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Spice Mobility’s mobile business losses at Rs 5.74 Cr in Q2 FY17

Spice Hotspot

Spice Mobility’s devices business continues to face losses: the segment posted a net loss before tax of Rs 5.74 crore for the quarter ended 30 September 2016 (Q2 FY17), compared to a loss of Rs 14.13 crore in the previous quarter, and from Rs 6.45 crore in the same quarter last year. Mobile devices business reported total revenues of Rs 237.56 crore, a decline of 7% from Rs 255.46 crore in the previous quarter and 43.34% from Rs 419.55 crore in the same quarter last year.

Total revenues of the company stood at Rs 301 crore, with its devices business accounting for 78.9% of its total revenues. Net loss for the period stood at Rs 4.59 crore, down from Rs 23.1 crore in the previous quarter, and Rs 4.69 crore in the same quarter last year.

Other than the devices business, Spice Mobility runs Spice Retail, a retail and accessory chain,  Spice Digital, a subsidiary that offers mobile value added services, apps and other online products to enterprises, telecom operators, Government agencies etc., and Spice World and Spice Studio, a mall and a film production company respectively. Spice Digital, included in its services business, also has a semi-closed pre-paid payment wallet license.

Services business: The revenues from Spice Mobility’s services business increased by 3.1% to Rs 64.14 crore from 62.19 crore in the previous quarter and 3.3% from Rs 62.09 crore in the corresponding quarter last year. The segmented reported a profit of Rs 3.5 crore up 75% from Rs 2 crore in the previous quarter. Services business represented about 21% of Spice Mobility’s revenues for the quarter.

Spice has been pushing to increase the revenue share of its more profitable services business, which represented about 16% of the company’s revenues six months back (Q4 FY16). Earlier this month, the company acquired 100% stake in SVA (Mauritius) through its subsidiary Spice VAS Africa. SVA deals in content monetization and provisioning of IT and software services, hinting that the company will look to further push its services segment. Note that, earlier today, Spice said that it would not acquire New Spice Solutions, an acquisition it had announced in May this year.

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