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SOURCE Rolta India Limited
MUMBAI, October 25, 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).
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.
To further strengthen its corporate governance, the Company's Board has decided that the retirement age of the Executive Chairman, Whole-time Directors, and Independent Directors shall be 75, 70 and 80 years, respectively. Accordingly, the composition of the Rolta Board will undergo a change with effect from the forthcoming AGM. Mr. R.R. Kumar will be retiring after 24 years of illustrious service to the Company as a Director. Similarly, Mr. A.P. Singh, after serving Rolta on the Boards of various group companies for 30 years as Whole-time Director will also retire.
The Company continued to strengthen its infrastructure, especially its managerial and technical resources. A number of highly skilled and experienced persons were inducted to enhance subject-matter expertise, industry knowledge, and sales effectiveness in all geographies. The Company also improved compensation packages of its existing employees by an average of 10% in India and 3.5% in other international locations. In spite of such increase in employee cost that became effective at the beginning of the quarter, EBITDA margins have shown a healthy improvement due to the Company's IP-led business model.
Rolta continues to win projects in the areas of Geospatial, Engineering, IT and Defence & Security, even more so when it is able to combine its strengths in these areas. This is true for all geographical regions, vindicating Rolta's strategy of offering preconfigured but customized solutions that leverage Rolta's deep domain knowledge, its intellectual property, IT expertise and industry focus. Each one of the examples below, pertaining to last quarter illustrates the Company's success in leveraging Rolta IP in a variety of high-growth sectors. The pipeline is also steadily undergoing a qualitative improvement, with larger, more sophisticated projects and greater contribution from Rolta IP.
Defense and Homeland Security:
Enterprise Geospatial and Engineering:
Business Intelligence, Big Data and Analytics
IT Infrastructure Consulting and Managed Services
About Rolta: : Rolta is a leading provider of innovative IT solutions for many vertical segments, including Federal and State Governments, Defense/HLS, Utilities, Process, Power, Financial Services, Manufacturing, Retail, and Healthcare. By uniquely combining its expertise in the IT, Engineering and Geospatial domains, Rolta develops exceptional solutions for these segments. The Company leverages its industry-specific know-how, rich repository of intellectual property that spans photogrammetry, image processing, geospatial applications, business intelligence, analytics, field-proven solution frameworks, and deep expertise in cutting-edge technologies like Geo BI, Cloud computing, Software Defined Infrastructure and Big Data for providing sophisticated enterprise-level integrated solutions. Rolta is a multinational organization headquartered in India. The Company operates from 40 locations worldwide through its subsidiaries, and has executed projects in over 45 countries. The Company benchmarks its quality processes to the world's best standards, like successful assessment for Software Application Development and Maintenance at the highest Level 5 of SEI's CMMI® version 1.3. Rolta is listed on the Bombay Stock Exchange & National Stock Exchange, and forms part of various indices on BSE/NSE in India. The Company's GDRs are listed on the Main Board of London Stock Exchange. The Company's 'Senior Notes' are listed on Singapore Stock Exchange.
Disclaimer: This press release includes statements that are not historical in nature and that may be characterized as "forward-looking statements", including those related to future financial and operating results, benefits and synergies of the Company's brands and strategies, future opportunities and the growth of the market for open source solutions. You should be aware that Rolta's actual results could differ materially from those contained in the forward-looking statements, which are based on current expectations of Rolta management and are subject to a number of risks and uncertainties, including, but not limited to, Rolta's ability to integrate acquired operations and employees, Rolta's success in executing its strategies, Rolta's ability to take a competitive position in the industry, business conditions and the general economy, market opportunities, potential new business strategies, competitive factors, sales and marketing execution, shifts in technologies or market demand, and any other factors. The Company may make additional written and oral forward-looking statements but do not undertake, and disclaim any obligation, to update them.
For additional information please visit http://www.rolta.com, or contact:
Jt. MD & COO - Domestic Operations
Member of the Board
President - Americas
Member of the Board
President - Business Operations:
Europe, Middle East and Africa
Director Finance & CFO
Member of the Board
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