123greetings

Intrasoft Technologies, which owns and operates the e-greeting cards site 123Greetings.com, reported revenues of Rs 101.28 crore for the quarter ending March 31, 2015, up 115% from Rs 47.19 crore in the same quarter last year. However, sequentially revenues were down 17.4% from Rs 122.63 crore, which is most likely because Q3 includes the festive season and is generally the biggest quarter of the year. The company reported revenues of Rs 343.33 crore for FY15, up 130% from Rs 149.54 crore in FY14.

The company reported its highest ever profit as a listed company, of Rs 5.96 crore. For context, for the same quarter last year, the company reported a Rs 2.89 crore profit, and had reported Rs 4.15 crore profit in the previous quarter.

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). 123Greetings primarily targets the US market.

E-commerce business

The company’s online gifting e-commerce business 123Greetings Store also witnessed a significant growth on a yearly basis: It shipped 0.253 million orders for the quarter, nearly triple of 0.09 million orders in the same quarter last year. In the previous quarter, the company had shipped 0.119 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 2811 orders per day, down from 3102 orders per day in the previous quarter and up nearly three fold from 985 orders per day in the same quarter last year.

The active vendor base grew to 1030 vendors for the quarter, from 975 vendors in the same quarter last year. Average order value for Fy15 was Rs 4174.

As of March 31 2015, the company also sells its products through partnerships with Amazon.com, eBay.com, Amazon Canada, Alibaba’s 11main.com, Sears.com, New Egg, Bestbuy.com & Rakuten (Buy.com). 123Greetings currently offers 0.20 million products for sale across its website & other marketplaces. Intrasoft had set up a new company in the US for its e-commerce operations, called 123Stores Inc. in the previous quarter.

Greetings business

123Greetings.com reported that the number of cards sent through its platform in FY15 stood at 0.96 million, up from 0.09 million cards sent in the same quarter last year. The e-greetings business reported revenues of Rs 20.27 crore for FY15. The revenue figure for Q4 wasn’t disclosed. 123Greetings had launched its iOS and Android apps in Q3-FY14.

123Greetings Connect & Invite service: The company hasn’t disclosed any details relating to its Studio, Invite and Connect features, or its user base. In Q2-FY15, it had disclosed that 6005 invites were sent through its invite service during the quarter.

Download: Press Release & Financials