wordpress blog stats
Connect with us

Hi, what are you looking for?

123Greetings Reports Rs. 98.2 Lakh Profit For Q1-11; Revenues Rs. 7.86 Crore

IntraSoft Technologies Limited, which owns & operates the website 123Greetings, has reported a profit after tax of Rs. 98.19 lakhs, up 14% year on year from Rs. 86.23 lakhs reported for the same quarter last year. Consolidated revenues increased to Rs. 7.86 crore for Q1-11, up 100% from Rs. 3.9 crore reported for Q1-10, but down . The company attributes growth in revenues to an increased contribution from its gifting solutions business, which has synergy with its e-cards operations. The company added 3 new manufacturers for its gifting business during the quarter and expects this to grow further. The increase in profitability has not been proportionate to the increase in revenues, and Intrasoft MD Arvind Kajaria attributes this to an increase in investments - in proprietary software and its team. So far, 123Greetings has used Rs. 6.92 crore of the 53.65 crores it raised from its IPO during the April-June 2010 quarter, around 12.89%. During the quarter: - 123Greetings added 123Greetings Connect, allowing users to import and store unlimited contacts from their mail boxes, and set alerts for birthdays. Connect currently has over 100,000 registrations, over two months. In terms of costs, 123Greetings implemented a solution provided by PowerMTA, an email gateway software company, for outbound mails to subscribers. - Appointed Darpan Jain as the Chief Operating Officer - Appointed V. Gokul was as the National Head of Sales of its Indian subsidiary, One Two Three Greetings (India) Pvt. Ltd. - 123Greetings added 10 new sales consultants in the US during the quarter, to reach out to advertisers…

Please subscribe/login to read the full story.
Written By

Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

Free Reads

News

Microsoft has partnered with Indian institute iCreate to select AI innovators under the iMPEL-AI programme. Under this, 100 startups from across the country will...

News

Back in June 2023, Reddit had changed its application programming interface (API) policy introducing a new premium access point to Reddit’s Data API for...

News

Given that Apple itself admits that no threat is currently posed by quantum computing, this move might seem like too much too soon, but...

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

News

RBI Deputy Governor Rabi Shankar called for self-regulation in the fintech sector, but here's why we disagree with his stance.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