Intrasoft Technologies, which owns and operates the e-greeting cards portal 123greetings.com has reported a Consolidated Profit After Tax (PAT) of Rs.10.1 crore for the financial year ending March 31st 2011 (FY11), up 14.9% from Rs. 8.79 crore for FY10. Revenues are up from Rs. 29.20 crore that the company registered, in FY10 to Rs 42.85 crore (unaudited) this fiscal, an increase of 46.75%.
For the quarter (Q411) the company has reported a consolidated PAT of Rs.2.75 crore on consolidated total income of Rs.10.57 crore.
The consolidated results include the results of the company’s wholly owned subsidiaries, 123Greetings.com, Inc(USA), 123Greetings Singapore and One Two Three Greetings(India).As of 31st March 2011, the company has raised Rs 53.65 crore through its IPO, with Rs 5.24 crore being IPO expenses. The Net proceeds through the IPO were Rs 48.40 crore , utilisation as per object of the IPO was Rs 18.20 crore, with Rs30.20 crore remaining unutilised.
At the close of trading today, Intrasoft was trading at Rs. 68.25, at the BSE, much below its offer price of Rs. 145.
Intrasoft spent Rs. 8.04 crore on sales and marketing in FY11, a significant increase from last year’s Rs 4.52 crore allocation. The employee costs remains more or less constant at Rs 3.54 crore, while general and administrative expenses decreased to Rs 5.16 crore from last year’s Rs 6.27 crore.
Also, during the year, the company spent Rs.16.47 crore, on product and content development, a major increase from Rs 5.36 crore, that it spent in FY10. According to the company, previous quarter’s/year’s figures have been re-grouped, wherever considered necessary.
Last year, 123Greetings launched its online store, to push its gifting business, to allow users to send gifts along with greeting cards. During the last quarter, it also announced the launch of its Invites site, although the service has been live for quite a while.