Rolta India Limited - 3rd Quarter Results

RNS Number:5691S
Rolta India Limited
17 April 2008

Press Note

Thursday April 17, 2008

Rolta's Consolidated Revenue grows 55.4% and Net Profit grows 44.3 % Y-o-Y

MUMBAI, April 17, 2008 - Rolta India Limited, one of India's leading IT
companies, specializing in GeoSpatial Information Systems (GIS), Engineering
Design Automation (EDA) and Enterprise Information and Communication Technology
(EICT), today announced unaudited financial results for the third quarter ended
March 31, 2008.

FINANCIAL HIGHLIGHTS

• Consolidated Revenue for the quarter increased to Rs. 2,883.7 mn
(USD 72.2 mn) as against Rs. 1,855.9 million (USD 42.7 Million) in
corresponding quarter of the previous year, a year-on-year growth of 55.4%
and quarter-on-quarter (Q-o-Q) growth of 19.3%.

• Consolidated Profit After Tax for the quarter ended March 31, 2008 has
shown a robust year-on-year (y-o-y) growth of 44.3 % to Rs. 657.2 mn
(USD 16.5 mn), as against Rs. 455.4 mn (USD 10.5 Million) in the
corresponding quarter of the previous year, and Q-o-Q growth of 9.1%.

• Consolidated Basic Earnings Per Share adjusted for the issue of Bonus
Shares at 1:1 in January 08, was Rs. 4.1 (USD 0.10) for the quarter
ended March 31, 2008 as against Rs. 2.8 (USD 0.07) in the corresponding
quarter last year.

OPERATIONAL HIGHLIGHTS

The Company continued to strengthen its operations to sustain its rapid growth
and to prepare itself for a larger scale of operations. Towards this end, the
Company appointed Ms. Preetha Pulusani as a Joint Managing Director and a member
of the Board, based in Mumbai. She brings extensive first-hand experience
specifically in GIS and EICT to the Company, having served in the US as the
President of Intergraph's GIS and Mapping business unit, and also as the
CEO of Adeptmedia Corporation. Rolta also appointed Mr. Karl Seil as Director of
the Engineering to head the business unit in Mumbai. He was formerly in the US
with Bechtel for 22 years, and then with Stone & Webster as Director Engineering
and Worley Parsons as VP of Operations and Engineering. The Company established
a subsidiary in Sydney, Australia and appointed Mr. Dinesh Desilva as the
President. The Company has similarly added senior management staff in various
divisions and global subsidiaries to boost our sales, marketing and delivery
capabilities.

The Rolta Academy, established as a captive facility to train entry-level
employees in a structured manner, has proven to be a very successful initiative.
During the quarter over 300 technical professionals were inducted in various
disciplines raising the total employee strength of the Company to about 5000.

The Company's internal operations are being strengthened by implementing
a comprehensive ERP solution that covers all business units worldwide. The first
phase of the implementation was successfully completed during the quarter. This
provides a robust foundation for the rapidly increasing scale of operations, and
for efficiently integrating operations of acquisitions with those of the
Company.

In the GeoSpatial Information Systems (GIS) segment, the Company won large
orders from nodal agencies and power distribution companies in India. The
Company continues to win and execute defense contracts. In the International
markets, the company has been awarded large contracts by telecom and utility
majors. Rolta continues to make inroads into newer segments of GIS with
innovative deployment of our OnPoint technologies.

Rolta Thales Limited (RTL) the company's Joint Venture with Thales has
made significant progress in introducing various new technologies to the Indian
Defence segment.

The Company has won large orders for services and solutions in the Engineering
Design segment from a number of Indian owner-operators and EPCs in the
petroleum, refining and power segments. On the international front, Rolta
continues to execute large engineering design projects. New business won during
the quarter includes projects in the Middle East and add-on business for detail
design and engineering analysis from clients in Europe and North America. During
the quarter, the company also won several contracts for ship design services
from large European shipyards.

Stone & Webster Rolta Limited (SWRL) the joint venture company continues to
report steady growth with several large projects from petrochemical companies
and large refineries apart from providing engineering design services for global
projects of Stone & Webster. The company is currently executing a prestigious
multi year engineering design and procurement project from the global major
Exxon Mobil.

