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123Greetings Ships 32,345 Orders In Q4-FY12; Rs 2.90 Cr Profit, Rs 18.50 Cr Income

For its fourth quarter of the 2011-2012 fiscal (Q4-FY12), ended 31st March 2012, Intrasoft Technologies, which owns and operates the e-greeting cards site 123greetings.com, has reported a Consolidated Profit After Tax (PAT) of Rs 2.90 crore, up by 6% from Rs 2.75 crore for the same quarter last year. This is on an income (not including ‘Other Income’) of Rs 18.50 crore up by 75% YoY from Rs 10.57 crore, but a decline compared to last quarter’s income of Rs 23.92 crore.

Annual results: The company reported a Consolidated Profit After Tax (PAT) of Rs 11.01 crore, up by 9% and income (not including ‘Other Income’) of Rs 66.26 crore for the financial year 2011-2012.

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). 123Greetings primarily targets the US market.

Operational Details

– 123Greetings Store, the company’s online gifting e-commerce business shipped a total of 32,345 orders during the quarter, a decline compared to 57,042 orders during the last quarter, from an active base of 205 vendors.
-123Greetings Connect saw the total number of registered users at 1,732,253 as on March 31, 2011.
– 123Greetings Invites saw 745 new events being created and 7972 invites being sent out in the quarter.
– 123Greetings Studio grew to 15,461 registered artists through the quarter, recording a 11% growth from its previous quarter.
– 123Greetings Facebook application saw 225,192 users sending 771,068 ecards to their friends and family. The app has a registered user base of 1,037,650  users as of March 31st, 2011.

Expenditure: Intrasoft spent Rs 9.32 crore towards product and content development in this quarter, a significant increase from Rs 3.40 crore allocated in the same quarter, last year but less compared to Rs 13.43 crore that it spent during the last quarter.

The employee costs went up to 0.87 crore, a slight increase from Rs 0.81 crore that it spent in the same quarter, last fiscal, while general and administrative expenses increased to Rs 2.22 crore from  Rs 1.50 crore. The company spent Rs 2.41 crore towards sales and marketing this quarter, which is almost double of Q4 FY11′s Rs 1.28 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 41.03 crore, with Rs 7.37 crore remaining unutilised.

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