20-F 1 sify-20240331.htm FORM 20-F SIFY TECHNOLOGIES LTD
00006,612,700 Options (Option Plan II): 2/5th of the options vest at the end of one year from the date of grant. The remaining 3/5th vests at the end of every half year during second, third and fourth years in six equal instalments4,052,800 Options (Option Plan III): 2/5th of the options vest at the end of two years from the date of grant. The remaining 3/5th vests at the end of every half year during third, fourth and fifth years in six equal instalments.4,304,600 Options (Option Plan I): 3/5th of the options vest at the end of one year from the date of grant. The remaining 2/5th vests at the end of every half year during second and third years from the date of grant in four equal instalments0falseFYSIFY TECHNOLOGIES LTD00010943240Trade receivables as of March 31, 2024 and March 31, 2023 are stated net of allowance for doubtful receivables. The Group maintains an allowance for doubtful receivables based on expected credit loss model. The Group’s exposure to credit and currency risks and impairment losses related to trade and other receivables, excluding construction work in progress is disclosed in note 34. Trade receivables consist of:The Company has adjusted the processing charges paid with respect to borrowings from borrowings from banks ₹ 162 Million (Previous year ₹ 185 Million).Of the above, facilities amounting to ₹ 3,076 Million (Previous Year : ₹ 1,635 Million) by the Company is primarily secured by way of pari-passu charge on the project Receivables and charge on movable fixed assets disbursed under Noida DC Project..Of the above, facilities amounting to ₹ 1,810 Million (Previous Year : ₹ 747 Million) by the Company is primarily secured by way of pari-passu charge on the project Receivables and charge on movable fixed assets disbursed under Chennai DC Project.Out of this ₹ 346 Million is loan availed from others (NBFC).Of the above, facilities amounting to ₹ 5,001 Million (Previous Year : ₹ 2,804 Million) by the Company is primarily secured by way of pari-passu charge on the project Receivables and charge on movable fixed assets disbursed under Rabale T5 DC Project.i.Of total term loan balance ₹ 3,899 Million (previous year ₹ 3,867 Million) is primarily secured by charge on movable fixed assets funded by term loan and also secured by project receivables. Of the total term loan balance, an amount of ₹ 102 Million (previous year ₹ 306 Million) including current maturity is primarily secured against the specific project receivables of the company and ₹ 334 Million (previous year ₹ 553 Million) is secured by moveable fixed assets funded out of Term Loan. ii.Of total term loan balance ₹ 3,672 Million (previous year ₹ 1,958 Million), ₹ 770 Million (previous year ₹ 475 Million) and are primarily secured by a cover of 1.25 times charge on identifiable movable fixed assets and 402 Million (previous year ₹ 483 Million) and are primarily secured by movable fixed assets funded out of term loan. ₹ 1,000 Million (previous year ₹ NIL ) Exclusive Charge on assets created out of the capex for which reimbursement is sought, an amount of ₹ 1,500 Million (previous year ₹ 1,000 Million) is also primarily secured by the exclusive charge on Specific Movable Fixed Assets coverage of 1.10x, with Second pari-passu charge on entire current assets of the Borrower, including trade/ bills receivables, book debts, etc. both present & future, excluding the Cash margin lien marked or Current Assets specifically funded by other lenders. During the FY 2020-21, the company has entered into External Commercial Borrowing (ECB) facility agreement for $5 Million and drawn down $5 Million out of sanctioned loan during FY 2020-21 and repaid $ 0.5 Million in FY 2021-22, $ 10 in FY 2022-23 & $ 1 Million in FY 2023-24. The Company has also entered into agreement for currency swap (from USD to INR) to fully hedge foreign currency exposure towards principal repayment and interest rate swap from floating to fixed.The term loans bear interest rate ranging from 7.20% to 10.84% repayable in quarterly instalments within a tenor of 3 to 6 years after moratorium period ranging from 6 months to 2 years in certain cases.These bear interest rate ranging from 0% to 9.9% (Previous Year: 0% to 10.50%) and repayable over a period of 12 to 60 months on equated monthly / quarterly instalments.Of the above, facilities amounting to ₹ 1,575 Millions (Previous Year : ₹ 1,659 Millions), availed by the Company are primarily secured by way of pari-passu charge on the entire current assets of the Company to all working capital bankers under consortium.The above facilities amounting to ₹ 279 Millions (previous year ₹ 732 Millions), availed by the Company are primarily secured by way of pari-passu charge on the entire current assets of the Company to all working capital bankers under consortium.The above facilities amounting to ₹ 729 Millions (previous year ₹ 715 Millions), availed by the Company are primarily secured by way of pari-passu charge on the entire current assets of the Company to all working capital bankers under consortium.In addition to the above, out of these loans repayable on demand from banks,(i) exposure amounting to ₹ 2,224 Millions (previous year ₹ 2,586 Millions) is secured collaterally by way of pari-passu charge on the unencumbered movable fixed assets of the Company, both present and future.