Spice Mobility names Prashant Bindal as CEO

Noida-based mobile devices and communications & entertainment company, Spice Mobility (formerly S Mobility Ltd), has appointed Prashant Bindal as CEO, the firm said in a stock market filing. Bindal is replacing RS Desikan, who stepped down from the CEO's post last month.

An IIM Ahmedabad graduate, Bindal was earlier senior vice president and head of operations at Walmart India (Cash & Carry). Previously, he was also vice president (sales & operations) at Hindustan Coca Cola Beverages Pvt Ltd. In the past, he held various key positions at Cadbury.

Q4 revenues rise

Spice Mobility has recorded Rs 541.2 crore in net revenues for the fourth quarter ended June 30, 2014 compared with Rs 445.4 crore. The rise in net revenues is mainly attributed to a 30 per cent growth in its mobile devices business which stood at Rs 498 crore. However, revenues from the services segment declined to Rs 44.8 crore from Rs 63.9 crore.

The firm, which followed a July-June financial year, reported net loss of Rs 18.6 crore against profit of Rs 9.9 crore in the year-ago period.

It has also informed that the board has decided to close the current financial year on March 31, 2015, and accordingly the current financial year will be of nine months (from July 1, 2014 to March 31, 2015).

Earlier this year, Spice Mobility's chairman and director Bhupendra Kumar Modi stepped down from the post. The firm appointed board member Dilip Kumar Modi as the new chairman.

Known as a mobile handset company, Spice Mobility has been trying to reposition itself as a mobile internet firm. However, mobile devices still account for over 90 per cent of its revenues.

(Edited by Joby Puthuparampil Johnson)