Sify Technologies has announced its annual financial results for the FY 2019-20. The revenue for this FY stood at 22952 million, the company has registered 7% increase in the revenue over last year.
Mr. Raju Vegesna, Chairman, said, “Every adversity presents an opportunity to rethink the way we do business. For some time now, Sify has been increasing the level of automation across our entire suite of services. And during the ongoing lockdown period, we have been able to perform remote commissioning and maintain high service levels without any major impact. I am incredibly proud of my team who are continuing to rise up to the challenges faced by our clients every day.
The biggest lesson for the market from this lockdown is that there is no escaping the digital economy of tomorrow. Sify’s future is in enabling that for our clients”.
Mr. Kamal Nath, CEO, said, “The current scenario under lockdown has created challenges in the short term and opportunities in the mid and long term for us. As a Service Provider, we are currently addressing the upgrade and downgrade requirements of customers, based on the demand. We are remotely managing mission critical infrastructure of customers who are serving the core industries and consumers. The current situation has also stimulated conversations with customers on the need for scalable, flexible IT infrastructures which can be consumed on demand.
We are seeing the Cloud sceptical customers showing enthusiasm on cloud adoption to ease their capex cost and cash flow. Organizations are reviewing how to provide secured and productive “work from home” deployment. As a Digital ICT Service Provider, we see this as an opportunity to further boost utilization of our investments and enhancement of our services revenue”.
Mr. M P Vijay Kumar, CFO, said, “We had a reasonably good year 2019-20. The EBITDA growth has been healthy, while we continue to spend for the future – both in people and tools to increase our digital transformation service capabilities. The net profit is lower as the company is now subject to full taxes as past tax benefits have expired.
As global trade shrinks substantially and overall demand and supply chain recovery is expected to take time, we are preparing the organization for new contracts to be slow to conclude as some of our clients are likely to take time to regain their momentum in the market. We continue to carefully manage our costs, while ensuring that services to customers and their experience remain the best.
We stay committed to our data center, cloud and network centric expansion projects, and will exercise due caution in terms of both timing and cost structure of these projects.
Considering the economic conditions and uncertainty on timing of the economy normalizing, the Board did not recommend the payment of dividend this year and instead advised capital to be conserved and used for financing expansion projects.
Cash balance at the end of the year was INR 2651 Million”.
L&T Technology Services Registers 11% Growth in Revenue in FY20
L&T Technology Services Limited announced its results for the fourth quarter ended March 31, 2020.
Highlights for FY20 include:
- Revenue at ₹56,191 million; growth of 11%
- USD Revenue at $786 million; constant currency growth of 9.3%
- EBIT margin at 16.5%; up 50bps
- Net profit at ₹8,186 million; growth of 7%
- Board has recommended a final dividend of ₹13.50 per share
Highlights for Q4FY20 include:
- Revenue at ₹14,466million; growth of 8% YoY
- USD Revenue at $195.4 million; growth of 3.4% YoY in constant currency
- Net profit at ₹2,048 million; growth of 7% YoY
During the quarter, LTTS won 9 multi-million dollar deals across all major industry segments which includes one deal with TCV of USD30mn plus. On a YoY basis, LTTS has increased its USD20mn+ clients by 3 and its USD10mn+ clients by 5.
“We closed FY20 with 11% revenue growth accompanied by an improvement in operating margin despite multiple headwinds through the year – starting with Telecom & Hitech segment in Q1FY20 and ending with Covid-19 in Q4FY20. While Covid-19 is an ongoing challenge, we have continued to be the reliable and preferred partner to our customers while at the same time taking care of the health and safety of our employees. In response to the pandemic, LTTS has rolled out a suite of digital offerings, including i-BEMS Shield for safe workplaces and Frugal Manufacturing to help enterprises transfer or prioritize their manufacturing & production lines.
The near-term outlook for the world economy appears uncertain as a result of the fallout from the global pandemic, however we see this crisis accelerating the trend of customers seeking credible partners who bring capability and speed-to-market. We believe this will lead to greater consolidation and enable us to expand engagement scopes once customers adjust and re-draw their business plans under a new normal.
The scale, track record and recognition that we have built over the past decade has been on the back of our investments in people, competency building and technology design labs which we are determined to continue so that we reach the milestones we have set for ourselves”, said Dr. Keshab Panda, CEO & Managing Director, L&T Technology Services Limited.
- IDC rated LTTS as ‘Leader’ in Worldwide Business and Industrial IoT Engineering and Managed Services 2020
- LTTS was rated as an overall leader by NelsonHall in Digital Manufacturing Services
- Conferred with the U.S. based Brandon Hall Award for Best Advance in Employee Rewards and Recognitions
At the end of the fourth quarter, the patents portfolio of L&T Technology Services stood at 502, out of which 365 are co-authored with its customers and the rest are filed by LTTS.
