Handsets make good money for Spice Mobiles
02-02-2010
Merging with Spice Televentures to form Spice Mobility, a Rs 2000 crore firm
India's Spice Mobiles, a homegrown handset manufacturer, announced their Q3 results for fiscal 2010 where the company has reported sales of about 1.5 million units for Q3, revenue of close to Rs. 300 crores (Rs.3 billion) and PAT of Rs. 22.4 crores.
For the 9 months of 2009-2010, the company's revenue came to Rs. 702.2 crores, EBIDTA Rs. 73.3 crores and PAT Rs. 47.6 crores.
The board of Spice Mobiles also at its meeting approved a proposal to merge Spice Televentures with itself to create one of India's largest listed mobile technology companies, Spice Mobility, which could record revenue of around Rs2000 crores in 2009-10
Strengthening their resolve to become the lead mobile handset manufacturer in India, over the past year, the company has invested greatly in channel development and has worked on a detailed strategy across all markets to further expand its retail distribution network to over 100,000 retail counters over the next 2 years.
In the past quarter, the company launched many successful handsets including Spice M-7070, a 5 MP camera Dual SIM phone, Spice M-6060, the edutainment phone with embedded VAS Content on education and entertainment, the M-5151 and the M-5252n, both feature rich dual SIM handsets. The upcoming quarter will see the launch of the Spice Qwerty Series along with several new additions to the BIG Series and the Picture Perfect Series (High-Res Camera phones) and the fashionable Tommy Hilfiger Series.
Spice Mobiles has also enhanced its presence outside India with entry into Bangladesh and Nepal, now seeking to enter the African market as part of its business objectives of globalizing its business. In India, Rajasthan, Assam, Haryana continue to be very strong markets for Spice Mobiles where the company ranks second in terms of sales followed by Madhya Pradesh, Maharashtra (except Mumbai), UP and Uttaranchal. Other states such as Gujarat are also picking up in sales strongly.
Mr. Dilip Modi, Chairman, comments: "Spice Mobiles has remained committed to product innovation and expansion of its retail and distribution network. As we have enhanced coverage, we have seen the company achieve critical mass and scale ? as a result we have reached the quarterly benchmark sales level of approximately 1.5 million and we are targeting 1 million handset sales per month from the first quarter of the next financial year."
India's Spice Mobiles, a homegrown handset manufacturer, announced their Q3 results for fiscal 2010 where the company has reported sales of about 1.5 million units for Q3, revenue of close to Rs. 300 crores (Rs.3 billion) and PAT of Rs. 22.4 crores.
For the 9 months of 2009-2010, the company's revenue came to Rs. 702.2 crores, EBIDTA Rs. 73.3 crores and PAT Rs. 47.6 crores.
The board of Spice Mobiles also at its meeting approved a proposal to merge Spice Televentures with itself to create one of India's largest listed mobile technology companies, Spice Mobility, which could record revenue of around Rs2000 crores in 2009-10
Strengthening their resolve to become the lead mobile handset manufacturer in India, over the past year, the company has invested greatly in channel development and has worked on a detailed strategy across all markets to further expand its retail distribution network to over 100,000 retail counters over the next 2 years.
In the past quarter, the company launched many successful handsets including Spice M-7070, a 5 MP camera Dual SIM phone, Spice M-6060, the edutainment phone with embedded VAS Content on education and entertainment, the M-5151 and the M-5252n, both feature rich dual SIM handsets. The upcoming quarter will see the launch of the Spice Qwerty Series along with several new additions to the BIG Series and the Picture Perfect Series (High-Res Camera phones) and the fashionable Tommy Hilfiger Series.
Spice Mobiles has also enhanced its presence outside India with entry into Bangladesh and Nepal, now seeking to enter the African market as part of its business objectives of globalizing its business. In India, Rajasthan, Assam, Haryana continue to be very strong markets for Spice Mobiles where the company ranks second in terms of sales followed by Madhya Pradesh, Maharashtra (except Mumbai), UP and Uttaranchal. Other states such as Gujarat are also picking up in sales strongly.
Mr. Dilip Modi, Chairman, comments: "Spice Mobiles has remained committed to product innovation and expansion of its retail and distribution network. As we have enhanced coverage, we have seen the company achieve critical mass and scale ? as a result we have reached the quarterly benchmark sales level of approximately 1.5 million and we are targeting 1 million handset sales per month from the first quarter of the next financial year."
