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Spice Mobility’s revenues continue to slide to Rs 380 crore in Q4 FY16

Spice Hotspot

Spice Mobility’s mobile devices business continues to face losses: the segment posted a net loss before tax of Rs 24.84 crore for the quarter ended March 31st 2016 (Q4 FY16), compared to a loss of Rs 24.71 crore in the previous quarter. Year-on-year, the company’s losses decreased as it reported a loss of Rs 69.79 crore the same quarter last year.

The segment reported total revenues of Rs 318.39 crore for the quarter, registering a decline of 12.77% from Rs 365.02 crore the preceding quarter. On a year-on-year basis, the revenues declined by 25.15% from Rs 425.38 crore in the corresponding quarter last year.

Mobile devices business continues to dominate Spice Mobility’s revenues, accounting for 83.76% of the company’s total revenues for the quarter which stood at Rs 380 crore. The mobile devices segment accounted for 85.8% of the company’s revenues in the preceding quarter.

Services profit increases

 The revenue from Spice Mobility’s services business increased to Rs 62.49 crore for the quarter, up 11.31% from Rs 56.14 crore in the same quarter last year and down marginally by 0.54% from Rs 62.83 crore in the preceding quarter.

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The profit before tax increased to Rs 5.81 crore for the quarter, up from Rs 1.17 crore in the preceding quarter and up 26.3% from Rs 4.6 crore profit in the same quarter last year. Services business represented about 1.36% of Spice Mobility’s revenues for the quarter.

Overall, Spice Mobility posted revenues of Rs 380 crore for the quarter, down 20.96% from Rs 480.48 crore in the same quarter last year and down 10.97% from Rs 426.48 crore in the preceding quarter. The company reported net loss of Rs 23.62 crore for the quarter, compared to the loss of Rs 70.69 crore in the same quarter last year and a loss of Rs 26.39 crore in the preceding quarter.

Stake in Sunstone Eduversity

In January, Spice Mobility acquired 22.54% stake in Delhi-based Sunstone Eduversity. The acquisition was an all cash deal, but the financials were not disclosed. Spice Mobility stated had that Sunstone Eduversity Private Limited was a newly incorporated company, and thus, its last three years’ turnover ‘was not applicable’.

Corrigendum: An earlier version of the story had said that services segment’s profit before taxes had decreased. This has been corrected. 

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