Good morning. Welcome to Sify Technologies financial results for third quarter and fiscal year 2022 to 2023. At this time, all participants are in a listen-only mode, and there'll be a question and answer session to follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your phone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Mr. Praveen Krishna. Praveen, the floor is yours. Thank you, Jenny. I would like to extend a warm welcome to all our participants on behalf of Sify Technologies Limited. I'm joined on the call today by Raju Vegesna, Chairman, M.P. Vijay Kumar, Executive Director and Group CFO, and Kamal Nath, CEO. Following our comments on the results, there will be an opportunity for questions. If you do not have a copy of our press release, please call Grayling Global at 646-284-9400, and we will have one sent to you. Alternatively, you may obtain a copy of the release at the investor information section on the company's corporate website at www.sifytechnologies.com/investors. A replay of today's call may be accessed by dialing in on the numbers provided in the press release or by accessing the webcast in the investor information section of the Sify corporate website. Some of the financial measures referred to during this call and in the earnings release may include non-GAAP measures. Sify's results for the year are according to the International Financial Reporting Standards, or IFRS, and will differ somewhat from the GAAP announcements made in previous years. A presentation of the most directly comparable financial measures calculated and presented in accordance with GAAP and a reconciliation of such non-GAAP measures and of the differences between such non-GAAP measures and the most comparable financial measures calculated and presented in accordance with GAAP will be made available on Sify's website. Before we continue, I would like to point out that certain statements contained in the earnings release and on this conference call are forward-looking statements rather than historical facts and are subject to risks and uncertainties that could cause actual results to differ materially from those described. With respect to such forward-looking statements, the company seeks protection afforded by the Private Securities Litigation Reform Act of 1995. These risks include a variety of factors, including competitive developments and risk factors listed from time to time in the company's SEC reports and public releases. Those lists are intended to identify certain principal factors that could cause actual results to differ materially from those described in the forward-looking statements but are not intended to reflect a complete list of all risks and uncertainties inherent to company's business. Let me now introduce Mr. Raju Vegesna, Chairman of Sify Technologies. Chairman? Thank you, Praveen. Good morning, everyone, and thank you for joining us on the call. India's resilience demonstrated post-COVID has firmly established it as an economy that is not easily disturbed by changes in the business environment. This, associated with an aggressive adoption of digital tools, has worked well for the economy. The government's larger agenda of ensuring that social measures reach the indeed intended beneficiaries is a work in progress and will continue to drive the domestic IT demand. International demand is expected to continue due to the comparable attractiveness of the Indian market in spite of the tightening world economy. Viewed together, this work well for an economy that is still at the early stages of realizing its potential. Let me now bring in Kamal, our CEO, to expand on some of the business highlights for the past quarter. Kamal? Yeah. Thank you, Raju. Indian enterprises have fast-tracked their digital initiatives, based on their success, in navigating the pandemic and are now operationalizing pandemic-era innovations. Enterprise priorities are building, business-aligned digital models, enhancing end-user experience, deploying resilient business continuity models, and mitigating security risks. Our data center and cloud services, digital and network services are all important building blocks to enable customers' business priorities, and we expect each of the businesses to grow with their related investments. Let me now expand on the business highlights for the quarter. Revenue from data center services grew approximately 19% over same quarter last year. Revenue from digital services grew approximately 90% over the same quarter last year. Revenue from network services grew by 8% over same quarter last year. The revenue split between the businesses for the quarter was data center colocation services at 27%, digital services at 35%, and network services at 38%. Sify commissioned incremental data center capacity of 4.1 MW in the quarter. As on December 31, 2022, Sify provides services via four hundred and eight hundred and forty-six fiber nodes across the country, a 11% increase over the same quarter last year. The network connectivity service has now deployed 5,900 SD-WAN service points across the country. During the quarter, Sify has invested $482,500 in startups in the US dollars in the Silicon Valley area as part of our corporate venture capital initiative. To date, the cumulative investment stands at $4.69 million. A detailed list of our key wins is recorded in our press release, now live on our website. Let me bring in Vijay, our Executive Director and Group CFO, to elaborate on the financial highlights for the quarter. Vijay. Thank you, Kamal. Good morning, everyone. Let me briefly sum up the financial performance for the third quarter of financial year 2022, 2023. Revenue was INR 8,896 million, an increase of 31% over the same quarter last year. EBITDA was INR 1,619 million, an increase of 3% over the same quarter last year. Profit before tax was INR 227 million, a decrease of 52% over the same quarter last year. Profit after tax was INR 258 million, a decrease of 25% over the same quarter last year. The profit after tax is higher than the PBT profit before tax due to recognition of a deferred tax asset. Capital expenditure during the quarter was INR 4,226 million. Our investment into the data center side of the business continues with incoming demand from both retail and hyperscale customers. We have scaled up investments, both capital expenditure and operating expenditure in our fiber network in select metro cities to scale our network business and in people for our digital services business. Network connectivity, Cloud Interconnects, and resultant investment in tools, processes, people, will augment this demand. Fiscal discipline will be a constant, particularly in our investment process. Cash balance at the end of the quarter was INR 4,256 million. I will now hand over to our chairman for his