Rediff.com Publishes Its Unaudited Balance Sheet as of September 30, 2012 and Its Statements of Earnings for the Six Months

  Rediff.com Publishes Its Unaudited Balance Sheet as of September 30, 2012
  and Its Statements of Earnings for the Six Months Ended September 30, 2012

Business Wire

MUMBAI, India -- February 7, 2013

In compliance with the NASDAQ Rule 5250(c)(2), which requires that each
foreign private issuer with securities listed on the NASDAQ distribute interim
financial information within six months following the end of such foreign
private issuer's second fiscal quarter, Rediff.com India Limited hereby
publishes its unaudited consolidated balance sheet as of September 30, 2012
and its unaudited consolidated statement of income for the six months ended
September 30, 2012. It should be noted that the financial statements set forth
in this press release are subject to audit and while no significant changes
are anticipated, an audit could result in adjustments which would result in
the audited numbers varying from the financial statements set forth below.


REDIFF.COM INDIA LIMITED
CONSOLIDATED BALANCE SHEETS
As of March 31, 2012 and September 30, 2012
(All figures in US$ million)

                                                     As of       As of
                                                  March 31,  September 30,
                                                     2012        2012
                                                                 
                                                     (Audited)   (Unaudited)
Assets
                                                                
Current Assets
                                                     24.54       21.63
Cash and cash equivalents
Trade accounts receivables, net                      6.15        4.96
Prepaid expenses and other current assets            1.38        1.40
Total current assets                                 32.07       27.99
Property, plant and equipment, net                   7.40        6.60
Goodwill                                             2.00        2.00
Intangible assets, net                               2.49        2.20
Investment, at cost                                  1.30        1.30
Investments in equity method investees               0.08        0.08
Recoverable Taxes                                    2.96        2.91
Other non-current assets                             2.17        1.95
Total non-current asset                              18.40       17.04
Total assets                                         50.47       45.03
                                                                           
Liabilities and shareholders’ equity                            
Liabilities
Current liabilities                                             
Accounts payable and accrued liabilities
                                                     4.38        4.42
Customer advances and unearned revenues              2.15        2.58
Total current liabilities                            6.53        7.00
Deferred tax liability                               0.24        0.12
Other non-current liabilities                        0.96        0.95
Total Liabilities                                    7.73        8.07
Shareholders’ equity
                                                                

                                                     1.76        1.76
Equity share capital: Issued and outstanding
Additional paid in capital                           130.96      131.29
Accumulated other comprehensive Profit /(loss)       (9.28   )   (9.98     )
Accumulated deficit                                  (76.27  )   (80.68    )
Treasury shares, at cost (See note below)            (4.43   )   (4.43     )
Total shareholders’ equity                           42.74       36.96
Total liabilities and shareholders' equity           50.47       45.03
                                                                           


REDIFF.COM INDIA LIMITED
CONSOLIDATED STATEMENTS OF EARNINGS
For each of the half years ended September 30, 2011 and 2012
(All figures in US$ million)

                                              Half year ended September 30,
                                                 2011            2012
                                                 (Unaudited)      (Unaudited)
Revenues                                         8.60             5.79
India Online
US Publishing                                    1.89            1.72     
Total revenues                                   10.49           7.51     
Cost of Revenues (excluding depreciation                         
and
amortization separately disclosed below)         4.61             3.74
India Online
US Publishing                                    1.28            1.26     
Total cost of revenues                           5.89            5.00     
Gross margin                                     4.60            2.51     
Operating Expenses                               3.17             1.58
Sales and marketing
Product development                              1.85             1.32
Depreciation and amortization                    1.87             1.81
General and administrative                       3.90             3.75
Foreign exchange loss, net                       0.09            0.02     
Total operating expenses                         10.88           8.48     
Operating loss                                   (6.28     )      (5.97    )
Other income (expense), net
Interest income                                  1.54             0.97
Miscellaneous income                             -               0.04     
Total other income, net                          1.54            1.01     
Loss before income taxes and equity in net
earnings of                                      (4.74     )      (4.96    )
equity method investees
Income tax expense                               -                -
Equity in net earnings of equity method          (0.20     )      -        
investees
Net loss                                         (4.94     )      (4.96    )
                                                                           

Note:

The company established an ESOP trust for the benefit of the employees and
purchased 1,015,000 shares (equivalent to 2,030,000 ADS). These shares are
treated as treasury stock.

About Rediff.com

Rediff.com (NASDAQ: REDF) is one of the premier worldwide online providers of
news, information, communication, entertainment and shopping services to
Indians worldwide. Founded in 1996, Rediff.com is headquartered in Mumbai,
India with offices in New Delhi, India and New York, USA.

Safe Harbor:

Except for historical information and discussions contained herein, statements
included in this release may constitute "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, and reflect
our current expectations. Forward-looking statements are identified by certain
words or phrases such as "may", "will", "aim", "will likely result",
"believe", "expect", "will continue", "anticipate", "estimate", "intend",
"plan", "contemplate", "seek to", "future", "objective", "goal", "project",
"should", "will pursue" and similar expressions or variations of such
expressions. These statements involve a number of risks, uncertainties and
other factors that could cause actual results to differ materially from those
that may be projected by these forward looking statements. These risks and
uncertainties include but are not limited to the slowdown in the economies
worldwide and in the sectors in which our clients are based, the slowdown in
the Internet and IT sectors world-wide, competition, success of our past and
future acquisitions, attracting, recruiting and retaining highly skilled
employees, technology, acceptance of new products and services, the
development of broadband Internet and 3G networks in India, legal and
regulatory policies, managing risks associated with customer products, the
wide spread acceptance of the Internet as well as other risks detailed in the
Form 20-F and other reports filed by Rediff.com India Limited with the U.S.
Securities and Exchange Commission. Rediff.com India Limited and its
subsidiaries may, from time to time, make additional written and oral forward
looking statements, including statements contained in the Company's filings
with the Securities and Exchange Commission and our reports to shareholders.
Rediff.com India Limited does not undertake to update any forward-looking
statement that may be made from time to time by or on behalf of the Company.

Contact:

Rediff.com India Ltd.
Mandar Narvekar
Investor Relations and Corporate Affairs Contact
+91-22-6182 0000
investor@rediff.co.in
or
GW Communications (U.S.A.)
Glenn Wiener and Jay Morakis
212-786-6011 / 212-786-6037
gwiener@GWCco.com / jmorakis@GWCco.com
 
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