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123Greetings Ships 57,042 Orders In Q3-FY12; Rs 3.90 Cr Profit, Rs 23.72 Cr Income

For its third quarter of the 2011-2012 fiscal (Q3-FY12), ended 31st December 2011, Intrasoft Technologies, which owns and operates the e-greeting cards site 123greetings.com has reported a Consolidated Profit After Tax (PAT) of Rs 3.90 crore, up by 2% from Rs 2.96 crore for the same quarter last year. This is on an income (not including ‘Other Income’) of Rs 23.72 crore up by 57% from Rs 13.15 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). Remember that the quarter is typically the most important quarter of the year for the company– the festive season, with both the Indian (Diwali) and US (Christmas) festive period in the same quarter. 123Greetings primarily targets the US market.

Operational Details

– 123Greetings Store, the company’s online gifting e-commerce business shipped a total of 57,042 orders during the quarter, recording a growth of 128.8% QoQ; averaging around 634 orders / day, from an active base of 161 vendors.
-123Greetings Connect saw the total number of registered users at 1,621,623 as on December 31, 2011.
– 123Greetings Invites saw 967 new events being created and 9,080 invites being sent out in the quarter.
– 123Greetings Studio grew to 13,961 registered artists through the quarter, recording a 15% growth from its previous quarter.
– 123Greetings Facebook application saw 211,985 users sending 1,944,328 ecards to their friends and family. The app has a registered user base of 1,001,500 users as of December 31st, 2011.
– The site also introduced a ‘Send to Facebook’ feature which allows users to send greetings to Facebook friends.

Expenditure: Intrasoft spent Rs 13.43 crore towards product and content development in this quarter, a significant increase from Rs 6.08 crore allocated in the same quarter, last year.

The employee costs went up to 0.98 crore, a slight increase from Rs 0.96 crore that it spent in the same quarter, last fiscal, while general and administrative expenses decreased to Rs 0.77 crore from  Rs 0.82 crore. The company spent Rs 3.32 crore towards sales and marketing this quarter, which is almost double of Q3 FY11’s Rs 1.89 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.

IPO Proceeds:  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 28.49 crore, with Rs 19.91 crore remaining unutilised.

Download: Results


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