(ii) exposure amounting to ₹ 1,287 Millions (previous year ₹ 1,335 Millions) is secured collaterally by way of equitable mortgage over the properties at Tidel Park, Chennai, Vashi 6th floor, Vile Parle at Mumbai.(iii) exposure amounting to ₹ 1,287 Millions (previous year ₹ 1,335 Millions) is secured collaterally by way of equitable mortgage over the properties at Tidel Park, Chennai, Vashi 6th floor, Vile Parle at Mumbai.(iv) the exposure amounting to ₹ 426 Millions (previous year ₹ 876 Millions) is collaterally secured by equitable mortgage over the Vashi 5th floor property at Mumbai.Of fhe above, facilities amounting to ₹ 620 Millions (previous year ₹ Nil) are primarily secured by way of pari-passu charge on current assets of the Company, both present and future.During the FY 2020-21, Print house (India) Pvt Ltd had issued 9% Non-Convertible Redeemable Preference Shares to Raju Vegesna Infotech & Industries Pvt Ltd., on private placement basis amounting to ₹ 500 Million. The Preference share capital are redeemable at par value at maturity, i.e. 20 years from the date of allotment. Accordingly, these are accounted for Financial instruments. During the year, The terms of the Preference Shares are changed to 6% Non-Cumulative compulsorily convertible preference shares.Of the above, facilities amounting to ₹ Nil (previous year ₹ 374 Millions) are secured by way of pari-passu charge on current assets. Out of which ₹ Nil (previous year ₹ 25 Millions) has first pari-passu charge on unencumbered movable fixed assets of the Company.These working capital facilities bear interest ranging from 0% p.a. to 9.30%. [Previous year: 0% p.a. to 9.30% p.a.] and these facilities are subject to renewal annually.The loans in the nature of Buyers Credit bear interest rate 2.97% to 6.23% (previous year 0.79% to 1.73%)..The Company has adjusted the processing charges paid with respect to borrowings from borrowings from banks ₹ 648 (Previous year ₹ 532).During the financial year 2021-22, Kotak Special Situations Fund (KSSF) subscribed to 2,00,00,000 (two crore) Series 1 Compulsorily Convertible Debentures (CCDs) with face value of ₹ 100 each amounting to ₹ 2,000 Million and 1% of 2,00,00,000 (two crore) Series 2 Compulsorily Convertible Debentures (CCD) with face value of ₹ 100 each amounting to ₹ 20 Millions. The CCDs shall be fully, mandatorily and compulsorily converted into equity shares by October 1, 2031 and the conversion ratio shall be decided based on the equity valuation as at March 31, 2023. Since the fixed to fixed test is satisfied as per Ind AS 32 the above CCDs are presented as Equity. During the year under review, Kotak Special Situations Fund (KSSF) subscribed to additional 1,98,00,000 Series 2 Compulsorily Convertible Debentures (CCD) with face value of ₹ 100 each amounting to ₹ 1,980 Million. Further, the Company has the option and right to require KSSF to acquire additional compulsory convertible debentures of the Company (“Additional CCDs”) in one or more tranches during FY 2023, FY 2024, FY 2025 or by October 1, 2026 for up to an aggregate subscription amount of ₹ 6,000 Million. The CCDs are secured by secondary charge over identified movable assets of Data Center facility. On July 20, 2023, SISL entered into an assignment letter with KSSF for the transfer of ₹ 6,000 Millions to Kotak Data Centre Fund (“KDCF”). During the financial year 2023-24, Kotak Data Center Fund (KDCF) subscribed to additional 1,20,00,000 Series 5 Compulsorily Convertible Debentures (CCD) with face value of INR 100 each amounting to ₹ 1,200. The CCDs shall be fully, mandatorily and compulsorily converted into equity shares by March 31, 2033 and the conversion ratio shall be decided based on the equity valuation of next financial year following the financial year of drawdown of CCD money. These CCD's carry a coupon rate of 6%p.a payable half-yearly. The Tranche - I, CCDs shall be fully, mandatorily and compulsorily converted into equity shares by October 1, 2031 and the conversion ratio is decided based on the equity valuation as at March 31, 2023 as 0.8112. 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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
 
