Rolta's Q2-FY-17 Consolidated PAT Grows 134.5% Q-o-Q

Mumbai, Dec. 09, 2016 /PRNewswire/ -- Rolta India Limited (Rolta), a leading provider of innovative IP-led IT solutions for many vertical segments, including Defence/HLS, today announced unaudited financial results under INDAS for quarter ended September 30, 2016 (Q2 FY -17).

FINANCIAL HIGHLIGHTS

• Consolidated Revenue for Q2 FY-17 at Rs. 736.95 cr (Rs. 7.4 Billion) against Rs. 800.42 cr (Rs. 8.0 Billion) in Q1 FY-17, registering a Q-o-Q decline of 7.9%.
• Consolidated EBITDA for Q2 FY-17 at Rs. 232.91 cr (Rs. 2.33 Billion) against Rs. 217.91 cr (Rs. 2.18 Billion) in Q1 FY-17, registering a Q-o-Q growth of 6.9%.
• Consolidated profit after tax for Q2 FY-17 at Rs. 54.30 cr (Rs. 0.54 Billion) against Rs. 23.15 cr (Rs. 0.23 Billion) in Q1 FY-17, registering a Q-o-Q growth of 134.5%.

Mr. K. K. Singh, Chairman and Managing Director said, "At Rolta, we embarked on an ambitious journey to  successfully transform from a predominantly GIS and Engineering services Company into a differentiated IP-led Software Products and Solutions organization focused on Digital Technologies. Almost a decade ago we could foresee a decline in traditional IT services due to emerging disruptive technologies which triggered this decision. I am pleased to read The Government of India's, draft National Software Policy which aims to give the right thrust and motivation to Indian IT companies to move towards software products. I expect Rolta to reap the benefits from its transformation as an early mover."

CORPORATE HIGHLIGHTS

The Company's consortium banks continue to have confidence in the Company's business fundamentals as demonstrated by their provision of additional working capital facilities to the Company over the last few months.  As a result, the Company has been in a position to service overdue payable amounts to consortium banks in India.  With regards to the bonds issued by the Company's wholly-owned US subsidiaries Rolta LLC and Rolta America LLC, the Company's financial and legal advisors have initiated discussions with their counterparts representing an ad hoc committee composed of the largest bondholders to discuss potential appropriate solutions to the present situation.  For further information, existing bondholders should contact the Company's financial advisor Moelis & Company at the following email address: [e-mail]