Rediff.Com Reports Fiscal 2013 Fourth Quarter and Year-end

Mumbai, Maharashtra, India, Wednesday, May 22, 2013 -- (Business Wire India), one of the premier online providers of news, information,
communication, entertainment and shopping services to Indians worldwide, today
announced results for its fourth quarter and fiscal year ended March 31, 2013. 
Fourth-quarter revenue in the Company's core business, India Advertising, grew
9% compared to the third fiscal quarter. This is the third consecutive quarter
that this segment has registered revenue growth. Besides the growth in quarterly
India Advertising revenue, the Company's other businesses, namely Ecommerce,
Subscriptions and Local TV, achieved fourth-quarter revenue growth of 19%, 2%
and 33%, respectively, compared to the third fiscal quarter. 
However, overall revenues for the fourth fiscal quarter, of $4.18 million, were
10% lower as compared to $4.64 million reported in the fourth fiscal quarter of
the prior fiscal year, ended March 31, 2012. This was primarily driven by
declines in the Company's Newspaper Publishing business and India Advertising,
although the latter has shown sequential revenue growth over the most recent
three quarters. 
The growth in India Advertising business was driven by an increase in spending
by clients in the Banking, Financial Services and Insurance industries, as well
as in the Telecom, Education, Tourism and Real Estate sectors. While the
economic recession has curtailed overall advertising budget dollars, the Company
has seen an increase in advertising spend over the past few quarters in these
industries and sectors.  
"Despite challenging economic conditions in India and abroad, our India Online
business has exhibited sequential growth in the last three consecutive quarters,
mainly on account of our focused efforts to diversify our revenue stream and
lessen our dependence on advertising, and due to the improvements we've made to
our existing offerings. Over the past few quarters, our team has worked hard to
improve the functionality and look and feel of our site, improve the news
delivery mechanism and expand our ecommerce offering. We believe this strategy
will position us for future growth in the coming years, especially with the
expected improvements in broadband infrastructure in India,” stated Ajit
Balakrishnan, Chairman and Chief Executive Officer, India Ltd. 
Mr. Balakrishnan continued, “Over the past year, concurrent with our efforts
to enhance our offerings and market position, we have also implemented stringent
cost controls throughout the Company and realigned several areas, resulting in
over 15% lower annual operating expenses. As our business continues to grow, we
believe these efforts will result in improved bottom-line performance. We are
focused on building sustainable value for our shareholders and ensuring we have
the resources needed to implement an aggressive marketing and revenue push, when
the time is right." 
Further details of's results for the fourth fiscal quarter and fiscal
year ended March 31, 2013 are appended in tabular form to this press release. A
script of the earnings result conference call held on May 22, 2013 will also be
made available on Rediff's Investor Information website at 
About (NASDAQ: REDF) is one of the premier worldwide online providers of
news, information, communication, entertainment and shopping services to Indians
worldwide. Founded in 1996, 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 India Limited with the U.S.
Securities and Exchange Commission. 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. 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. 
Non-GAAP Measures Note 
Operating EBITDA, non-GAAP operating expenses, impairments related to long-lived
assets are the non-GAAP measures in this press release. These measurements are
not recognized under generally accepted accounting principles (“GAAP”). 
Operating EBITDA represents loss from operations prior to adjustments for
depreciation/ amortization, non-recurring items and other income or expense and
tax. However, other companies may calculate operating EBITDA differently.
Operating EBITDA is not intended to represent cash flows as defined by generally
accepted accounting principles and should not be considered as an indicator of
cash flow from operations. We have included information concerning operating
EBITDA in this press release because management and our board of directors use
it as a measure of our performance. In addition, future investment and capital
allocation decisions are based on operating EBITDA. Investors and industry
analysts use operating EBITDA to measure the Company's performance to historic
results and our peer group. The reconciliation between operating EBITDA and net
loss, the GAAP measure, is as follows: 
31, 2013 
Non-GAAP operating expenses represent our operating expenses comprised of sales
and marketing, product development and general and administrative expenses
excluding depreciation and amortization, impairment of Goodwill and foreign
exchange gain (loss). We have used the non-GAAP operating expense to compute our
operating EBITDA. A reconciliation of the GAAP operating expense to non-GAAP
operating expense is as follows: 
MARCH 31, 2013 
Media contact details 
Mandar Narvekar, Investor Relations and Corporate Affairs Contact, India Ltd.,
+91 (22) 61820000, 
Glenn Wiener and Jay Morakis,
GW Communications (U.S.A.),
212.786.6011 / 212.786.6037,, 
Contributed via: Bloomberg Publisher WEB Service 
Provider ID: 83fbe51600d04c6d9c8933b9761f364c 
-0- May/22/2013 12:37 GMT
Press spacebar to pause and continue. Press esc to stop.