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123Greetings Ships 43,644 Gifts For Q4-FY13; Profits Down 72% In FY13

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Intrasoft Technologies, which owns and operates the e-greeting cards site 123greetings.com reported a significant decline in its profits year on year to 0.73 crore for the quarter ending March 31, 2013 (Q4-FY13), down 74.4% from Rs 2.91 crore profit in the same quarter last year. The total income however saw a moderate 9.9% growth to Rs 20.33 crore for the quarter from 18.50 crore revenues in the same quarter last year.

For the year ending March 31, 2013 (FY13), Intrasoft Technologies saw a massive decline in its profits to Rs 3.05 crore, down 72.2% from Rs 10.98 crore profit in FY12. The total income was at Rs 88.24 crore for the fiscal, up 33.2% from Rs 66.27 crore in the previous fiscal.

Note that 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) and 123Greetings primarily targets the US market.

Operational Details

– 123Greetings Store, the company’s online gifting e-commerce business shipped a total of 43,644 orders during the quarter, up from 32,345 orders in the corresponding quarter last year. This was from an active base of 456 vendors, up from 205 vendors in Q4-FY12.
– During the quarter, 123Greetings Store had listed 71,052 products on its website and various marketplaces, up from 67,713 products in the previous quarter.
– 123Greetings Connect has 2.1 million (2,110,573) registered users as on March 31, 2013, up 22% from 1.73 million users in Q4-FY12.
– 123Greetings e-Cards saw an addition of 647 new cards during the quarter.
– 123Greetings Studio grew to 23,643 registered artists through the quarter, recording a 53% growth from 15,461 artists in Q4-FY12.
– 123Greetings launched a mobile site m.123greetings.com.

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The company hasn’t provided any operational details for its Facebook app and its Invites service.

Other Highlights

Expenditure: Intrasoft spent Rs 16.35 crore towards product and content development during the quarter, a significant increase from Rs 9.32 crore allocated in the same quarter last year. The sales and marketing expenses was at Rs 2.67 crore for the quarter, up from Rs 2.41 crore in the same quarter last year, while the general and administrative expenses increased to Rs 2.36 crore from Rs 2.23 crore in Q4-FY12 and the employee costs went up to Rs 1.13 crore for the quarter, up from 0.87 crore in Q4-FY12.

Software Write Off: The company management has decided to write off software resources worth Rs 14.98 crore as an exceptional item, since these software resources has been rendered obsolete due to changes in its technology. It however noted that this write-off would not have any impact on cash flows.

IPO Proceeds: The company had raised Rs 53.65 crore via IPO in March 2010 and has informed that the amount raised was fully utilized as per the objects of the Issue.

Download: Press Release | Financials

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