S Mobility* has completed its buyback offering (pdf), buying 10,222,303 shares for Rs 36.85 crore (including brokerage, taxes and other charges), a total of 61.42% of the maximum buyback size. The shares were bought at a price of Rs 36.05. At the time of filing this report, the S Mobility share had ended the day at a price of Rs 25.7 on the BSE, with a 52 week high of Rs 49.05 (almost a year ago), and a 52 week low of Rs 49.05 (last Friday).
The company now has 683,591,946 shares of face value Rs 3 each in the market, of a total of 990,000,000 shares. It has a market cap of Rs 611.88 crore, and a free float market cap of Rs 152.97 crore. The Promoter group shareholding now amounts to 74.36%, with only 25.64% of shares in the public domain. This buyback took a long time: it was first announced on June 20th 2013, with the offer opening on July 10, 2013. The offer closed on May 13 2014.
The mobile devices segment of S Mobility* saw a significant increase in its losses (before tax) to Rs 17.93 crore for the quarter ended March 31, 2014, up from Rs 5.43 crore loss in the same quarter last year and Rs 1.47 crore loss in the previous quarter. The segment reported total revenues of Rs 421.6 crore for the quarter, up from Rs 335.4 crore in the same quarter last year. Mobile devices currently represent around 89.9% of S Mobility’s revenues for the quarter which was at Rs 468.99 crore, up 18.9% YoY.
This was the first loss making quarter for S Mobility after five straight profitable quarters. It had last reported a loss in Q2-FY13, when it had posted a loss of Rs 13.8 crore.
*Disclosure: Spice Digital, a subsidiary of S Mobility is an advertiser with MediaNama