Intrasoft, the parent company of ecommerce store 123stores, has posted revenues of Rs 218.17 crore for the quarter ended September 2016 (Q2 FY2017). This was a rise of 42% year-on-year (YoY) basis from Rs 153.97 crore, and a marginal decrease from Rs 222.17 crore in the preceding quarter.
The company’s ecommerce revenues stood at Rs 215.01 crore, a marginal decrease from Rs 218.67 crore in the preceding quarter. On a year-on-year basis, the ecommerce segment reported 42.77% growth from Rs 150.59 crore in Q2 FY16. Intrasoft reported net profit of Rs 5.4 crore which is up 104% from Rs 2.65 crore in the previous quarter. In the same quarter last year, the company posted a net profit of Rs 1.66 crore.
The number of orders fulfilled during this quarter increased significantly and stood at 669,714 from 377,083 orders in the same quarter last year, a growth of 77.6%. The total number of suppliers increased to 1,783 in this quarter from 1,440 in Q2 FY16. Intrasoft now has more than 5,55,000 SKUs growing 109.43.6% from 265,000 SKUs in the same quarter last year.
The top three selling categories of products were furniture, patio, lawn and garden (30%), musical instruments and gadgets (25%), and home improvement and art crafts (15%); the third position was also shared by sports and outdoor category (15%).
Line of Credit from UPS Capital
Last month 123 stores secured $8 million ‘line of credit’ from UPS Capital, the company informed the stock exchanges through a notification. It plans to use the fresh funds for working capital to drive growth, the company added. In February, Intrasoft raised Rs 34.5 crore by selling 1.2 million shares at a rate of Rs 288 per share.
In July last year, Intrasoft raised $5.4 million by selling over a third of its treasury stock via bulk deals. At that time, the company reportedly sold 670,000 shares at Rs 510 per share, which were apparently bought by small brokerages and private investment firms from Kolkata and Mumbai.
Intel Capital exit
In June, Intel Capital, exited Intrasoft 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 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.