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123Greetings shipped 0.37M cards in Q1-FY16; Revenues up 97%

123greetings

Intrasoft Technologies, which own and operates the e-greeting cards site 123Greetings.com, has reported revenues of Rs 118 crore for the quarter ended June 30, 2015, up 97% from Rs 59.78 crore in the same quarter last year. Revenues also grew by 16.5% Q-o-Q, from Rs 101.28 crore in the previous quarter. The company reported revenues of 343.33 crore for FY15, up 129.5% from Rs 149.54 crore in FY14.

Overall, the company reported a profit of Rs 1.22 crore, up by 47% from Rs 0.83 crore in the corresponding quarter last year. However, profits were down steeply by 79.5% from Rs 5.96 crore 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 0.294 million orders for the quarter, nearly two and half times the 0.116 million orders it shipped in the same quarter last year. In the previous quarter, the company had shipped 0.253 million orders.

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While the company hasn’t disclosed any information on the average orders per day for the quarter, as per our calculations, it is around 3265 orders per day, up from 2811 orders per day in the previous quarter and up nearly two and half times from 1290 orders per day in the same quarter last year. Overall revenues of the e-commerce arm stood at Rs 113.36 crore for the quarter, a Y-o-Y growth of 110% from Rs 53.93 crore in the corresponding quarter last year.

As of June 30 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. two quarters ago.

The company in its presentation said that it has over 200,000 products on sale on its website sourced from 1,300 brands. It also said that it is adding 10,000 new products every month. The average order value in Q1 FY16 was Rs 3,857. The top product categories by revenue were furniture,patio, lawn and garden (36%), musical instruments and gadgets (17%), home improvement, arts and crafts (16%).

Greetings business:

123Greetings.com reported that the number of cards sent through its platform in Q1-FY16 stood at 0.37 million, up 117.6% from 0.17 million cards sent in the same quarter last year. The e-greetings business reported revenues of Rs 4.37 crore for the quarter. The platform 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.

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