Rolta continued to make rapid strides in growing its e-security and network
management business in partnership with CA. Similarly, Rolta's Oracle technology
and applications business has shown significant growth. The Company has booked
new business in all geographical regions worldwide, including multi-million
dollar orders.

The Company acquired TUSC, the "Oracle technology experts" based in Chicago.
Integration of this company into Rolta's mainstream operations is well underway.
Acquisition of TUSC has given an impetus to building a strong portfolio of
products, technology and high-end services, and has resulted in a quantum jump
in consolidated EICT business. This has given the Company the ability to offer
wider and higher-value services in our GIS and Engineering segments, while
concurrently improving the Company's access to complementary markets and
industry segments. Rolta is now expanding its portfolio of services to offer
enterprise level solutions, especially to the engineering and GIS users.

COMPANY OVERVIEW

Rolta is an Indian multinational organization that has executed projects in over
35 countries. Rolta is a leading provider and developer of Information
Technology based GeoSpatial Information Systems (GIS), Engineering Design
Services, Software Development, Advanced Security, Network Management, ERP
Consulting and Deployment services worldwide. Rolta, through its joint venture
Stone & Webster Rolta Ltd., provides comprehensive Engineering, Procurement and
Construction Management (EPCM) services to meet turnkey project requirements of
power, oil, gas and petrochemical sectors. Rolta's joint venture with Thales,
France, leverages a broad spectrum of cutting-edge technologies, systems and
solutions from Thales, and Rolta's leadership position in the Indian market.
This JV takes advantage of the technology transfer from Thales for developing
state-of-the-art C4ISTAR information systems, for domestic and international
markets. Rolta has acquired Orion technology Inc. a Canadian software and
integration company specializing in enterprise Web GIS Solution and TUSC, an IT
Consulting company specializing in ERP applications as well as database and
business intelligence solutions, based on Oracle technologies. Rolta,
headquartered in Mumbai, employs about 5000 professionals with countrywide
infrastructure and international subsidiaries across the globe and is today a
strong player in the Infrastructure, Defence, Homeland Security and Enterprise
Information & Communication Technology (ICT) markets. Forbes ranked Rolta as one
of "Asia's Best 200 Under a Billion" for the fourth time in the last six years.
The Company is listed on the NSE in cash and F&O segment and forms part of CNX
IT, NIFTY Midcap 50 and CNX 500 indices. The company is also listed on BSE 'A'
group and forms part of BSE Midcap, BSE 200, BSE 500, BSE IT and BSE TECK
indices. The Company's GDR is listed on the Main Board of London Stock Exchange
and its FCCB's are listed on the Singapore Stock Exchange.

For additional information Rolta India Limited

Hiranya Ashar A. P. Singh,
Director Finance & CFO Joint Managing Director
E-mail: Hiranya.Ashar@Rolta.com E-mail: AP.Singh@Rolta.com
Telephone: +91 (22) 2832 6666 Telephone: +91 (22) 2832 6666

UNAUDITED FINANCIAL RESULTS

ROLTA INDIA LIMITED

Regd. Office : Rolta Tower A, Rolta Technology Park, MIDC-Marol, Andheri (East), Mumbai - 400 093
Corporate Office : 21st Floor, Maker Tower 'F', Cuff Parade, Mumbai - 400 005. www.rolta.com

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED MARCH 31, 2008

(US $ In Million)
CONSOLIDATED RESULTS

Particulars 3 Months Corresponding Year to Date Corresponding Audited
Ended 3 Months in Figures for 9 Months in Previous
31.03.2008 the Previous the current 9 the Previous Accounting Year
Year Months Period Year Ended 30.06.07

Net Sales/Income from 72.18 42.68 188.01 116.88 174.62
Operations
Other Income 2.63 0.21 7.61 1.35 2.52
Total Income 74.81 42.89 195.62 118.23 177.14

Expenditure

a. Inventory - (Increase) / Decrease 0.36 0.29 0.54 0.86 0.63
b. Material / subcontract Cost 16.69 11.34 48.02 30.17 46.70
c. Staff Cost 22.29 9.75 51.24 27.86 41.48
d. Depreciation 8.84 6.43 25.14 16.95 25.00
e. Other Expenditure 7.62 3.32 18.74 10.48 15.47

