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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

Details: Release | Financials

123Greetings.com Reports Rs. 88M FY10 Profit; Rs. 292M Operating Income
123Greetings IPO Closes 10.27Pc Up On Debut Day; Plans Evite Foray; Financials

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