The number of mobile e-cards sent through 123Greetings’ mobile apps grew by 42.8% sequentially to 0.24 million cards for the quarter ended September 30, 2014, from 0.17 million in the previous quarter.

123Greetings had launched its iOS and Android apps in Q3-FY14 and it claims to have registered 0.29 million cumulative app downloads until now, up from 0.19 million in the previous quarter.

E-commerce business

The company’s online gifting e-commerce business 123Greetings Store also witnessed a significant growth on a yearly basis: It shipped 0.119 million orders for the quarter, nearly triple of 0.04 million orders in the same quarter last year. In the previous quarter, the company had shipped 0.116 million orders.

While the company hasn’t disclosed any information on the average orders per day for the quarter, as per our calculations, it is around 1322 orders per day, up from 1,290 orders per day in the previous quarter and up nearly three fold from 444 orders per day in the same quarter last year.

The active vendor base grew to 974 vendors for the quarter, from 729 vendors in the same quarter last year and 873 vendors in the previous quarter. 123Greetings currently offers 0.17 million products (171,538 products) for sale through 0.67 million listings (671,810 listings) across its website & other marketplaces.

Note that these numbers are from the pre-holiday quarter and with this, 123Greetings has entered its most important quarter, with both Indian (Diwali) and US (Christmas) festive period happening in this period. It’s worth noting that 123Greetings had also appointed an undisclosed investment banker to source capital for its e-commerce business in the previous quarter.

123Greetings Connect & Invite service: 123Greetings has 2.4 million registered users for the quarter, up from 2.2 million in the same quarter last year.

The company also mentioned that around 6005 invites were sent through its invite service during the quarter, registering a 37.6% growth from 4363 invites in the same quarter last year. However, this is still lower than 7,972 invites being sent out in Q4-FY12, following which the company had stopped sharing information on how its invite service is performing.

Financials

The net consolidated profit of Intrasoft Technologies grew to 0.92 crore for the quarter, up 61.4% from 0.57 crore in the same quarter last year. It had posted a net profit of 0.83 crore in the previous quarter.

The total operational revenue also more than doubled to Rs 59.63 crore for the quarter, from Rs 26.8 crore in the same quarter last year. The company had reported revenues of Rs 59.78 crore in the previous quarter.

Remember 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.

Product & content development expenses shoots up significantly

The product and content development expenditure shot up to Rs 44.31 crore from Rs 18.8 crore in the same quarter last year. The sales and marketing expenses have also grew to Rs 8.43 crore from Rs 3.53 crore in the same quarter last year.

The general and administrative expenses however dipped to Rs 1.90 crore from Rs 1.94 crore in the same quarter last year, while the employee benefit expenses went up to Rs 4.35 crore from Rs 2.63 crore in the same quarter last year.

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