closing remarks. Thank you, Vijay. Enterprises now view digital adoption as a business imperative. Based on the size of their investment and ambitions, it will require continuous engagement with service providers like us. Our aim is to become a constant in their considerable bracket, in their consideration bracket. Thank you for joining us on this call. I will now hand over to the operator for questions. Operator. Thank you very much. At this time, we will be conducting a question-and-answer session. If you would like to ask a question, please press star one on your phone keypad. Confirmation tone will indicate your line is in the queue. You may press star two if you would like to remove your question from the queue. One moment while we poll for questions. Thank you. Your first question is coming from Greg Burns of Sidoti & Company. Greg, your line is live. Morning. The EBITDA margin came in a little bit below what I was expecting. I think some of that's due to mix, but was there anything outside of the higher mix of digital services that led to the lower margin? You're right. It is essentially due to our investments into people costs for our digital services business. As I mentioned, it is also due to operating expenses, investment in our network fiber expansion in select metro cities. Okay. Do you see the margin contracting further from here, or are you gonna start to get some leverage on these investments? Will, you know, I guess, you know, when will you start to see, you know, the revenue from these investments offsetting some of the incremental spend? Correct. I think the incremental spend should help us to scale up our revenue and margins in the future. As you know, these infrastructure businesses require continuous investments for us to scale on both revenue and profitability. These expenses are in that direction. Okay. maybe just ask another way. Do you expect to increase investments further from here? I mean, is this a good margin level to model out, or are we gonna contract a little bit more before we grow them again? Yeah, I don't want to sound forward-looking, but we believe that we have made investments over the last few quarters. At current level, we should start monetizing the same in the future. Okay, perfect. Just to dig into what drove the strong growth on the digital service side of the business. What was the main driver of that? Kamal? Yeah, sorry. I didn't know. Yeah. Two, three reasons I will assign. We had order books, you know, for some medium-sized and large sized projects. As and when we have completed the projects, we have been able to recognize the revenue. There were some seasonal, you know, aspect to it, with respect to the, you know, completion of the project and the recognition of the revenue. During the quarter. Okay. That is one reason. Of course, we are also seeing. The other aspect is that we are also seeing, you know, increase in business acquisition on the digital services space. As Vijay was mentioning, we are continuously investing in and around digital services. So those are the two primary reasons. Okay. Is some timing on projects on the technology integration services side of the business. I guess that looking out, we would expect that to step back down maybe next quarter or maybe not if the pipeline's strong. How should we think about that going forward? Right. You know, you know, these projects take a lot of time because these projects are very transformational in nature, you know, which includes, of course, the technology integration services, as well as data managed services as well as cloud services. The clients are expecting, as a part of the scope of work, transformational outcomes, post which we get the sign-off. Even if the projects are great, but, you know, these are complex at the same time. So we may see, irrespective of the business acquired. We may see, you know, such seasonal, you know, revenue recognition increase, based on the timeline of the project implementation. Okay. you still feel good-? That's how I would like to, you know, define these characteristics. Yeah. Okay. But you still feel good about the, the pipeline of demand... Yes. you know you're not- Yes. Yeah. Okay. Okay. Okay. Yes. Okay. In terms of the capital from Kotak, how much have you drawn from Kotak and how much remains outstanding? Yeah. In INR terms, in rupee terms, we have so far drawn, INR 4,000 million. Okay. We have a option to draw a further INR 6,000 million, INR 6,000 million. Yeah. Okay, perfect. In terms of your data center capacity, how much incremental megawatts of capacity do you expect to come online this year? In the fiscal year ending March 23, the incremental capacity will be small, but there are three greenfield projects which are presently under construction at three major cities, Mumbai, Delhi, which is Noida, and Chennai. All the three are expected to become operational end of calendar year 2023. They're all designed for an initial capacity of about 78 megawatt, but we will start delivering it in stages to our customers. Okay. Okay, so perfect. Those will start coming online throughout the calendar year or? Yeah. It's actually later part of the calendar year. Okay. Back half loaded. Okay, perfect. Okay. The start-up investments you're making in Silicon Valley, is that to acquire technology or is that purely just a financial investment you are making there? These are basically to access technology, which we can take it to our enterprise customers in India in their journey for digital transformation. Okay. All right. Just lastly, the revenue, the data center revenue, the growth was a little bit lower than I was expecting, and it was actually down a little bit, I think, sequentially. What, what drives that? I would think of that business more as just a kind of a secular steady grower, but maybe there's other things driving some fluctuation quarter to quarter there. There is actually no fluctuation. As you rightly observed, it is a steady revenue. The last quarter we had some one-time capacity delivery revenue which accrued to us. The recurring revenue continues to be stable, and the recurring revenue will start seeing a growth as and when new capacity gets operationalized. Okay, perfect. All right. That's everything for me. I'll hop back in the queue. Thank you. Thank you very much. As a reminder, if you do have any questions or comments, please press star one on your phone keypad. Okay. We don't appear to have any other questions. I will now hand back over to the management for any closing remarks. Thank you for your time on this call. We look forward to interacting with you through the year. Thank you. Thank you, everybody. This concludes today's conference. Thank you. You may disconnect your lines at this time, and have a wonderful day. Thank you for your participation.