Spice Mobiles announced its financial results for Q2 2009 managing a net profit of Rs 16.4 crore as compared to loss of Rs6.3 crore registered in the corresponding quarter last year. Revenues increased to Rs 219.7 crore at a yoy growth of almost 100%.

Revenues from the mobile division increased to Rs 218.5 crore from Rs 125.4 crore last year. EBITDA was at Rs 25.2 crore.

The company derives its business mainly from Rajasthan, Assam and Haryana.

Mr. Dilip Modi, Chairman Spice Mobiles Ltd. said, “We at Spice Mobiles understand the continued rapid adoption of the mobile phone device as well as the demand for competitive feature rich phones. Keeping innovation at the core of our business strategy, we have not only enhanced our product portfolio in line with evolving customer preferences, but also embedded enhanced features and Value Added Applications on our phones, which make them distinctly different from the competition. We pioneered the Dual-SIM phone category and have now moved towards creating a new sub-segment of Multi-SIM and Flexi-SIM phones.  We have reached a quarterly benchmark sales level of approximately 1 million, and we are targeting 1 million handset sales per month within the next 12 months.”