Total Expenditure 55.80 31.13 143.68 86.32 129.28

Interest -- 0.02 -- 0.09 0.18
Exceptional Items -- -- -- -- --
Profit from ordinary 19.01 11.74 51.94 31.82 47.68
activities before Tax
Provision for Taxation 2.58 1.27 6.95 3.35 5.32
Net Profit from ordinary 16.43 10.47 44.99 28.47 42.36
activities after Tax
Extraordinary Items -- -- -- -- --
Net Profit for the Period 16.43 10.47 44.99 28.47 42.36
Add/(Less) Minority Shares in 0.01 -- 0.01 -- --
Loss/(Profit)
Net Profit After Minority 16.44 10.47 45.00 28.47 42.36
Interest
Paid-up Equity Share Capital 1605.19 801.19 1605.19 801.19 801.19
(F.V. Rs.10/- each)
Reserves excluding Revaluation -- -- -- --
Reserves
Earning per Share Before
Extraordinary Items

Basic EPS (in US $)* Refer 0.10 0.07 0.28 0.18 0.26
Note No.4
Diluted EPS (in US $)* 0.10 0.07 0.28 0.18 0.26
Earning per Share After
Extraordinary Items

Basic EPS (in US $)* Refer 0.10 0.07 0.28 0.18 0.26
Note No.4
Diluted EPS (in US $)* 0.10 0.07 0.28 0.18 0.26
Aggregate of Public
Shareholding
Number of Shares 9,45,86,562 4,20,79,043 9,45,86,562 4,20,79,043 4,63,46,900
Percentage of Shareholding 58.93 52.52 58.93 52.52 57.85

UNCONSOLIDATED RESULTS

Particulars 3 Months Corresponding Year to Date Corresponding Audited
Ended 3 Months in Figures for 9 Months in Previous
31.03.2008 the Previous the current 9 the Previous Accounting Year
Year Months Period Year Ended 30.06.07

Net Sales/Income from Operations 56.53 34.63 158.08 108.59 147.06

Other Income 2.55 0.15 7.62 1.30 2.09
Total Income 59.08 34.78 165.70 109.89 149.15

Expenditure

a. Inventory - (Increase) /Decrease 0.36 (0.85) 0.54 (0.31) (2.09)
b. Material / subcontract Cost 14.51 10.50 43.85 32.22 45.42
c. Staff Cost 10.12 4.95 27.53 15.91 22.42
d. Depreciation 8.38 6.25 24.49 18.32 24.67
e. Other Expenditure 3.50 2.01 10.41 7.25 8.72

Total Expenditure 36.87 22.86 106.82 73.39 99.14

Interest -- -- -- -- --

Exceptional Items -- -- -- -- --

Profit from ordinary activities 22.21 11.92 58.88 36.50 50.01
before Tax

Provision for Taxation 2.50 1.25 6.76 3.68 5.27

Net Profit from ordinary
activities 19.71 10.67 52.12 32.82 44.74
after Tax

Extraordinary Items -- -- -- -- --

Net Profit for the Period 19.71 10.67 52.12 32.82 44.74

Add/(Less) Minority Shares in Loss/ -- -- -- -- --
(Profit)

Net Profit After Minority Interest 19.71 10.67 52.12 32.82 44.74

Paid-up Equity Share Capital 1605.19 801.19 1605.19 801.19 801.19
(F.V.Rs.10/- each)

Reserves excluding Revaluation
Reserves -- -- -- --

Earning per Share Before
Extraordinary Items

Basic EPS (in US $)* Refer Note 0.12 0.07 0.33 0.21 0.28
No.4

Diluted EPS (in US $)* 0.12 0.07 0.32 0.20 0.28

Earning per Share After
Extraordinary Items

Basic EPS (in US $)* Refer Note 0.12 0.07 0.33 0.21 0.28
No.4

Diluted EPS (in US $)* 0.12 0.07 0.32 0.20 0.28

Aggregate of Public Shareholding

Number of Shares 9,45,86,562 4,20,79,043 9,45,86,562 4,20,79,043 4,63,46,900

Percentage of Shareholding 58.93 52.52 58.93 52.52 57.85

SEGMENT-WISE REVENUE AND RESULTS FOR THE QUARTER ENDED MARCH 31, 2008

CONSOLIDATED RESULTS

Particulars 3 Months Corresponding Year to Date Corresponding Audited
Ended 3 Months in Figures for 9 Months in Previous
31.03.2008 the Previous the current 9 the Previous Accounting Year
Year Months Period Year Ended 30.06.07

