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Spice Mobility’s devices biz net loss widens to Rs 69.68 Cr; delisting on hold

Spice Hotspot

Losses continued to widen at Spice Mobility’s mobile devices business and the segment posted a net loss before tax of Rs 69.78 crore for the quarter ended March 31,2015, as compared to a loss of Rs 17.93 crore in the same quarter last year. In the previous quarter, it had posted a loss of Rs 29.21 crore.

The segment reported total revenues of Rs 425.38 crore for the quarter, registering a marginal 0.9% growth from Rs 421.59 crore revenues in the same quarter last year. On a sequential basis, revenues in the segment dropped 18.88% from Rs 524.36 crore.

Mobile devices business continues to dominate Spice Mobility’s revenues, representing 89.45 % of the company’s revenues for the quarter that was at Rs 474.49 crore for the quarter. The mobile devices segment accounted for 89.89% of the company’s revenues in the same quarter last year and 91.95% in the preceding quarter.

Services profit increases 19% YoY: The revenue from Spice Mobility’s services business increased to Rs 50.15 crore for the quarter, up 2.93% from Rs 48.72 crore in the same quarter last year and up by 6.22% from Rs 47.21 crore in the preceding quarter.

The profit before tax however decreased to Rs 4.6 crore for the quarter, down 5.35% from Rs 4.86 crore profit in the same quarter last year and down 7.44% from Rs 4.97 crore profit in the previous quarter. Services business currently represents about 10.57% of Spice Mobility’s revenues for the quarter.

Overall, Spice Mobility posted revenues of Rs 474.49 crore for the quarter, marginally up from Rs 468.99 crore in the same quarter last year and down 16.79% from Rs 570.26 crore in the preceding quarter. The company reported net loss before tax of Rs 66.14 crore for the quarter, compared to the loss of Rs 17.69 crore in the same quarter last year and a loss of Rs 221.19 crore in the preceding quarter.

Delisting put on hold

Spice Mobility’s promoters, Smart Ventures Private Limited, informed the stock exchanges that it is putting on hold any step in the direction of proposed delisting of the equity shares.  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).

Download: Financials

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