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123Greetings Gift Shipments Up 7% To 38,927 Orders in Q1-FY14

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Intrasoft Technologies, which owns and operates the e-greeting cards site 123greetings.com reported a consolidated profit of Rs 0.34 crore for the quarter ending June 30, 2013, up 30.77% from Rs 0.26 crore in the same quarter last year. The company had posted a net profit of 0.73 crore in the previous quarter.

This was on an operational income (not including ‘Other Income’) of Rs 23.53 crore for the quarter, up 31% from Rs 18.02 crore in the same quarter last year and up 15.7% from Rs 20.33 crore in the previous quarter.

Its worth noting 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 continues to grow and it shipped a total of 38,927 orders during the quarter, up 7.3% from 36,263 orders in the same quarter last year. The store recorded an average of 433 orders per day, up from 403 orders per day in the same quarter last year. This was from an active base of 490 vendors, up from 250 vendors in Q1-FY13.

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– The store has listed 72,273 products on its website and various marketplaces, up from 71,052 products in the previous quarter.

– 123Greetings e-Cards witnessed an addition of 1,255 new cards during the quarter.

– 123Greetings Connect has 2.16 million (2,158,665) registered users as of June 30, 2013, registering a 19% growth from 1.82 million users in the same quarter last year.

– 123Greetings Studio has 25,140 registered users as of June 30, 2013, recording a 45% growth from 17,370 artists in the same quarter last year.

– 123Greetings’s mobile site m.123greetings.com claims to have clocked 2.56 million visitors during the quarter, however the company hasn’t disclosed any information on the contribution of the mobile site to the total orders shipped. The mobile site was launched by Intrasoft in the previous quarter.

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

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Expenditure

Intrasoft spent Rs 15.43 crore towards product and content development during the quarter, a significant 34.9% increase from Rs 11.44 crore allocated in the same quarter last year. The sales and marketing expenses was at Rs 3 crore for the quarter, up 26% from Rs 2.38 crore in the same quarter last year, while the general and administrative expenses increased by 58.6% to Rs 1.35 crore from Rs 0.85 crore in Q1-FY13 and the employee costs went up to Rs 2.58 crore for the quarter, up 48.3% from Rs 1.74 crore in Q1-FY13.

The company attributed the increase in employee costs to increasing salaries of existing employees and hiring new people to strengthen its e-commerce team. 123Greetings also noted that it is currently exploring newer markets to strengthen the company’s global presence, which has led to an increase in the general and administrative expenses due to increasing travel expenses.

Download: Press Release & Financials

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