RS Software targets Rs 140cr turnover in '07-08

New Delhi, November 15, 2006: RS Software, a global leader in providing solutions to the payments industry, is targeting a turnover of Rs. 113 crore in the current year against last year's turnover of Rs. 91.9 crore. The company has set for itself a revenue target of Rs 140 cr in 2007-08.

The company has reported significant growth in net profit of 73% at Rs.2.32 crore for the quarter ended September 30, 2006. Income during the period grew by 16% to Rs.28.09 crores. According to Mr.Raj Jain, Vice Chairman and Managing Director of the company, "this growth momentum will be sustained, thanks to the double-digit growth witnessed in the global Electronic Payments Industry, currently estimated in payment transactions value at $100 Trllion. RS Software has expertise in managing mission critical applications for the Electronic Payments industry, particularly in the area of Payment Networks, which will continue to gain from this growth in the industry".

RS Software has targeted a 100% growth in its revenues at the end of this fiscal, from its revenue levels achieved three years ago. The company has consistently reported net profits for the last 9 quarters in a row, and the company is now in the midst of an ongoing Rights Issue to fund its expansion plans, retire high cost debts and also strengthen its balance sheet. The Rights Issue closes on November 23rd.

The company has 15 years of experience in developing and maintaining software applications for the Payments Industry. According to the Tower Group, USA, the global Banking Industry in 2006 will spend around $183 billion on technology in 2006. Electronic payments account for around 33% of the banks' profits. This being a major revenue earner for banks, it is expected that their investments in building Payment Networks will grow in tandem and facilitate growth of other players in this business. The market that will fuel this growth is driven by electronic retail payments which in US alone accounts for over $29 trillion (based on estimates given in the report "Emerging Trends in US Payments and Bill Presentations Systems" © BCC Research)

RS Software (India) Ltd. is a pioneer in the Eastern region of India, and the company has the distinction of putting Kolkata on the map of the Indian software industry. With its domain focus in working with core applications of Authorization, Clearing and settlement of High speed Electronic Payment transactions, the company is now poised to take significant advantage of the transformational changes taking place in the Payments industry, driven by three major phenomenon. These are:Regulatory Changes, Technology Evolution, Consumer behavioral changes

About RS Software Limited

RS Software (India) Ltd. is a leader in providing quality software services and consulting to global players in the electronic payments space. Besides being engaged with the world's leading bank card association in US and UK, and leading acquiring processors in the US, the company is working towards expanding its operations to the Asia Pacific and the Far East. Its bandwidth of offerings covers all segments from card associations to processors, acquirers & issuers, ISOs, and all the way down to the merchants who manage POS terminals at retail outlets.

For additional information on RS Software visit: www.rssoftware.com