123Greetings' net profit halves as margins get whacked; revenue up 25% in Q2
Intrasoft Technologies, which owns and operates the e-greeting cards and e-com site 123greetings.com, has reported a 25 per cent increase in revenues for the quarter ended September 30, 2013 but saw its operating margins coming under pressure.
123greetings' net revenue for the quarter stood at Rs 26.12 crore, compared to Rs 20.87 crore in the same quarter last year. Net profit, however, halved to Rs 0.57 crore, against Rs 1.24 crore in Q2 last year.
The company's expenses related to employee benefits more than doubled to Rs 2.63 crore from Rs 1.22 crore in the same period a year ago. General and administrative costs also rose sharply relative to revenue growth.
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.
(Edited by Joby Puthuparampil Johnson)