At the end of Q4FY20, LTTS’ employee strength stood at 16,883, a net addition of 96 during the quarter.
Siemens Limited Releases Its Financial Results for Q2 FY 2020
Siemens Limited reported a Revenue at Rs. 2,738 crore, 20.9% decline as compared to the corresponding quarter of the previous year, with a Profit after Tax at Rs. 172 crore, a 38.6% decline, for the second quarter of Financial Year 2020 as compared to the corresponding quarter of the previous year. The Company’s Order Backlog stands at Rs. 12,547 crore.
The decline in Revenues across the businesses is primarily due to deferred offtake by customers and slow-down in short-cycle business related to COVID-19 as well as continued weaker demand in large infrastructure projects.
Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Limited, said, “With the slowdown in the economy being accelerated and accentuated by the sudden impact of the Covid-19 crisis, Capex spending reduced dramatically in the current quarter. A gradual slowdown in the operations of our customers and supply chain was already visible from February. With the announcement of the lockdown, all our factories, project sites and offices were shut since the last week of March, resulting in a steep drop in revenue for the quarter. Currently six of our factories have reopened with limited operations and a further two are expected to be opened this week.”
“While we continue to optimize our operations to meet the rapid changes in the economic environment, our performance in the coming quarters will be influenced greatly by a lifting of the lockdown. We are delighted with the recent announcement of the Honorable Prime Minister of a Rs. 20 lakh crore stimulus package and now await further details, in particular with regard to Government spending in infrastructure and a revival of demand in the economy. In the meantime, we have seen a heightened interest from our Customers to find Digitalization solutions to enable them to reduce their Capex requirements, save cash and increase their productivity,” added Sunil Mathur.
SBI General Insurance Announced Financial Results for FY 19-20
SBI General Insurance announced its financial results with a Net Profit of Rs. 412 crore and Gross Written Premium (GWP) of Rs. 6,840 crore in FY 19-20. The company has been steadily growing for last three years. SBIG has maintained its track record of being underwriting positive.
The key differentiator has been the company’s diversified product portfolio spread across motor, health, home, personal accident, commercial lines and crop, all of which have seen a significant growth this year.
Bancassurance has been traditionally a key strength, but SBIG has been able to maintain strong growth across other channels be it Agency, OEM, Broking etc. Growth across these channels has seen an upsurge this year. Mr. Pushan Mahapatra, MD and CEO says, “SBI General has maintained a steady growth in FY19- 20, we’ve managed a growth of 45% as compared to an industry growth of around 12% for FY19-20. Despite being one of the younger players in the sector, we have seen impressive progress since commencing operations. Growth has been evident across all lines of businesses. New tie-ups & improved business from existing tie-ups in motor, higher branch activations/better penetrations across banca network, robust growth in Corporate, SME and Crop business has also contributed to the growth.
He further added, “SBI General believes in offering varied products customized to customer needs. We have been focusing on digital transformation in last 2 years both in terms of customer facing digital assets as well as internal processes. This has improved our overall customer experience in terms of claim processing, policy issuance etc. We are also scaling up our product bouquet with instant insurance solutions for the ease of consumers.”
SBI General also has had a strong top line growth and has been able to report UW profit on a consistent basis. It has also improved its customer base with having served 3,11,36,833 customers during year FY20. The cumulative number of customers served till date adds up to 6.8 Cr. (approx.). SBI General Insurance booked an Underwriting Profit of Rs. 61 crore in FY 19-20. The Profit Before Tax (PBT) stood at Rs. 564 crore in FY 19-20 as compared to Rs. 470 crore in FY 18 -19. The Company reported an incurred loss ratio of 71.1% and a combined ratio of 98% in FY 19-20. Company’s solvency ratio stood at 2.27, signifying sound financial position of the Company.
|Particulars||FY 19-20||FY 18-19|
|Gross Written premium (cr)||6,840||4,717|
|Profit before tax||564||470|
|Operating Expenses ratio to GWP||13.5%||12.7%|
|Expenses Ratio to NEP||26.9%||24.6%|
Feature5 days ago
Samsung Donates INR 37 Crores for India’s Fight Against Covid-19
Feature5 days ago
Vivo Pledges 10 Crores Aid to Support India’s Fight Against COVID-19
Trending5 days ago
Airtel Payments Bank Offers 6% P.A. Interest Rate On Savings Accounts
Gadgets4 days ago
HyperX Launches New Dynamic QuadCast S Microphone
Smartphone5 days ago
Infinix Launches Lucrative Offers for Flipkart’s Big Saving Days Sale
Gaming2 days ago
PUBG Mobile Returning as Battlegrounds Mobile India
Trending4 days ago
Make This Mother’s Day Memorable by Gifting Your Mom a Saregama Carvaan
Smartphone5 days ago
iQOO 7 Becomes Best Selling 5G Smartphone on Amazon