Intrasoft, the parent company of ecommerce store 123stores, has posted revenues of Rs 281.76 crore for the quarter ended December 2016 (Q3-FY17). This was a rise of 36% year-on-year (YoY) from Rs 258.31crore and a marginal increase from Rs 218.17 crore in the preceding quarter.

The company’s e-commerce revenues stood at Rs 276.16 crore, up 9% quarter-on-quarter (QoQ) from Rs 215.01 crore. On a year-on-year basis, the e-commerce segment reported 9.31% growth from Rs 252.65 crore in Q2 FY16. Intrasoft’s net profit during Q3-FY17 stood at Rs 6.53 crore, which is up by 20% from Rs 5.4 crore in the previous quarter. In the same quarter last year, the company posted a net profit of Rs 5.17 crore.

The number of orders fulfilled during this quarter increased significantly and stood at 1.01 million from 767,186 orders in the same quarter last year, a growth of 24% YoY. Intrasoft spent Rs 43.87 crore for shipping and handling these orders. It also spent Rs 40.63 crore during the quarter for sales and marketing operations. The total number of suppliers increased to 1,833 in this quarter from 1,783 suppliers in the previous quarter.

The top three selling categories of products were furniture, patio, lawn and garden (30%), toys, games (25%), and home improvement and art crafts (13%); the third position was also shared by Musical Instruments and Gadgets (15%).

Funding

In October last year, 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. Apart from this, Intrasoft raised Rs 34.5 crore by selling 1.2 million shares at a rate of Rs 288 per share in February last year. In July 2015, the company 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.

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