On Monday, Spice Mobiles reported an increase in profit which makes it three times that of same period last year. For the quarter ending March 31, 2010, the net profit of the company was Rs. 23 crore.

The net sales of the company increased to Rs. 339 crore for the quarter ending March. This is much higher than last year when the figure stood at Rs. 170 crore.

As for the full year ending March, the net profit of the company was Rs. 70 crore. This is a substantial increase considering the fact that Spice Mobiles were facing a loss of Rs. 2.7 crore last year.

The information was given by the company in its filing with the BSE.

After the declaration, the company also announced a dividend of Rs. 1.50 per equity share over the face value of Rs. 3 per share.

Meanwhile, in an interview given to a CNBC TV 18, BK Modi, head of Spice Mobiles said that he expects the profit to become double of what it is at present.

Post the declaration, the share prices of the company went up by 2.13 per cent to reach Rs. 74.35.