FORM 20-F
 
(Mark One)
 
¨
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
 
Or
 
þ
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
 
For the fiscal year ended March 31, 2024.
 
Or
 
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the transition period from __________ to ______
 
¨
SHELL COMPANY PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
Date of event requiring this shell Company report _____________
 
Commission file number 000-27663
 
Sify Technologies Limited
(Exact name of Registrant as specified in its charter)
 
Not Applicable
(Translation at Registrant’s name into English)

Chennai, Tamil Nadu, India
(Jurisdiction of incorporation or organization)
 
TIDEL Park, 2nd Floor
4, Rajiv Gandhi Salai
Taramani, Chennai 600 113 India
(91) 44-2254-0770, Fax (91) 44 -2254 0771
(Address of principal executive office)
 
M.P.Vijay Kumar, Whole time director and Chief Financial Officer,

(91) 44-2254-0770; vijaykumar.mp@sifycorp.com
TIDEL Park, 2nd Floor, 4, Rajiv Gandhi Salai, Taramani, Chennai 600113 India
(Name, Telephone, Email and/or Facsimile number and Address of Company Contact Person)
Securities registered or to be registered pursuant to Section 12(b) of the Act
 
Title of each class
 
Trading Symbol
 
Name of each Exchange on which registered
American Depositary Shares, each represented by
One Equity Share, par value ₹ 10 per share

SIFY

NASDAQ Capital Market (NASDAQ-CM)
 
Securities registered or to be registered pursuant to Section 12(g) of the Act
 
Title of each class
 
Not Applicable
 
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act
 
 
 
Not Applicable
 
 
 
 
(Title of class)
 
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.
 
183,332,460 Equity Shares.
 
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
 
Yes
¨
   No
þ
 
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
 
Yes
¨
   No
þ
 
Note - Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.
 
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
 
Yes
þ
  
No
¨
 
Indicate by check mark whether the registrant has submitted electronically, if any, every Interactive Data file required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
 
Yes
þ
   No
¨
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer or an emerging growth company. See definition of “large accelerated filer,” and “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer 
£
Accelerated filer
R
Non-accelerated filer 
£
Emerging growth company 
£
 
 
 
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    
¨
 
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.  
þ
 
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.  

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).  


Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
 
US GAAP 
¨
International Financial Reporting Standards as
Other 
¨
 
issued by the International Accounting Standards

Board 
þ
 
If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow:    
¨
 Item 17    
¨
 Item 18
 
If this is an annual report, indicate by check mark whether the registrant is a shell Company (as defined in Rule 12b-2 of the Exchange Act).
 
Yes  
¨
  No
þ
 
 
 
 
Table of Contents
 
Item
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
187
 
 
1
 
 
Currency of Presentation and Certain Defined Terms
 
Unless the context otherwise requires, references in this annual report to “we,” “us,” the “Company,” “Sify” or “Satyam Infoway” are to Sify Technologies Limited, a limited company organized under the laws of the Republic of India. References to “U.S.” or the “United States” are to the United States of America, its territories and its possessions. References to “India” are to the Republic of India. References to the “Government” or “GOI” are to the government of the Republic of India.
In January 2003, we changed the name of our Company from Satyam Infoway Limited to Sify Limited. In October 2007, we again changed our name from Sify Limited to Sify Technologies Limited.
Sify”, “SifyMax.in,”, “Sify e-port
s
” and “Sify online” are trademarks used by us for which we have already obtained registration certificates in India. All other trademarks or trade names used in this Annual Report on Form 20-F for the year ended March 31, 2024 (the “Annual Report”) are the property of their respective owners. In this Annual Report, references to “$,” “Dollars” or “U.S. dollars” are to the legal currency of the United States, and references to  “₹”, “Rs.,” “rupees” or “Indian rupees” are to the legal currency of India. References to a particular “fiscal” year are to our fiscal year ended March 31 of such year. References to the “Group” mean Sify Technologies Limited and its subsidiaries. References to “equity shares” refer to our Indian Equity Shares, which are not traded on an exchange in India or the United States. References to “ADSs” refer to our American Depositary Shares, which are traded on the NASDAQ Capital Market under the symbol “SIFY.”
 
For your convenience, this Annual Report contains translations of some Indian rupee amounts into U.S. dollars which should not be construed as a representation that those Indian rupee or U.S. dollar amounts could have been, or could be, converted into U.S. dollars or Indian rupees, as the case may be, at any particular rate, the rate stated below, or at all. Except as otherwise stated in this Annual Report, all translations from Indian rupees to U.S. dollars contained in this Annual Report have been based on the reference rate in the City of Mumbai on March 31, 2024 for cable transfers in Indian rupees as published by the Reserve Bank of India (RBI), which was ₹83.3739 per US $1.00.
 
