123Greetings' revenue up 31% to Rs 23.53Cr, e-com business clocked 433 orders a day in Q1

Intrasoft Technologies Ltd, which runs the e-greeting and e-commerce site 123greetings.com, has reported 31 per cent growth in revenue for the quarter ended June 30, 2013, primarily driven by an increase in e-com shipments.

Revenue for Q1 rose to Rs 23.53 crore from Rs 18 crore in the same period a year ago. The company 38,972 orders during the quarter, averaging approximately 433 orders per day, compared to 403 orders in the corresponding quarter in 2012.

The operating profit rose due to lower depreciation provision but lower other income and higher finance costs shrunk PBT. Operating EBITDA, however, declined 25 per cent. Lower tax outgo led to 32.5 per cent growth in net profit to Rs 34.6 lakh in the first quarter.

"With the continued growth in our e-commerce business, the revenue in the current quarter has increased by 31 per cent as compared to the corresponding quarter last year. We continued to increase investments in the e-commerce business through automation and increasing the team size," said Arvind Kajaria, managing director, 123Greetings.

123Greetings Store expanded its product catalogue significantly in the quarter, as 72,373 products were listed on its websites and various marketplaces. As of June 30 this year, the firm had an active base of 490 vendors as compared to 250 vendors in the corresponding quarter last year.

In the quarter, 123Greetings e-cards witnessed an addition of 1,255 new cards. Its VAS service 123Greetings Connect recorded a 19 per cent growth and the registered users stood at 2,158,665 as on June 30, 2013.

123Greetings Studio had total number of registered users at 25,140 as on June 30, 2013, recording a growth of 45 per cent as compared to corresponding quarter of last year.

The company recently launched the mobile version of its site, which saw 2.5 million visitors during the quarter.

Intrasoft is one of the three public-listed internet firms in India (the other two being Just Dial and Info Edge India, owner of Naukri.com). It generates revenues primarily from online advertising and online retail sales.