Rediff revenues at $3.4m for Q1FY2003

NEW DELHI: India Limited (Nasdaq: REDF), a premier worldwide online provider of news, information, communication, entertainment and shopping services for Indians, today announced its financial results for the first fiscal quarter ending 30 June 2003 with total revenues for the quarter at $3.4 million.

Supported by growth in fee-based services, India Online revenues grew by 25.4 per cent, over the same quarter last year. Non-advertising revenues from fee-based services comprised 48.7 per cent of total India Online revenues, according to a statement from Rediff.

The US publishing division posted modest first quarter operating profits at the EBITDA level, despite a decline in revenues of 12.3 per cent over the same quarter last year.

Valucom subsidiary improved its business matrix with high gross margins, significant repeat sales to existing customers at an average ticket value of $125 per transaction. Nonetheless, revenues declined by 70 per cent over the corresponding quarter last year.

According to the statement, registered users grew 37 per cent compared to the same quarter last year to 26.5 million.

The loss per ADS at the EBITDA level was 5.6 cents or US$1.4 million compared to 5.7 cents or US$1.5 million for the quarter ended 30 June 2002.

The net loss per ADS, for the quarter was 7.9 cents or US$2.0 million compared to 7.0 cents or US$1.8 million for the corresponding quarter ended June 2002.

Total operating expenses for the quarter ended June 30, 2003, decreased by $400,000 or 14 per cent to $2.5 million compared to the corresponding quarter last year. This decrease was largely due to cost reduction initiatives implemented in the company's US publishing operations and Valucom subsidiary.

"The growth in cellular subscribers has resulted in an increased usage of value added services on the text messaging platform and we believe that increased PC penetration will result in the steady rise of Internet subscribers in the quarters ahead," the statement quoted India Ltd. chairman Ajit Balakrishnan.


Revenues for the quarter ended 30 June 2003 were $3.4 million, as compared to US$6.3 million in the same quarter last year.

India Online contributed $0.75 million, an increase of 25.4 per cent when compared to the same quarter last year on the strength of growth in fee base services. Fee based services comprise mobile services, subscription services and merchandising.

Revenues for US Publishing for the quarter ended June declined by 12.3 per cent to $1.4 million, compared to the same quarter in fiscal 2002. India Limited is one of the premier worldwide online providers of news, information, communication, entertainment and shopping services for Indians. additionally offers the Indian American community in the United States and Canada one of the oldest and largest Indian weekly newspapers, India Abroad.

Founded in 1996, is headquartered in Mumbai with offices in New Delhi and New York, USA.

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