Segment Revenue

Geospatial / GIS 34.29 24.53 97.12 67.27 99.25
Engineering Design 22.92 12.94 62.32 35.42 54.13
Enterprise Information & 14.97 5.21 28.57 14.19 21.24
Communication Technology
Less: Inter segment revenue -- -- -- -- --
Net revenue from operations 72.18 42.68 188.01 116.88 174.62

Segment Profit/(loss) before
depreciation, Interest & Tax
Geospatial / GIS 13.45 11.09 38.44 28.45 41.79
Engineering Design 8.83 5.20 24.14 14.04 21.43
Enterprise Information & 2.94 1.69 6.89 5.02 7.12
Communication Technology
TOTAL 25.22 17.98 69.47 47.51 70.34

Add:Other Income (not 2.63 0.21 7.61 1.35 2.52
allocable)
Less: Interest (not allocable) -- 0.02 -- 0.09 0.18
Less: Depreciation (not 8.84 6.43 25.14 16.95 25.00
allocable)
Total Profit before Tax 19.01 11.74 51.94 31.82 47.68

UNCONSOLIDATED RESULTS

Particulars 3 Months Corresponding Year to Date Corresponding Audited
Ended 3 Months in Figures for 9 Months in Previous
31.03.2008 the Previous the current 9 the Previous Accounting Year
Year Months Period Year Ended 30.06.07

Segment Revenue

Geospatial / GIS 32.49 19.88 91.43 63.10 85.67
Engineering Design 18.34 10.92 50.67 34.38 46.16
Enterprise Information &
Communication Technology 5.70 3.83 15.98 11.11 15.23
Less: Inter segment revenue -- -- -- -- --
Net revenue from operations 56.53 34.63 158.08 108.59 147.06

Segment Profit/(loss) before
depreciation, Interest & Tax 16.14 11.31 43.61 32.93 44.67
Geospatial / GIS
Engineering Design 10.08 5.50 26.90 17.02 23.03
Enterprise Information &
Communication Technology 1.82 1.21 5.24 3.57 4.89
TOTAL 28.04 18.02 75.75 53.52 72.59

Add:Other Income (not allocable) 2.55 0.15 7.62 1.30 2.09
Less: Interest (not allocable) -- -- -- -- --
Less: Depreciation (not
allocable) 8.38 6.25 24.49 18.32 24.67
Total Profit before Tax 22.21 11.92 58.88 36.50 50.01

Notes on segment information:

Segmental Capital employed: Fixed assets used in the company's business or
liabilities contracted have not been identified to any particular reportable
segments.

The company believes that it is currently not practical to provide segment
disclosures relating to total assets and liabilities.

Notes:

1. The above results were taken on record by the Board of Directors of
the Company at its meeting held on 17st April, 2008 after a Limited Review
carried out by the Statutory Auditors.

2. Provision for Taxation includes provision for current tax, deferred
tax and fringe benefit tax

3. Pursuant to revised Accounting Standard (AS-15) on "Employee Benefits"
issued by the Institute of Chartered Accountants of India, appropriate
provisions have been made for the quarter-ended 31.03.2008.The consequent impact
on staff cost for the quarter-ended 31.03.2008 is not material. The effect of
transitional provisions relating to previous year will be adjusted against
opening revenue reserves at the year end.

4. In accordance with Accounting Standard 20 (AS-20) "Earnings Per Share"
issued by the Institute of Chartered Accountants of India, the Earning Per share
(EPS) for current quarter as well as for all other periods has been adjusted
taking into account the bonus issue of 1:1.

5. There were 3 investor grievances at the beginning of the quarter ended
March 31, 2008. During the quarter, the Company received 12 grievances. 10
grievances were resolved and 5 are pending.

6. Previous quarter / year's figures are regrouped wherever necessary.

7. For the convenience of the readers all conversions from Indian Rupees
('Rs.' ) to U.S. Dollars are made on the basis of exchange rate prevailing on 31
ST March, 2008 of Rs.39.95 =U.S. $ 1.00 (31ST March, 2007 Rs. 43.49 = U.S. $
1.00 & 30th June 2007 Rs. 40.74 = U.S. $ 1.00)

Place: Mumbai
Kamal K Singh
Chairman & Managing Director

Date 17th April'2008
This information is provided by RNS
The company news service from the London Stock Exchange
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