Spice Mobility's Q3 net loss at Rs 222 cr

Homegrown handset player Spice Mobility today reported a consolidated net loss of Rs 222.5 crore for the quarter ended December 31, 2014.

The firm had posted a net profit of Rs 1.08 crore in the year-ago period.

Consolidated net sales of the firm rose marginally to Rs 569.96 crore in October-December of this fiscal from Rs 567.04 crore in the same quarter of 2013-14 fiscal, it said in a BSE filing.

Last month, the company announced it will set up a manufacturing unit in Uttar Pradesh with an investment of about Rs 500 crore to make affordable mobile phones in the country.

Spice has inked a Memorandum of Understanding with the UP government wherein it will get state support in establishing the facility in a time bound manner.

It will also facilitate the necessary infrastructure, ecosystem and incentives under various schemes announced by the State and Centre.

The unit will have a capacity of about 1-2 million handsets a month, which will be gradually expanded to five million.