Q2 Earnings: Rediff Sales Up 53%, Net Profits Zoom By 383%; Indian Ad Revenues Double

India’s leading portal Rediff.com has announced its Q2 results for the period ended September 30, 2006. The company has put up a good show mainly due to an almost 100 per cent surge in the domestic online ad revenues. Here are the main points.

– Revenues grew by 53.3 per cent to $6.66 million, compared to the same quarter last year
– India Online revenues grew by 71 per cent to $4.71 million
– US Publishing revenues increased by 23 per cent to $1.95 million
– Gross Margins increased to 80 per cent in Q2 compared to 70 per cent in the same quarter last year
– Operating EBITDA increased to $1.14 million for the quarter compared to $0.50 million last year
– Net income for the quarter was $1.50 million, or 5.14 cents per ADS, compared to a net income of $0.31 million, or 1.19 cents per ADS, last year
– Registered users grew to 47.7 million in Q2, a 21 per cent increase from the same quarter last year

The statement from the company says that the revenues from the India online advertising business have grown by 94 per cent for the quarter ended September 30, 2006. And so online advertising remains the primary growth driver for the company.

Highlights here:
– The number of advertisers increased by 20 per cent to 160 brands, quarter on quarter year on year.
– 68% of online advertising revenues came from online verticals such as travel, matrimonial and employment; information technology products; consumer financial services; and financial products.
– The top 10 advertisers contributed approximately 57% of advertising revenue for the India online business
(In the picture: Ajit Balakrishnan, Chairman and CEO, Rediff.com India Ltd)

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