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IntraSoft Technologies (123Greetings.com) revenues up by 47% to Rs 42.85 cr in FY11

IntraSoft
Technologies Limited
, which owns and operates greeting cards website 123Greetings.com,
has reported revenues of Rs 42.85 crore for the financial year ending March
31st 2011 (FY11), a 46.8 per cent growth from Rs 29.20 crore that the company
registered in FY10. The company also saw a jump of 15 per cent in Consolidated
Profit after Tax (PAT) of Rs.10.13 crore compared to Rs 8.83 crore for FY10.

IntraSoft
Technologies Limited
, which owns and operates greeting cards website 123Greetings.com,
has reported revenues of Rs 42.85 crore for the financial year ending March
31st 2011 (FY11), a 46.8 per cent growth from Rs 29.20 crore that the company
registered in FY10. The company also saw a jump of 15 per cent in Consolidated
Profit after Tax (PAT) of Rs.10.13 crore compared to Rs 8.83 crore for FY10.

According
to the company, ‘123Greetings Invites’ initiative which was launched in the
previous quarter has attracted a total of 1,998 users who have created 2,322
events and sent 17,223 Invites using this feature. The Gifting Solutions
initiative has started gaining traction with several new vendors and consumers coming
on board. Users at ‘123Greetings Studio’ uploaded over 800 ecards in this
quarter. On March 31, 2011 the total number of registered users of the website stood
at 1,144, 196.

Arvind Kajaria, managing director, said,
“Overall, the financial year has been quite productive. The year witnessed
the launch of three exciting new features – 123Greetings Connect, 123Greetings
Studio and 123Greetings Invites. All the introductions received excellent user
response. The year saw an addition of 5,650 cards being added to the greetings
website and introduction of innovative features like the instant ‘Thank You’
and ‘Quick Send’. While the new launches and other investments have laid the
foundation for future growth and profitability, they have not allowed profits
to grow as significantly as income in the current quarter and financial year.
But with 123Greetings Connect attracting 1,144,196 subscribers and 8,940 users
registering at 123Greetings Studio to put their artworks, we believe it is only
a matter of time that the growth is monetized and converted into profits and
consequently shareholder value.”

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