Our financial statements are presented in Indian rupees and prepared in accordance with English version of International Financial Reporting Standards as issued by the International Accounting Standards Board, or IFRS.  In this Annual Report, any discrepancies in any table between totals and the sums of the amounts listed are due to rounding.
 
Information contained in our websites, including our corporate website,
www.sifytechnologies.com
, is not part of this Annual Report.
 
 
2
 
 
Forward-Looking Statements
 
This Annual Report contains “forward-looking statements”, as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on our current expectations, assumptions, estimates and projections about our Company, our industry, economic conditions in the markets in which we operate, and certain other matters. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘may’, ‘intend’, ‘will’, ‘project’, ‘seek’, ‘should’ and similar expressions. Those statements include, among other things, risks and uncertainties regarding regional political instability and military hostlities  (including the related adverse impact on the global supply chain and prices of various commodities, and the effect of measures taken by Government and others in response to such events), the discussions of our business strategy and expectations concerning our market position, future operations, margins, profitability, liquidity and capital resources. These statements are subject to known and unknown risks, uncertainties and other factors, which may cause actual results or outcomes to differ materially from those implied by the forward-looking statements. Important factors
that may
cause actual results or outcomes to
differ from
those implied by the forward-looking statements include, but are not limited to, those discussed in
the “Risk Factors” section of this Annual Report.
In light of these and other uncertainties, you should not conclude that the results or outcomes referred to in any of the forward-looking statements will be achieved.
 
We operate in rapidly changing businesses, and new risk factors emerge from time to time. We cannot predict every risk factor, nor can we assess the impact, if any, of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those projected in any forward-looking statements. All forward-looking statements included in this Annual Report are based on information and estimates available to us on the date hereof, and we do not undertake any obligation to update these forward-looking statements unless required to do so by law. In addition, readers should carefully review the other information in this Annual Report and in our reports and other documents filed with the United States Securities and Exchange Commission (“SEC”) from time to time.
 
 
3
 
 
PART I
 
Item 1. Identity of Directors, Senior Management and Advisers.
 
Not applicable.
 
Item 2. Offer Statistics and Expected Timetable
 
Not applicable.
 
Item 3. Key Information
 
Selected Financial Data
 
Summary of Consolidated Financial Data
 
You should read the summary of consolidated financial data below in conjunction with the Company's consolidated financial statements and the related notes, as well as the section entitled “Operating and Financial Review and Prospects,” all of which are included elsewhere in this Annual Report. The summary of consolidated statements of income data for the five years ended March 31, 2024, 2023, 2022, 2021, and 2020 and the summary of consolidated Statement of Financial Position as of March 31, 2024, 2023, 2022, 2021, and 2020 have been derived from our audited consolidated financial statements and related notes to the consolidated financial statements which were prepared and presented in accordance with International Financial Reporting Standards (IFRS) as issued by International Accounting Standards Board (IASB). Historical results are not necessarily indicative of future results.
 
 
4
 
 
Sify Technologies Limited
Consolidated Statement of Income
(In thousands of Rupees, except share and per share data and as otherwise stated)


 
 
Year ended March 31,
 
 
 
2024
 
 
2023
 
 
2022
 
 
2021
 
 
2020
 
 
2024
 
 
 
 
 
 
 
 
 
 
 
 
 
Convenience
translation
into US$ in
thousands,
except share
and per share
data
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(See
Note
2
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue
 
 
35,633,922
 
 
 
33,403,726
 
 
 
27,025,675
 
 
 
24,319,542
 
 
 
22,952,067
 
 
 
427,399
 
Cost of goods sold and services rendered
 
 
(22,378,001
)
 
 
(21,379,429
)
 
 
(16,042,056
)
 
 
(14,702,534
)
 
 
(14,364,827
)
 
 
(268,405
)
Other income
 
 
184,613
 
 
 
131,840
 
 
 
130,728
 
 
 
155,993
 
 
 
97,155
 
 
 
2,214
 
Selling, general and administrative expenses
 
 
(6,499,562
)
 
 
(5,733,634
)
 
 
(4,943,575
)
 
 
(4,546,756
)
 
 
(4,513,646
)
 
 
(77,957
)
Depreciation and amortization
 
 
(4,773,414
)
 
 
(3,971,865
)
 
 
(3,
283
,4
52
)
 
 
(2,835,632
)
 
 
(2,290,777
)
 
 
(57,253
)
Impairment Loss on Goodwill
 
 
 
 
 
 
 
 
 
 
(14,595)
 
 
 
 
 
 
 
 
 
 
 
 
 
Profit / (loss) from operating activities