MUMBAI, October 24, 2013 /PRNewswire/ --
Rolta India Limited, a leading provider of innovative IT solutions for many vertical segments, including Federal and State Governments, Defence and Homeland Security, Utilities, Process, Power, Banking and Insurance, today announced unaudited financial results for quarter ended September 30, 2013(Q1 FY-14).
- Consolidated Revenue for Q1 FY-14 at Rs.627.77 cr (Rs. 6.28 Billion)
against Rs. 470.14 cr (Rs. 4.70 Billion) in Q1 FY-13, registering a Y-o-Y growth of
33.5% and Q-o-Q growth of 2.5%.
- Consolidated EBITDA for Q1 FY-14 at Rs. 239.34 cr (Rs. 2.39 Billion) against
Rs. 212.57 cr (Rs. 2.13 Billion) in Q1 FY-13, registering a Y-o-Y growth of 12.6% and
Q-o-Q growth of 5.3%.
- Consolidated Profit after Tax for Q1 FY-14 at Rs. 70.26 cr (Rs. 0.70 Billion)
against Rs. 63.21 cr (Rs. 0.63 Billion) in Q1 FY-13, registering a Y-o-Y growth of
11.1%. PAT for the quarter ended September 30, 2013 is strictly not comparable with
the sequential quarter ended June 30, 2013 as it includes an exceptional item of
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Commenting on the results, Mr. K. K. Singh, Chairman and Managing Director said, "We are very encouraged by the continued positive response we are receiving for our solutions based on Rolta's intellectual property (IP). We now have a rich repository of sophisticated field-proven solutions that are helping us to monetize our extensive investments through higher IP based revenues and longer term annuity contracts."
India's Companies Act 2013 has inserted a provision for rotation of auditors. In anticipation of the provision being made effective, the Board of Directors has recommended the appointment of Walker, Chandiok & Co. (WCC) as Statutory Auditors of the Company in place of retiring auditors Khandelwal Jain & Co. at the ensuing Annual General Meeting on November 23, 2013. WCC is registered with the Institute of Chartered Accountants of India as well as the PCAOB (US Public Company Accountancy Oversight Board). For multinational companies and other organisations with international operations or interests, WCC has access to Grant Thornton member firms in other countries that adopt the same rigorous standards, and utilise the same tools and methodologies. WCC is recognized as one of the largest accountancy and advisory firms in India with presence in 9 cities, 20 partners and 850+ employees. Grant Thornton (GT) has been auditing the Company's financial statements prepared under IFRS for seven years. GT is one of the world's leading organizations of independent assurance, tax, and advisory firms. Its 2012 combined global revenues were US$4.2 billion. GT has a presence in 100+ countries, 530 offices, 2,600 partners and 35,000 personnel.