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123Greetings ecommerce biz soars 169% y-o-y to Rs 150.59 crore in Q2FY16


Intrasoft Technologies, which own and operates the e-greeting cards site 123Greetings.com, has reported revenues of Rs 154.68 crore for the quarter ended September 30, 2015. The company had reported revenues of Rs 59.63 crore in the same quarter last year. On a sequential basis, total revenues increased 31.08% from Rs 118 crore.

Net profit at the company was Rs 1.66 crore up 80% from Rs 0.92 crore from the corresponding quarter last year. Net profit grew 36.06% from Rs 1.22 crore in the preceding 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 reported revenues of Rs 150.59 crore up 169% from Rs 58.98 crore in Q2FY15. The number of orders shipped grew tremendously over the quarter from 118,606 in Q2 FY15 to 377,083, a growth of 218% y-o-y.

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Intrasoft ecommerce

Average order value in Q2 FY16 was Rs 3994.

The company mentioned that there are over 265,000 products for sale on the site and that it sources products from over 1,440 brands. It claims that it is adding 10,000 new products every month.

The top product categories by revenue were furniture,patio, lawn and garden (28%), musical instruments and gadgets (26%), kitchen, dining and appliances (14%).

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. During the quarter, the company  formed a subsidiary in India under the name of 123Stores E Commerce Pvt. Ltd. to increase focus on the ecommerce business by consolidating all operations related to ecommerce under 123Stores, Inc. to increase financial and operational efficiencies.

Greetings business:

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123Greetings.com reported that the number of cards sent through its platform in Q1-FY16 stood at 252,000, up 5% from 240,000 million cards sent in the same quarter last year.

The e-greetings business reported revenues of Rs 3.4 crore for the quarter.

Mobile application downloads reached 763,000 as on 30th September, 2015. The platform had launched its iOS and Android apps in Q3-FY14.

Download: Financials | Press Release | Slides

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