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123Greetings Ships 88,348 Gifts In Q3-FY14; Profit Down Due To Rise In E-Commerce Investment

Intrasoft Technologies, which owns and operates the e-greeting cards site 123greetings.com has reported total operational revenue (not including ‘Other Income’) of Rs 51.68 crore for the quarter ended December 31, 2013, registering a 78% increase from Rs 29.07 crore in the same quarter last year and a 92.84% increase from Rs 26.80 crore in the previous quarter. The company however continues to report declining profits: Rs 0.15 crore for the quarter ended December 31, 2013, down from 0.82 crore in the same quarter last year and Rs 0.57 crore in the previous quarter.  This is despite it being a holiday quarter with both Indian (Diwali) and US (Christmas) festive period happening in this period and thereby being the most important quarter for the company. 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). Discussing the results, Intrasoft Technologies managing director Arvind Kajaria told that it has increased its investments in the e-commerce business by automating various processes and increasing the team size during the quarter. These investments has kept the margins under pressure, although they hope to report higher revenues and profits in the subsequent quarters. E-Commerce Business: 123Greetings Store, the company’s online gifting e-commerce business shipped a total of 88,348 orders during the quarter, registering a significant 71.4% increase from 51,546 orders in the same quarter last year. The store recorded an average of 1821 orders per day, up from 560 orders per day in the same quarter last year. This was from an active base…

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