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123Greetings.com's Q2 PAT Up 16% YoY; Revenue Up 42%

The Diwali season boosted net profits and revenues at Intrasoft Technologies Ltd, which runs the e-greeting site 123greetings.com and is one of two BSE listed Internet firms in India (the other is Naukri.com owner Info Edge India) but that was not enough to assuage investors as Intrasoft shares crashed almost 10 per cent on Monday at BSE.

123Greetings has a core electronic greeting card business, a value-added service called 123Greetings Connect and a studio for artists. It also runs 123Greetings Invites and a Facebook app for inviting friends over for a party. But the company is slowly evolving into an e-commerce site, selling perfumes, skin care products, DVD players and flowers through the website.

A breakdown of revenue and segment profits of the different businesses was not immediately available but as a consolidated firm its net profit rose to of Rs 2.96 crore for the quarter ended September 2011, 16 per cent higher than its earnings in the same period last fiscal.

A majority of the website's traffic and revenue is generated between October and April.

Its total income from all three subsidiaries - 123Greetings.com Inc. (USA), 123Greetings Singapore Pte Ltd and One Two Three Greetings India Pvt Ltd – has risen to Rs 13.26 crore compared to Rs 9.36 crore in the year ago period. On a sequential basis also the firm reported double digit revenue growth compared to Rs 10.88 crore for the quarter ended June 30.

The Kolkata-based e-greetings company is backed by venture capital firm Intel Capital and had raised Rs 53.65 crore in an IPO last year. The balanced unutilised fund from the proceeds, as of September 30, 2011, is at Rs 30.2 crore.

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