Rediff.com, one of the premier online providers of news, information, communication, entertainment and shopping services to Indians worldwide, today announced results for its second quarter ended September 30, 2013.
The Company reported overall revenues for the 2013 second fiscal quarter of $3.96 million, a 3% increase in US dollar terms and 17% increase in Indian Rupee terms compared to the same period last year.
For the three months ended September 30, 2013, the Company reported revenues from its India Online operations of $3.18 million, an increase of approximately 6% over the corresponding quarter last fiscal year. Total India revenue, which includes online advertising revenues of $1.88 million and fee-based revenues of $1.30 million, decreased approximately 11% and increased 33%, respectively as compared to the three months ended September 30, 2012.
“Despite continued softness in the India market and the subsequent sharp decline in the value of the Rupee vs. the Dollar, we have been successful in further expanding our reach, both with businesses and consumers. Many of our newer initiatives continue to generate positive momentum and during the second quarter, we saw continued growth in our online marketplace, enterprise email business and in our local TV advertising,” said Ajit Balakrishnan, Chairman and Chief Executive Officer of Rediff.com.Mr. Balakrishnan added, “Our total revenue has grown over the corresponding quarter last year and we have been able to maintain our gross margins compared to the same period last year, while lowering our expenses. While we remain focused on cash conservation and have lowered our expense structure, at the same time, we have been opportunistic in investing in areas we believe will lead to longer-term growth and drive bottom-line performance. Economic hurdles do remain, but I am encouraged with our progress and believe the new services we offer, both on desktop and mobile platforms, will position us well for the future, especially with the continued build-out of India’s broadband infrastructure.”