu-600113
Telephone91-44-22540770-77,Managing Director
Fax91-44-22540771
Company SecretaryV Ramanujan
AuditorASA & Associates LLP
Face Value10
Market Lot0
ListingNASDAQ,
RegistrarSatyam Infoway Ltd
Mayfair Centre,1-8-303/36,S P Road,Secunderabad -500003

Company Management

Director NameDirector DesignationYear
Raju VegesnaChairman & Managing Director2017
Ananta Koti Raju Vegesna Chairman & Managing Director 2021
Ananda Raju VegesnaExecutive Director2017
ANANDA RAJU VEGESNA Executive Director 2021
Vegesna Bala SaraswathiNon Executive Director2017
Vegesna Bala Saraswathi Non Executive Director 2021
T H ChowdaryIndependent Director2017
T Hanuman Chowdary Independent Director 2021
C B MouliIndependent Director2017
C B Mouli Independent Director 2021
S K RaoIndependent Director2017
CHANDRASEKARAN EBENEZER SRINIVASAN AZARIAH Independent Director 2021
CHANDRASEKARAN EBENEZER SRINIVASAN AZARIAHIndependent Director2017
V Ramanujan Company Secretary 2021
Arun Seth Independent Director 2021

Listing Information

Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Services-Domestic Rs.0001499.02
Services-Exports Rs.000371.7
Sales NA 000188.93
Unspecified NA 0000
Adjustment Rs.0000
Computer Hardware No 0000
Computer Software No 0000

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