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S Mobility Q3-FY12: Rs 17.9Cr Net Loss & Rs 618.4Cr Revenue

S Mobility* has reported a total income of Rs 618.4 crores for the quarter ended 31th December 2011, an increase of 14.66% from its income in Q2FY12 and 17.14% growth from its income in Q3FY11. It reported a net loss of Rs 17.9 crores, a sharp decline from Rs 12 crore profit in Q2FY12 and Rs 19.4 crore profit in Q3FY11.

The company’s mobile devices segment reported a total revenue of Rs 556.9 crore, a growth of 16.75% from Q2FY12 and 17.78% from Q3FY11. Segment result or Loss before tax and interest, for mobile devices was Rs 26.9 crore, a significant decline from Rs 2.1 crore profit in Q2FY12 and Rs 13 crore profit in Q3FY11.

The company’s services business reported a total revenue of Rs 61.6 crore, a 1.12% decline from Q2FY12 and a 10.59% growth from Q3FY11. The segment result or profit before tax and interest, for services was Rs 1.2 crore, a sharp decline from Rs 8.3 crore profit in Q2FY12 and Rs 11.4 crore profit in Q3FY11.

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Highlights:

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– The results for this quarter were impacted by rupee depreciation which resulted in higher costs of goods sold.

– To focus on the Mobile Internet space, the company has started investing in hiring and market expansion which is reflected in increased expenses in manpower, branding and administrative cost.

– Thomas Henrik Zilliacus has resigned from S Mobility’s board, with effect from February 09, 2012 and Rajiv Makhni, Consulting Managing Editor, Technology, NDTV has been appointed as an Additional Director.

– A subsidiary of the company has acquired 65% equity in Spice VAS Tanzania Ltd and 100% equity in Spice Digital South Africa (PTY) Ltd and these companies have been consolidated from the date of acquisition.

– The company has also subscribed for 100% in S Mobility Pte Ltd, however it has not been consolidated since there was no operation in the company.

– Spice Global Investments Pvt Ltd has transferred 100% shareholding in the company to its wholly owned subsidiary company, S i2i Mobility Pvt Ltd. As result, S i2i Mobility Pvt Ltd has become the holding company.

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Disclosure: Spice Digital is an advertiser with MediaNama.

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