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Rediff.com India Limited (REDF)
Q3 2012 Earnings Call
January 24, 2013 9:00 a.m. ET
Mandar Narvekar – Director Marketing
Ajit Balakrishnan – Chairman & CEO
Swasti Bhowmick – CFO
Jim Frost – Private Investor
Very good afternoon ladies and gentlemen. I am Sandeep Sarkar (ph) the moderator of this call.
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I would like to now hand over the conference to Mr. Mandar Narvekar. Over to you sir.
Thank you, Sandeep. Good morning everyone, and thank you for being with us to discuss Rediff.com’s financial results for the third fiscal quarter ended 31 December 2012. I would like to introduce you to the members of the management present on this call who will take you through the highlights of the Company’s performance. We have with us Mr. Ajit Balakrishnan, Chairman and CEO; and Mr. Swasti Bhowmick, CFO.
As mentioned earlier, all of you are currently on a listen-in mode only. This conference will last for about 20 minutes, and then we’ll be glad to answer any questions that you may have. For your immediate reference, we have also posted the earnings release for the third fiscal quarter ended December 31, 2012, dated today on our website at investor.rediff.com. You may also call me at our Indian office at +9122-61820000, and we will be glad to fax or email you a copy during the course of this call.
Before proceeding, I would like to mention that during the conference call except for the historical information and discussions contained herein, statements may constitute forward-looking statements for the purpose of the Safe Harbor Provision under the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of forward-looking terminology such as may, will, expect, believe, will continue, anticipate, estimate, intent, plan, contemplate, seek to, future, objective, goal, project, should, will perceive or similar terms, variations of those terms or the negatives of those terms.
These statements involve a number of risks, uncertainties and other factors that can cause the actual results to differ materially from those that may be projected by the forward-looking statements. These risks and uncertainties include but are not limited to a slowdown in the economy worldwide and in the sectors in which our clients are based, a slowdown in the internet and the IT sectors worldwide, competition, the success or failure of our past or future acquisitions, attracting, recruiting and retaining highly-skilled employees, technology, acceptance of new products or services, the development of broadband Internet and 3G networks in India, legal and regulatory policies, managing risks associated with customer products and a widespread acceptance on the Internet.
Listeners should carefully review the risk factors and any other cautionary statements contained in our latest annual report on Form 20-F and other reports filed by Rediff.com with the U.S. Securities and Exchange Commission from time to time. These reports are available on the SEC website from the SEC’s offices in Washington DC and on request by emailing us at firstname.lastname@example.org.
Rediff and its subsidiaries may from time to time make additional written and oral forward-looking statements. Rediff.com and its subsidiaries do not undertake to update any forward-looking statements that may be made from time to time by Rediff.com or on its behalf.
I would now like to introduce Mr. Ajit Balakrishnan, our Chairman and CEO.
Good morning and thank you for joining us on this call. We appreciate your continued interest in our company. And I’m pleased to announce that we continue to make progress in executing our strategy in our third quarter fiscal quarter ended December 2012. Consistent with my remarks during our last quarter conference call. We remain focused on growing our businesses particularly some of the newer online initiatives we are embarked on.
We continued to extend the reach of the Rediff brand across the Indian market, looking to offset some of the weaknesses in advertising in both business and consumer spending and we continue to aggressively manage our cost structure to preserve capital and be opportunistic in our investments.
During the third quarter, and now for three quarters in a row we saw sequential growth in our core business of online advertising in India. And the eCommerce and Subscription businesses we operate. While at the year-to-date comparison was lower in the face of challenging economic landscape in India, we’re cautiously optimistic during the sequential in revenues. And we do believe this trend to continue.
The growth we are experiencing albeit modesty is a result of a continuing efforts in the form of a revamped sales strategy for eCommerce subscriptions and online and local TV advertising, supported by a more focused investments on growth driven programs.
I will provide a brief overview on the unfolding internet ComScore in India, and now some facts that have direct implications on our business. I will also brief you on the progress of our business and the quarterly performance, our CFO Swasti Bhowmick will then discuss the financial performance in detail. Following the presentation we will open the call for questions.
As for the latest statistics on ComScore, the Indian internet market is now 71 million active users, it’s in the growth range of 51% year-over-year. This also compares to 66 million active users as of end of September 2012, an increase of 7.5% in just three months time. Additionally with 16 million active users, Rediff commands a 23% market share in Indian market and the usability has grown 15% in the last three months, these figures are according to ComScore.