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Satyam Infoway Q1 revenue up 298%

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CIOL Bureau
New Update

BANGALORE: Satyam Infoway Ltd. (Nasdaq: SIFY) has released its consolidated

US GAAP results for the first quarter ended June 30, 2000. SIFY’s revenues

grew by an impressive 298 per cent to Rs 32.17 crore this quarter (Rs 8.08 crore

for the quarter ended June 30, 1999). The company contained its loss before

interest, depreciation, amortization and tax to Rs 11.92 crore. The net loss was

Rs. 17.83 crore or Rs.8.02 per equity share (four American Depositary Shares

(ADS) represent each equity share).

SIFY's new initiatives during the quarter to consolidate its market include

unlimited Internet access at an affordable price and investment in Cricinfo

Limited, London. The company has launched www.15to21.com,

a portal for the youth, and entered into an agreement with America Online to

offer a co-branded version of AOL instant messenger service. SIFY entered into

an agreement with BroadVision Inc. to help develop, adapt, sell and support

BroadVision's suite of personalized Internet application software. Satyam

Infoway becomes BroadVision's first reseller of its One-To-One software

application solutions in India. SIFY also launched Satyamfax, the first Internet

Protocol (IP)-based fax service in India. This service is in technical

association with Singapore Telecom. The company partnered with Plasticscommerce

of Singapore to launch www.satyamplastics.com,

a portal for the domestic plastics industry with Indian content. SIFY has also

announced a partnership with Verisign Inc. USA, to provide digital certificate

and public key infrastructure services to India. The company has a partnership

with Critical Path, Inc. to provide advanced Internet messaging solutions to the

emerging Indian market. It has extended its partnership with SterlingCommerce to

offer internet-based procurement to consumers through E-Market Place–Sterling

Commerce's integrated Internet-based information center.

The US GAAP financial results for the quarter ended 30th June 2000 described

above also reflect the consolidation of the results of IndiaWorld Communications

from and after November 29, 1999 based on the 24.5 per cent interest SIFY had in

IndiaWorld during the quarter. Effective June 30, 2000, the company completed

the IndiaWorld acquisition by acquiring the remaining 75.5 percent stake in a

part cash and part stock transaction.

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