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123Greetings Ships 36,263 Gifts In Q1-FY13; Rs 0.26 Cr Profit, Rs 18.02 Cr Income

For its first quarter of the 2012-2013 fiscal (Q1-FY13), ended June 30, 2012, Intrasoft Technologies, which owns and operates the e-greeting cards site 123greetings.com, has reported a Consolidated Profit After Tax (PAT) of Rs 0.26 crore, down by 82.9% from Rs 1.53 crore for the same quarter last year. This is on an income (not including ‘Other Income’) of Rs 18.02 crore up by 66% YoY from Rs 10.88 crore, but a marginal decline compared to last quarter’s income of Rs 18.50 crore. The Operating EBITDA (Earnings before interest, taxes, depreciation and amortization) stood at Rs 1.84 crore, a 45.91% increase from Rs 1.26 crores in the same quarter last year.

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 Highlights

– 123Greetings Store, the company’s online gifting e-commerce business shipped a total of 36,263 orders during the quarter, up from 14,358 orders in the same quarter last year; averaging around 407 orders / day, from an active base of 250 vendors. The Store has a total of 71,188 products on its websites & marketplaces as of June 30, 2012.

– 123Greetings Ecards witnessed an addition of 1,541 new cards in the quarter. It added a new ‘Send Another Card’ feature to allow users to send more greetings in a single click on the same page.

– 123Greetings Connect saw the total number of registered users at 1,817,789 as on June 30, 2012, registering a 37% growth when compared to the corresponding quarter last year.

– The company stated that its Invites service is growing well, although it hasn’t revealed any information on number of invites being sent out or the number of events created during the quarter. In the previous quarter, 123Greetings Invites saw 745 new events being created and 7,972 invites being sent out.

– 123Greetings Studio grew to 17,370 registered artists through the quarter, recording 65% growth when compared to the corresponding quarter last year.

–  The company has also not revealed how many users used its Facebook application to send ecards to their friends and family or the app’s registered user base. In the previous quarter, the app saw 225,192 users sending 771,068 ecards to their friends and family and had a registered user base of 1,037,650  users as of March 31st, 2011.

– It has formulated its mobile strategy and plans to launch mobile products by Q3 2013.

Expenditure: Intrasoft spent Rs 11.44 crore towards product and content development in this quarter, a 138% increase from Rs 4.80 crore allocated in the same quarter, last year and Rs 2.38 crore towards sales and marketing this quarter, up 56% from Rs 1.53 crores in the same quarter last year.

The employee costs went up to 1.74 crore, up 18.8% from Rs 1.46 crore that it spent in the same quarter, last fiscal, while general and administrative expenses decreased by 53.5% to Rs 0.85 crore from Rs 1.84 crore and the depreciation cost shot up by 436% to Rs 1.81 crores from 0.33 crores in the same quarter last year. It stated that the significant increase in the depreciation cost was due to increased investments in the technology infrastructure during the last 2 years along with the purchase of the new office premises and new furniture and fixtures. It also warned that the company will have to bear a higher depreciation expense over the next few quarters until the same is balanced out. However, it noted that this being a non-cash expense, it will not have any negative impact on the Company’s operations.

The Company purchased office space measuring around 11500 sq. ft. which became operational in April 2012. Intrasoft said that the new premises enabled the company to expand its operations. It has also invested over Rs 25 Crores in technology infrastructure to strengthen its proprietary backend software & systems during the last 15 months. Intrasoft says that this investment will generate further revenues in the coming quarters.

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 47.96 crore, with Rs 4.49 crore remaining unutilised.

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