Apple distributor's Redington slides on Q3 profit fall

Redington

02/02/2023 05:25

** Shares of Apple products distributor in India Redington
Ltd.  REDI.NS  down 3.64% to 176 rupees - biggest pct loss in
about a week 
    ** Co sees lowest level since Jan. 30
    ** Shares trade below 50-day moving average, but above
100-day
    ** More than 1.78 mln shares traded as of 10:52 a.m. IST, vs
30-day moving avg of 2.45 mln shares 
    ** Co's Q3 consolidated net profit fell to 3.80 bln rupees
($46.45 million) from 3.88 bln rupees a yr earlier
    ** Consolidated revenue from operations rose 30.6% y/y to
216.74 bln rupees 
    ** All 7 analysts covering the company rate it as "buy" or
higher, indicating bullish mood; median PT is 215 rupees 
    ** Stock rose 24.82% in 2022 in fourth straight year of
annual gains
($1 = 81.8030 Indian rupees)
 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com; +91 9830427878))