m.com provides an ideal platform for
Indians worldwide to connect with one another online fast. Securities and Exchange
Commission.53
Total Revenues 3.38
Gross Margin % 65% 55%

Operating Expenses (2.24) (1 .31)
Interest Income 0.05) (0.03) (0. Operating EBITDA is not
intended to represent cash flows as defined by generally accepted
accounting principles and should not be considered as an indicator of
cash flow from operations.

foreign abroad

"With the right push IT can become Russia's next natural resource," says
Leonid Reiman, Minister of Information Technology and Communications
(Mininformsvyaz), who is spearheading the government effort.com India
Limited (Nasdaq:REDF), one of the premier worldwide online providers
of news, information, communication , entertainment and shopping
services for Indians, today announced its financial results for the
third fiscal quarter ended December 31, 2004.

Net loss for the quarter ended December 31, 2004 was US$
302,000, or 1.

Financial Results

Revenues

Revenues from continuing operations for the quarter ended December
31, 2004 increased by 29% to US$3.

Operating Expenses

Total operating expenses were US$2.2 million for the quarter ended
December 31, 2004, compared to US$1.com

Rediff.
Rediff.com 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 .12

Depreciation / Amortization (0.

affairs asia

April 12 at the Queen Elizabeth II
Conference Center.

Press Conference
11 a.

During this period, the Company launched an alpha version of
its instant messenger service Rediff BOL with text, SMS and
voice communication features using peer-to-peer technology;
launched Rediff Business Solutions -- its web hosting and
domain registration service; continued beta testing of its
social networking service 'Connexions' and 'Pay4Clicks'
advertising service.1 million, or 65% of total revenues,
compared to US$1.4 million, or 55% of total revenues, during the same
quarter last fiscal year.3 million for the same quarter
during the last fiscal year.
Total cash and cash equivalents and short term deposits with banks
were approximated US$11.
Known for being one of the first with news and providing accurate
and trustworthy information, Rediff.com additionally offers the Indian American community, one
of the oldest and largest Indian weekly newspapers, India Abroad, and
an online portal, Rediff USA online.S.10 1.14) 0.

consulates missions

6 million from US$0.5 million during the same quarter last fiscal year.62 cents per ADS, during the corresponding
quarter ended December 31, 2003.
Founded in 1996, Rediff." 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 U. and Indian economies 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, legal and regulatory policy, managing risks
associated with customer products, the wide spread acceptance of the
internet as well as other risks detailed in the reports filed by
Rediff.12
Net foreign exchange loss (0.01)

Loss from continuing operations before income
taxes (0.

Discontinued Operations: Disclosure of discontinued operations
is on account of the sale of the ValuCom Phone Card business
in April 2004.

high consulates

Rediff.52
Cost Of Revenues (1. We
believe the disclosure of EBITDA per ADS provides a better measure to
our ADS holders since our ADSs are listed only on the NASDAQ Small Cap
Market.

high list

IT to Be Russia's Next Natural Resource

MOSCOW, Russia is set to leap-frog onto the list
of the world's top ten leaders in information technology through a
groundbreaking government program that will put the IT industry on an
accelerated development track. Reiman will be available for interviews upon request.

Overall gross margin was 65% during the quarter ended December
31, 2004, as compared to 55% during the corresponding quarter
of the last fiscal year.46 cents per ADS
for the quarter ended December 31, 2003. The US
Publishing business is comprised of India Abroad, a weekly news
publication and the online portal, Rediff USA online.com is headquartered in Mumbai, India with
offices in New Delhi , India and New York, USA.S.59 0.26 2.46
Net loss per ADS (cents) (1.62)

-----------------------
Weighted average ADS Outstanding (in millions) 25.

Non-GAAP Measures Note

Operating EBITDA , Operating EBITDA per ADS and non-GAAP Operating
Expenses are the non-GAAP measures used in this press release.8M equity shares outstanding at December
31, 2004 of which 2.

embassies government

This was driven largely
by a 61% growth in India Online revenues which increased to
US $1.98 million over the same period
during the last fiscal year.53) 0.68 25. Two ADSs are equal to one equity share.

affairs external

5
million during the same quarter last fiscal year.98 million during the same quarter last fiscal year,
primarily due to the growth in online advertising services .
The Company's net loss for the quarter ended December 31, 2004
included losses from discontinued operations of US$11,000 arising from
the ValuCom phone card business, which the Company sold in early April
2004.98
US Publishing 1.18) (0.42 1.

missions ministry

The
government will add impetus through a comprehensive tax and legal reform. "IT will
catalyze other industries and become a key engine of national economic and
social development .drinberg@minsvyaz.ru.62 cents per ADS, during the corresponding
quarter ended December 31 , 2003.

Registered users as of December 31, 2004 grew by 19% to 35
million compared to 29 million as of December 31, 2003.
Revenues from India Online increased by 61% to US$1.
Revenues from the Company's US Publishing business for the quarter
ended December 31, 2004, increased by 9 % to US$1.53 cents per
ADS, compared to a profit of US$118,000, or 0.1 million as of December 31, 2004.

