Intrasoft, the parent company of ecommerce store 123stores, has posted revenues of Rs 222.17 crore for the quarter ended June 2016 (Q1 FY2017). This was a rise of over 88% on a year-on-year basis from Rs 117.73 crore, and an increase of 19.04% from Rs 186.62 crore from the preceding quarter.
Ecommerce revenues stood at Rs 218.67 crore, up 19.83% from Rs 182.47 crore in the preceding quarter. On a year-on-year basis, the segment reported 92.9% growth from Rs 113.36 crore.
Overall, net profit was up 116.24% to Rs 2.65 crore from Rs 1.22 crore in the same quarter last year. However, Intrasoft’s net profit was down 92.0% from Rs 33.44 crore in the preceding quarter. This was mainly due to an exceptional item of Rs 33.8 crore in the preceding quarter.
The number of orders fulfilled increased quite dramatically and stood at 623,699 from 293,894 in the same quarter last year, a growth of 112.21%. The total number of suppliers increased to 1,746 from 1,067 in Q1 FY16. Intrasoft now has more than 5,35,000 SKUs growing 132.6% from 230,000 in the same quarter last year.
The top selling categories of products were furniture, patio, lawn and garden (28%), home improvement and art crafts (21%), and musical instruments and gadgets (14%).
Intel Capital exit
In June, Intel Capital, the investment capital arm of Intel Corp, exited Intrasoft Technologies by selling its remaining 5.3% stake in the company for Rs 29.2 crore ($4.4 million). In May, Intel Capital had reduced more than half of its stake in Intrasoft Technologies, and sold 750,000 shares or 5.09% of its stake in the company. Intel was the largest institutional shareholder and the only Foreign Venture Capital Investor in Intrasoft, though the company has other Foreign Portfolio Investors. Intel Capital had invested about Rs 20 crore in IntraSoft in December 2007 for a 16.3% stake. This stake had shrunk post an IPO in 2009.
Earlier share offloads
In February of this year, Intrasoft raised Rs 34.5 crore by selling 1.2 million shares, to expand their e-commerce business. In July last year, Intrasoft had raised $5.4 million by selling over a third of its treasury stock via bulk deals. It was reported, at the time, that the company sold 670,000 shares at Rs 510 per share, which were apparently bought by small brokerages and private investment firms from Kolkata and Mumbai.