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123Greetings Profits Decline 54% YoY To Rs 0.57 Cr For Q2-FY14; Revenue Up 25% YoY

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Intrasoft Technologies, which owns and operates the e-greeting cards site 123greetings.com reported a significant decline in its consolidated profit to Rs 0.57 crore for the quarter ended September 30, 2013, down 54.03% from Rs 1.24 crore profit reported in the same quarter last year.

The operational income (not including ‘Other Income’) however increased to Rs 26.12 crore for the quarter, up 25.16% from Rs 20.87 crore revenues 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).

Remember that these revenues are for the pre-Diwali quarter, and with this, 123Greetings heads into its most important quarter for the year, with both Indian (Diwali) and US (Christmas) festive period in the same quarter. The company however primarily targets the US market.

New Comics Section: Intrasoft hasn’t disclosed any operational details for 123Greetings yet, although we noticed that the company seems to have launched a new Comics section, which allows users to send comic strips to their friends. At the time of writing this article, it offers 66 comic strips across two different characters – Baby Blues and Blondie.

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Expenditure

Intrasoft spent Rs 18.78 crore towards product and content development during the quarter, registering a 49.88% increase from Rs 12.53 crore allocated in the same quarter last year.

The sales and marketing expenses increased to Rs 3.53 crore for the quarter, up 42.34% from Rs 2.48 crore in the same quarter last year, while the general and administrative expenses increased by 28.48% to Rs 1.94 crore from Rs 1.51 crore in Q2-FY13 and the employee costs went up to Rs 2.63 crore for the quarter, registering a massive 115.6% increase from Rs 1.22 crore in Q2-FY13.

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