Safe Harbor

Except for historical information and discussions contained
herein , statements included in this release may constitute
"forward-looking statements.67 1.26)

Operating EBITDA (0. In
addition, future investment and capital allocation decisions are based
on operating EBITDA. Investors and industry analysts use operating
EBITDA to measure the Company's performance to historic results and
our peer group. The Company has 12.
Non-GAAP operating expenses represent our operating expenses
comprised of sales and marketing , product development and general and
administrative expenses net of depreciation and amortization .18) (0.31)

Operating Expenses (Non-GAAP) 2.24 1.

government missions

A press
conference is scheduled for 11:00 a.
Mr.53 cents per
ADS compared to a profit of US$118,000, or 0.

"We expect to continue to focus on product innovation and
upgrading our platform," said Mr.6 million, as
compared to US$0.

listings embassies

m.

Rediff.com Reports Results For The Third Quarter Ended December 31 2004

Business Editors/High-Tech Editors

MUMBAI, India----Rediff .08)

Tax (0.30) (0. A
reconciliation of the GAAP operating expense to non-GAAP operating
expense is as follows:

RECONCILIATION FROM GAAP TO NON-GAAP OPERATING EXPENSES
(QUARTER ENDED DECEMBER 31, 2004)

All figures are in US$ million
Quarter ended December 31
2004 2003
(Unaudited) (Unaudited)
Operating Expenses (GAAP) 2.

consulates high

It
will include free economic zones and the creation of a national network of
technoparks to replicate the success of California's Silicon Valley and
India's Bangalore .

Highlights

Total revenues from continuing operations for the quarter
ended December 31, 2004 were US$3.18 cents per ADS, as compared to a loss
of US$ 161,000, or 0.com India Limited with the U.11 0.29) (0.

Listings of Indian missions abroad, and foreign missions in India.

government india

3 million, an increase of
29% over the same quarter last year.com India Limited (Nasdaq:REDF) is one of the premier
worldwide online providers of news, information, communication ,
entertainment and e-commerce services for Indians.16)

EBITDA per ADS (cents) (0. These
measurements are not recognized under generally accepted accounting
principles ("GAAP"). However, other companies may
calculate operating EBITDA differently.26
------------ ----------------------------------------------------------

The Company has historically provided the above measures in
previous press releases and believes it provides transparency and
continuity to investors for comparable purposes.

high ministry

"
Mr. Reiman will put the government's plan on foreign display for the first
time at the 8th Annual Russian Economic Forum in London April 10-12., April 12, 2005
Queen Elizabeth II Conference Center
London, UK

18 cents per ADS, as compared to a loss of US$
161,000 or 0.7 million, compared
to US$1.

Net Income (Loss)

Net loss from continuing operations for the quarter ended December
31, 2004 was US$ 302,000, or 1. Rediff.

- Table to follow -

CONSOLIDATED STATEMENT OF OPERATIONS
Prepared In Accordance With US GAAP
Quarter Ended December 31, 2004


All figures are in US$ million
----------------------------------------------------------------------
Quarter ended Dec.15) (1.18) (0. We have
used the non-GAAP operating expense to compute our operating EBITDA.

affairs indian

Ajit Balakrishnan, Chairman and CEO.com
is committed to offering a personalized and a secure surfing and
shopping environment.08)
Loss from discontinued operations (0.01) (0. We have included information concerning
operating EBITDA in this press release because management and our
board of directors use it as a measure of our performance. The reconciliation between operating EBITDA and net
loss, the GAAP measure, can be directly derived from the above table.73 M shares are represented by ADSs listed on the
NASDAQ Small Cap Market.57

Depreciation/Amortization (0.

government missions

IT Industry Boom About to Begin in Russia; Government Launches Plan to Become IT Superpower

The initiative will systematically leverage
Russia's historical technical superiority to break the dependency on energy
exports as the country's principal source of national income. Please contact
Mininformsvyaz Public Relations specialist Maria Drinberg:
m.

Losses at the EBITDA level were US$136,000, or 0.3 million, as compared to US$2.

Operating EBITDA

Losses at the EBITDA level from continuing operations for the
quarter ended December 31, 2004 were US$136,000, or 0.

About Rediff. Rediff.26) (0.08)

Net loss (0.
Operating EBITDA represents income (loss) from operations prior to
adjustments for depreciation/amortization, non-recurring items and
other income or expense and tax.
Operating EBITDA per ADS represents the Operating EBITDA for the
period per weighted average ADSs outstanding during the periods
presented.

external consulates

At 25 % annual growth and with software exports growing at 40%-50%
annually, IT is already outpacing every other sector of the economy.

Gross Margin

Gross margin from continuing operations for the quarter ended
December 31, 2004 reached US$2.46 cents per ADS, for
the quarter ended December 31, 2003.com 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. 31
2004 2003
(Unaudited) (Unaudited )
----------------------------------------------------------------------
Revenues
India Online 1.14)

Gross Margin 2.00)
Loss from continuing operations (0.59
------------------------ ----------------------------------------------

Notes

The above numbers are subject to an audit to be carried out at
year-end and while no significant changes are anticipated, the
audited numbers may vary from the above.

consulates embassies

---

- - kjjkjk

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