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123Greetings Ships 14340 Orders In Q1-FY12; Rs 1.53 Cr Profit, Rs 10.88 Cr Income

For its first quarter of the 2011-2012 fiscal (Q1-FY12), ended June 30, 2011, Intrasoft Technologies, which owns and operates the e-greeting cards site 123greetings.com has reported a Consolidated Profit After Tax (PAT) of Rs 1.53 crore, up by 55.6% from Rs 0.98 crore for the same quarter last year. This is on an income (not including ‘Other Income’) of Rs 10.88 crore up by 40% from Rs 7.78 crore.

These consolidated results include the results of the company’s wholly owned subsidiaries, 123Greetings.com, Inc(USA), 123Greetings Singapore and One Two Three Greetings(India).

Operational Details

The gifting business, 123Greetings Store, shipped a total of 14,340 orders during the quarter, averaging around 159 orders / day, from an active base of 47 vendors.
According to the comScore, 123Greetings.com witnessed a growth of 24% as against a growth of 13% in the entire ecards category index in the month of May 2011, with 1.8 million visitors.

– The 123Greetings Facebook application saw 172,217 users sending 511,851 ecards to their friends. As on June 30, 2011, the application had a registered user base of 907,548 users.
– 123Greetings.com added 1,371 new cards in the quarter.
– 123Greetings Studio, according to the company, saw the number of registered artists growing by 18%, up from 8,940 to 10,517, a total of 384 new cards were uploaded in the quarter.
– 123Greetings Invites saw only 905 events being created and 5,879 invites being sent out in the quarter.
– 123Greetings Connect saw the total number of registered users at 1,326,122 as on June 30, 2011.

Financial Information

Interestingly, funds raised through the IPO remained unutilized during the quarter, at Rs 30.20 crore. The company had raised Rs 53.65 crore via IPO, spent Rs 5.24 crore on IPO expenses, 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.

Expenditure

Intrasoft spent Rs. 1.52 crore on sales and marketing in during the quarter, marginally higher than the Rs 1.10 crore the last quarter. Q1, it appears, is a quarter of lower spends and income for the company, which sees its revenue and marketing expenses peak during the holiday season, in the Q3 fiscal quarter.

Employee costs went up year on year to Rs 1.46 crore, from Rs 0.85 crore last fiscal.

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.

Download: Financials | Press Release

Related:
123Greetings Revenues Up 47%, Profit Up 26% For Q3-FY11; Launches Online Store

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