Publishes Its Unaudited Balance Sheet as of September 30, 2012 and Its Statements of Earn Publishes Its Unaudited Balance Sheet as of September 30, 2012 and Its Statements of Earnings for the Six Months Ended September 30, 2012

MUMBAI, India--(BUSINESS WIRE)-- In compliance with the NASDAQ Rule 5250(c)(2), which requires that each foreign private issuer with securities listed on the NASDAQ distribute interim financial information within six months following the end of such foreign private issuer's second fiscal quarter, India Limited hereby publishes its unaudited consolidated balance sheet as of September 30, 2012 and its unaudited consolidated statement of income for the six months ended September 30, 2012. It should be noted that the financial statements set forth in this press release are subject to audit and while no significant changes are anticipated, an audit could result in adjustments which would result in the audited numbers varying from the financial statements set forth below.




As of March 31, 2012 and September 30, 2012

(All figures in US$ million)



As of
March 31,


As of
September 30,





Current Assets

Cash and cash equivalents





Trade accounts receivables, net6.154.96
Prepaid expenses and other current assets1.381.40
Total current assets32.0727.99
Property, plant and equipment, net7.406.60
Intangible assets, net2.492.20
Investment, at cost1.301.30
Investments in equity method investees0.080.08
Recoverable Taxes2.962.91
Other non-current assets2.171.95
Total non-current asset18.4017.04
Total assets50.4745.03

Liabilities and shareholders' equity
Current liabilities
Accounts payable and accrued liabilities







Customer advances and unearned revenues2.152.58
Total current liabilities6.537.00
Deferred tax liability0.240.12
Other non-current liabilities0.960.95
Total Liabilities7.738.07
Shareholders' equity


Equity share capital: Issued and outstanding





Additional paid in capital130.96131.29
Accumulated other comprehensive Profit /(loss)





Accumulated deficit(76.27)(80.68)
Treasury shares, at cost (See note below)(4.43)(4.43)
Total shareholders' equity42.7436.96
Total liabilities and shareholders' equity50.4745.03



For each of the half years ended September 30, 2011 and 2012

(All figures in US$ million)

   Half year ended September 30,
2011 2012

India Online



US Publishing

1.89 1.72 
Total revenues10.49 7.51 

Cost of Revenues (excluding depreciation and
amortization separately disclosed below)
India Online





US Publishing

1.28 1.26 

Total cost of revenues

5.89 5.00 
Gross margin4.60 2.51 

Operating Expenses
Sales and marketing



Product development1.851.32
Depreciation and amortization1.871.81
General and administrative3.903.75

Foreign exchange loss, net

0.09 0.02 
Total operating expenses10.88 8.48 
Operating loss(6.28)(5.97)
Other income (expense), net
Interest income1.540.97
Miscellaneous income- 0.04 
Total other income, net1.54 1.01 

Loss before income taxes and equity in net earnings of
equity method investees





Income tax expense--
Equity in net earnings of equity method investees(0.20)- 
Net loss(4.94)(4.96)


The company established an ESOP trust for the benefit of the employees and purchased 1,015,000 shares (equivalent to 2,030,000 ADS). These shares are treated as treasury stock.

About (NAS: REDF) is one of the premier worldwide online providers of news, information, communication, entertainment and shopping services to Indians worldwide. Founded in 1996, is headquartered in Mumbai, India with offices in New Delhi, India and New York, USA.

Safe Harbor:

Except for historical information and discussions contained herein, statements included in this release may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and reflect our current expectations. Forward-looking statements are identified by certain words or phrases such as "may", "will", "aim", "will likely result", "believe", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "project", "should", "will pursue" and similar expressions or variations of such expressions. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those that may be projected by these forward looking statements. These risks and uncertainties include but are not limited to the slowdown in the economies worldwide and in the sectors in which our clients are based, the slowdown in the Internet and IT sectors world-wide, competition, success of our past and future acquisitions, attracting, recruiting and retaining highly skilled employees, technology, acceptance of new products and services, the development of broadband Internet and 3G networks in India, legal and regulatory policies, managing risks associated with customer products, the wide spread acceptance of the Internet as well as other risks detailed in the Form 20-F and other reports filed by India Limited with the U.S. Securities and Exchange Commission. India Limited and its subsidiaries may, from time to time, make additional written and oral forward looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. India Limited does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company. India Ltd.
Mandar Narvekar
Investor Relations and Corporate Affairs Contact
+91-22-6182 0000
GW Communications (U.S.A.)
Glenn Wiener and Jay Morakis
212-786-6011 / 212-786-6037 /

KEYWORDS:   Asia Pacific  India


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