(1888PressRelease)
May 17, 2007 - Performance Highlights :
Financial Results for the Quarter Ended March 31, 2007
• Revenues for the quarter ended March 31, 2007 totaled US$ 8.48 million, an increase of 66% over revenues from the quarter ended March 31, 2006.
• India Online revenues, which include advertising and fee-based revenues, for the quarter ended March 31, 2007 totaled US$6.30 million, an increase of 76% compared to the quarter ended March 31, 2006.
• Operating EBITDA increased to US$ 2.01 million for the quarter ended March 31, 2007, compared to US$ 0.71 million for the quarter ended March 31, 2006.
• Net income for the quarter ended March 31, 2007 was US$ 2.00 million compared to a net income of US$0.53 million, for the quarter ended March 31, 2006.
Financial Results for the Fiscal Year Ended March 31, 2007
• Revenues for the fiscal year ended March 31, 2007 totaled US$28.68 million, an increase of 53% over revenues during the fiscal year ended March 31, 2006.
• India Online revenues for the fiscal year ended March 31, 2007 totaled US$20.76 million, an increase of 71% compared to the fiscal year ended March 31, 2006.
• Operating EBITDA for the fiscal year ended March 31, 2007 totaled US$5.93 million, an increase of 147% compared to Operating EBITDA during the fiscal year ended March 31, 2006.
• Net income for the fiscal year ended March 31, 2007 was US$6.99 million, compared to a net income of US$1.21 million for the prior fiscal year.
Registered Users
• Registered users grew to 53.6 million as of March 31, 2007, a 25% increase over the number of registered users as of March 31, 2006.
Advertising Revenues
• Online advertising continues to drive growth for the Company. Revenues from the India Online advertising business grew by 92% for the quarter ended March 31, 2007 compared to the same quarter in the prior fiscal year.
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. Rediff.com provides a platform for Indians worldwide to connect with one another online. Founded in 1996, Rediff.com is headquartered in Mumbai, India with offices in New Delhi and New York, USA.
Safe Harbor
Except for historical information and discussions contained herein, statements included in this release may constitute “forward-looking statements.” 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 U.S. and Indian economies 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, legal and regulatory policy, managing risks associated with customer products, the wide spread acceptance of the Internet as well as other risks detailed in the 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 its filings with the U.S. Securities and Exchange Commission and its 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 it or on its behalf.
For further details contact:
Debabrata Saha
Investor Relations and Corporate Affairs Contact
Rediff.com India Limited
Email: investor ( @ ) rediff dot co dot in
Tel.: +91-22-2444-9144 Extn.: 116
Fax.: +91-22-2444-6837
Log on to investor.rediff.com for further details.
