CHENNAI, India - Sify Technologies Limited (NASDAQ: NASDAQ:SIFY), a prominent Digital ICT solutions provider in India, has announced the induction of Ms. Padmaja Chunduru as a Director on its Board. Ms. Chunduru, known for her strategic role in banking and financial services, brings a wealth of experience to Sify's corporate governance and digital initiatives.
With a distinguished career in banking, Ms. Chunduru has held significant positions at the State Bank of India (SBI) in both India and the United States. Her leadership as MD & CEO at Indian Bank was marked by the successful merger with Allahabad Bank, which is recognized as a case study by Harvard Business School Publishing. Her tenure at the National Securities Depository Limited (NSDL) as MD & CEO was noted for the creation of a DLT Blockchain-based platform for security and covenant monitoring of corporate debt.
Ms. Chunduru's contributions to the financial industry have been acknowledged through numerous awards, including Best CEO (BFSI) for 2021 by Business Today and Best CEO 2021 for Women Leadership by Economic Times. She has also been listed as one of the Most Powerful Women in Business by Fortune India and Business Today for 2022 and 2023.
Her previous board memberships include the Life Insurance Corporation of India, National Payments Corporation of India, International Securities Services Association, Asia Pacific Central Depository Group, Institute of International Bankers, Asia Society New York, and she served as Non-Executive Chairperson at Universal Sompo General Insurance Company Limited. Currently, she is a member of the Insurance Advisory Committee of IRDAI and the Centre for Corporate Governance and Sustainability at IIM Bangalore.
The Chairman of Sify, Mr. Raju Vegesna, expressed pleasure in welcoming Ms. Chunduru to the Board, highlighting the value of her integrity and experience for Sify's growth as a digital transformation partner. Ms. Chunduru commented on her new role, emphasizing the importance of Sify's position as a disruptor in the ICT space and her intention to contribute her expertise in mentoring and corporate governance.
Sify Technologies, known for its comprehensive ICT services and solutions, has won multiple Golden Peacock awards for Corporate Governance. The company's offerings, centered around Cloud solutions, cater to a wide range of business needs across various industries.
This announcement is based on a press release statement from Sify Technologies Limited.
In other recent news, Sify Technologies reported a 10% revenue increase for Q1 FY24-25, reaching INR 9,421 million, despite a loss before and after tax of INR 46 million and INR 105 million, respectively. The company's EBITDA rose by 3%, totaling INR 1,784 million. Sify Technologies also announced a ratio change for its American Depositary Shares (ADSs) effective October 4, 2024, with one ADS set to represent six equity shares. This shift, equivalent to a one-for-six reverse ADS split, doesn't affect the proportional equity interests of ADS holders.
Sify Technologies is also facing potential delisting from Nasdaq due to non-compliance with the minimum bid price requirement and has until January 15, 2025, to regain compliance. In other leadership changes, the company appointed Mr. C R Srinivasan as the CEO of Sify Digital Services Limited, a fully owned subsidiary.
In infrastructure developments, Sify commissioned a 6.5 megawatt capacity in Mumbai and added 1,055 fiber nodes to its network. The company is transitioning its digital services segment from project-based to annuity-based revenue. These are the recent developments at the company.
InvestingPro Insights
As Sify Technologies Limited (NASDAQ: SIFY) welcomes Ms. Padmaja Chunduru to its Board, investors may be interested in the company's current financial position and market performance. According to InvestingPro data, Sify has a market capitalization of $103.28 million USD, reflecting its position in the Diversified Telecommunication Services industry.
Despite the company's strategic moves in corporate governance, Sify faces some financial challenges. An InvestingPro Tip indicates that the company operates with a significant debt burden, which could impact its financial flexibility. This is particularly relevant given Ms. Chunduru's background in banking and financial services, as her expertise may be valuable in navigating these financial complexities.
On a positive note, another InvestingPro Tip suggests that net income is expected to grow this year, aligning with the company's efforts to strengthen its position as a digital transformation partner. This growth expectation could be influenced by the strategic insights Ms. Chunduru brings to the board.
Investors should also note that Sify's stock has shown significant volatility. The company has experienced a strong return of 40.83% over the last week and 23.35% over the last month, according to InvestingPro data. However, the stock price has fallen significantly over the past year, with a -66.27% total return.
For those interested in a deeper analysis, InvestingPro offers 15 additional tips for Sify Technologies, providing a comprehensive view of the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.