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Spice Mobility’s device biz posts Rs 29.2 Cr loss in Q2-FY15

Spice Hotspot

Spice Mobility’s mobile devices business posted a net loss before tax of Rs 29.2 crore for the quarter ended December 31,2014, as compared to a loss of Rs 1.47 crore in the same quarter last year. In the previous quarter, it had posted a loss of Rs 9.59 crore.

The segment reported total revenues of Rs 524.36 crore for the quarter, registering a marginal 1.36% growth from Rs 517.2 crore revenues in the same quarter last year. The segment had posted revenues of Rs 497.17 crore in the previous quarter.

Mobile devices business continues to dominate Spice Mobility’s revenues, representing 91.95% of the company’s revenues for the quarter that was at Rs 570.26 crore for the quarter. The mobile devices segment accounted for 91.1% of the company’s revenues in the same quarter last year and 90.7% in the previous quarter.

Services profit increases 19% YoY: The revenue from Spice Mobility’s services business slid to Rs 47.21 crore for the quarter, down 9.2% from Rs 51.99 crore in the same quarter last year and down marginally by 3.75% from Rs 49.05 crore in the previous quarter.

The profit before tax however increased significantly to Rs 4.97 crore for the quarter, up 19.11% from Rs 4.02 crore profit in the same quarter last year and up 65% from Rs 1.74 crore profit in the previous quarter. Services business currently represents about 8.27% of Spice Mobility’s revenues for the quarter.

Overall, Spice Mobility posted revenues of Rs 570.26 crore for the quarter, marginally up from Rs 567.71 in the same quarter last year and Rs 544.71 crore in the previous quarter. The company reported net loss before tax of Rs 221.19 crore for the quarter, as compared to a profit of Rs 2.12 crore in the same quarter last year and a loss of Rs 10.8 crore in the previous quarter.

Recent developments

– Last month, Spice Digital had appointed Sabri Amireh as its Senior Vice President. He will be responsible for Spice Digital’s business in the Middle East, CIS & North Africa (MENA) region.

– In the same month, Spice Digital acquired 38.53% stake in the Noida-based online education provider Anytime Learning Private Limited for an undisclosed amount, following which Anytime Learning has become an Associate Company of Spice Digital.

– In January, Spice Mobility promoter Smart Ventures Private Limited had also received board approval to delist the company from the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The company is currently seeking approval for the same from its member shareholders.

– The company had also announced plans of investing Rs 500 crores to set up a manufacturing unit in Uttar Pradesh. It also signed a Memorandum of Understanding (MoU) with the Government of Uttar Pradesh for the same.

Download: Financials

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