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Intrasoft’s revenues up 31% YoY to Rs 286.99Cr in Q2FY18

Intrasoft Technologies Limited, which runs the multi-channel e-commerce retail platform 123Stores.com, posted revenues of Rs 286.99 crores for the quarter ended September 30, 2017 (Q2 FY18), up 31% year-on-year (YoY) from Rs 218.96 crore in the same quarter last year. In the previous quarter, the company had posted revenues of Rs 260.16 crore. Operating income for the quarter stood at Rs 6.28 crore, up 28% YoY from Rs 4.90 crore in Q2 FY17.

The company reported net profits of Rs 3.95 crore, down 12% from net profits of Rs 4.50 crore in the same quarter last year, but up 9.66% from net profits of Rs 3.61 crore in the previous quarter.

The cost of goods sold (including shipping costs) stood at Rs 234.57 crore for the quarter, up 36% from Rs 172.48 crore in the corresponding quarter last year. It represented 81.7% of the company’s revenues.

Intrasoft’s managing director, Arvind Kajaria mentioned that during the September quarter the company “continued to work with (e-commerce) marketplaces on special promotional offers to our customers. This resulted in us passing an extra discount to the customers, which was recovered from the marketplaces as a discounted sales & marketing fee. Accordingly, there was an increase in cost of goods sold as a percentage of sales which was offset by a decrease in sales & marketing expenses as a percentage of sales (approximately 1.5%).”

Number of orders: For the second quarter running, Intrasoft hasn’t provided details about the number of orders it shipped during the quarter, number of products (stock keeping units), suppliers or top selling categories. The company’s quarterly presentation carries a few indicative graphs, but with no mention of any numbers for reference. However, it did provide details in regards to these in Q3 FY17, when the number of orders fulfilled stood at 1.01 million, which was up 24% YoY.

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Top selling categories: Similarly, in case of top selling categories, the graph provided in the presentation indicates which ones are the most popular categories, but doesn’t provide the percentage break-up. In Q2 FY18, the furniture, patio, lawn & garden category was the top selling, followed by musical instruments & gadgets, kitchen, dining & appliances, toys, games & baby, sports & outdoor, and finally home improvement & art crafts.

During the company’s FY17 ended earnings call, Kajaria had said 123Stores got 70-75% of its sales from Amazon.com, followed eBay, accounted for about 10-15%, and “then we have from our store as well and then we have Sears, Rakuten (formerly Buy.com) and the others (such as Bestbuy.com).” More on this here.

Download: Financials | Presentation

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