After getting a certificate of approval from the Registrar of Companies, Spice Mobility has been renamed, S Mobility. The company has declared its first quarter results for the financial year 2011-12, reporting a marginal increase in revenue and net profit.
For the quarter ended 30th June 2011, the company’s total income was Rs 522.6 crore, an increase of 9.2% from its income in Q1FY11, when it had reported a total income of Rs 478.5 crore. Its net profits also went up by more than 34% YoY to Rs 25.9 crore from Rs 19.3 crore that it registered during the same quarter, last year.
– The company’s mobile devices business reported a total revenue of Rs 466 crore, an increase of 7%. Segment result or Profit before tax and interest, for mobile devices was Rs 17.5 crore, a significant increase compared to Q1FY11 when it reported a loss of Rs 14.5 crore.
– The Services business segment reported net revenues of Rs 59.8 crore, a growth of 28.3% compared to Q1FY11 revenues of Rs 46.6 crore. The segment results for services was at Rs 9.1 crore, a decrease from last year’s results which were at Rs 11.5 crore.
– During the quarter, Thomas Henrik Zilliacus and Saurabh Srivastava were appointed as additional directors of the company.
– A subsidiary of the company has subscribed to 100% equity in Spice VAS Ghana and it has been consolidated from the date of incorporation.
– The company has also subscribed for 100% equity in S Mobility(HK), which has not been consolidated, since there are no operations.
Disclosure: Spice Digital is an advertiser with MediaNama.