Apple products distributor Redington (India) hits 1-mth high on strong Q1 results

Redington

13/08/2021 07:24

** Shares of Indian distributor of Apple  AAPL.O  products
 REDI.NS  gain as much as 6.5% to 351.80 rupees, their highest
since July 13
    ** REDI on Thursday said June-qtr consolidated net profit
more than doubled to 2.37 bln rupees ($31.90 mln), while rev
from ops rose 25.8% to 134.54 bln rupees  urn:newsml:reuters.com:*:nFWN2PJ0DR
    ** REDI Q1 results helped by 57% gain in India rev, 11% gain
in overseas rev; sales from distribution of Apple products
comprised 29% of total Q1 rev
    ** "Growth in consumer IT was strong across India (triple
digit growth) as well as Overseas (+27% YoY) fueled by
work-from-home and learn-from-home demand" - Prabhudas Lilladher
(Pvt) Ltd, which maintains "buy" rating on stock
    ** All 8 analysts covering the stock have a "buy" or higher
rating; median PT is 299 rupees - Refinitiv data
    ** Up to Thursday's close, stock had more than doubled in
value YTD vs a 33% YTD gain in the Nifty IT index  .NIFTYIT  



($1 = 74.2930 Indian rupees)

 (Reporting by Anuron Kumar Mitra in Bengaluru)
 ((AnuronKumar.Mitra@thomsonreuters.com; +91 99863 58469;))