SPICE MOBILES LIMITED Revenue up by 126 % and PAT up by 225% (YOY)

New Delhi, July 27, 2007:

Spice Mobiles Limited one of the leading Mobile Handset company in India, announced a significant increase in its Revenue and Profits for the Quarter ending 30th June 2007. The Net Profit increased to Rs. 387 lacs for the quarter of last ended 30th June 2007, compared to the net loss of Rs. 310 lacs in the corresponding quarter of last year representing an increase of 225%. Revenue growth is also quiet significant up by 126% from Rs. 3015 lacs to Rs. 6808 lacs in the quarter ending 30th June 2007.

Increased mobility and connectivity has been boosting the domestic market, which in turn is driving the sales growth in mobile handsets. Riding this trend, Spice Mobiles has established its footprints across the country through a robust sales and service infrastructure, expanded its product portfolio.

Q1 FY 2007-08 – Highlights:

* Revenue grew phenomenally by 126% compared to the corresponding quarter June’ 06
* PAT increased by 225% compared to the corresponding quarter of June’06.
* Aggressive investments in Product Development, ‘After Sales’ Service Infrastructure and Brand Building catapulted Spice Mobiles awareness across the country

Commenting on the results Mr. Dilip Modi, Vice Chairman of the Company said;

The first quarter results are in line with our expectations and reflect the healthy growth of the company. Spice Mobiles has continued to improve its performance in all spheres of business. In the past two years we have gradually grown in a highly competitive mobile handset market and foresee ourselves to be among the top five mobile handset players in the country. In our endeavour to excel, we are bringing differentiated and customized products across all consumer segments. The company is optimistic about its future prospects and confident of achieving the planned performance.
About Spice Mobiles Limited

Spice Mobiles Ltd. is a part of MCorpGlobal, India’s leading trans-national group. The company began the process of revolutionising the “ICE - Information Communication & Entertainment” sector, with its new age technologically advanced state of the art mobile phones. This led to the birth of Spice Mobile Phones. Spice Mobiles made its entry two years ago in the Indian market targeting the entry-level handset segment. Growing rapidly in the past few months, Spice Mobiles today has a bouquet of offering targeting entry, mid & premium segments.

Riding on the success of its products, Spice Mobiles strengthened its footprint, built a strong value proposition with the customers and established itself as an aspirational brand for the masses. Moving forward, the company aims to achieve further brand acceptability among all target segments through a broader offering of cutting-edge handsets that combine mobile phone functionality with enriched content and smart device capabilities for greater high-speed voice and data capacity.

For more details, please contact:

Lalima Bose

Linopnion

Mobile: 98 101 61449