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Updated: 123Greetings Q2FY12 Results: Profits Up 16% At Rs 2.97 Cr, Rs 13.15 Cr Income

Updated: Half year results and operational details from Intrasoft’s report.

Previously (November 14)Intrasoft Technologies which operates the e-greeting cards site 123greetings.com has reported a Consolidated Profit after Tax (PAT) of Rs 2.96 crore for the quarter ending 30th September 2011, a 16% increase in profit from Rs 2.55 crore for the same quarter last year. The revenues stand at Rs 13.15 crore (excluding other income), up by 40.5% from 9.3 crore.

The company also reported a total income of 24.03 crores for the half year ending September 30, 2011 (H1 FY-12) , up by 40% from 17.14 crores. The Profit after Tax (PAT) was at Rs 4.49 crores, up by 27% from 3.53 crores.

Remember that these revenues are for the pre-Diwali quarter, and with this, 123Greetings heads into what is typically its most important quarter of the year – the festive season, with both the Indian (Diwali) and US (Christmas) festive period in the same quarter. 123Greetings primarily targets the US market.

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).

IPO Proceeds: As of 30th September 2011, the company has raised 53.65 crore through its IPO, spent Rs 5.24 crore towards 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 Rs 30.20 crore remaining unutilised.

Expenditure: Intrasoft spent Rs 6.08 crore towards product and content development in this quarter, a significant increase from Rs 4.52 crore allocated last year.

The employee costs went up to 0.96 crore, a slight increase from 0.86 crore last fiscal, while general and administrative expenses decreased to 0.82 crore from last year’s 1.2 crore. The company spent Rs 1.89 crore towards sales and marketing this quarter, which is almost double of last year’s 0.99 crore.

Last year, 123Greetings launched its online store, to allow users to send gifts along with greeting cards, thereby pushing its gifting business. It also had unveiled its Invites site earlier this year.

Operational Details

– 123Greetings Store, the company’s online gifting e-commerce business shipped a total of 24,931 orders during the quarter, recording a growth of 73.9%; averaging around 277 orders / day, from an active base of 108 vendors.
-123Greetings Connect saw the total number of registered users at 1,437,433 as on September 30, 2011.
– 123Greetings Invites saw 575 new events being created and 4,002 invites being sent out in the quarter.
– 123Greetings Studio grew to 12,120 registered artists through the quarter, recording a 15% growth from its previous quarter.
– 123Greetings Facebook application saw 159,985 users sending 591,825 ecards to their friends and family. The app has a registered user base of 944,997 users as of September 30, 2011.

Download: Financials | Press Release

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