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.