wordpress blog stats
Connect with us

Hi, what are you looking for?

Spice Mobility’s mobile business continues to face losses at Rs 3.6 Cr in Q3FY17

Spice Mobility’s devices business continues to face losses, although at a lower rate: the segment posted a net loss before tax of Rs 3.64 crore for the quarter ended 31st December 2016, compared to a loss of Rs 24.53 crore in the same quarter last year, and Rs 5.74 crore in the previous quarter.

Total revenues of the company stood at Rs 264.12 crore, with the devices business accounting for 73.12% of its total revenues. Net loss for the period stood at Rs 6.96 crore, down from Rs 23.1 crore in the same quarter last year, although up from Rs 4.59 crore in the previous quarter.

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 11.78% to Rs 71.69 crore from 64.14 crore in the previous quarter and 14.1% from Rs 62.84 crore in the corresponding quarter last year. The segmented reported a profit of Rs 1.94 crore down from Rs 3.5 crore in the previous quarter, but up from Rs 1.54 crore in the same quarter last year. Services business represented about 27.1% 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 21% of the company’s revenues three months back (Q2 FY17). Last month, Spice Money, the domestic remittance service from Spice Digital, started processing payments over the Aadhaar Enabled Payment System (AEPS). Note that Spice Digital also has a wallet licence from the Reserve Bank of India and launched a service called Spice Mudra in September 2015.

Advertisement. Scroll to continue reading.

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

The US and other countries' retreat from a laissez-faire approach to regulating markets presents India with a rare opportunity.

News

When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

News

In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...

News

By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...

You May Also Like

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