Apple products distributor Redington (India) jumps on strong Q2 results

Redington

10/11/2021 06:20

** Shares in Indian distributor of Apple  AAPL.O  products
 REDI.NS  gain as much as 13.3% to 164 rupees, marking their
biggest intraday pct rise since May 31 
    ** REDI on Tuesday said Sept-qtr consolidated net profit
rose 72.7% to 3.07 bln rupees ($41.38 mln), while rev from ops
increased 11.1% to 152.87 bln rupees  urn:newsml:reuters.com:*:nFWN2S00G3
    ** Q2 results helped by 30% gain in India rev, which offset
a 0.4% fall in overseas rev; sales from distribution of Apple
products accounted for 29% of total Q2 rev
    ** "Strong operational performance," Prabhudas Lilladher
(Pvt) Ltd said in a research note, highlighting REDI's improving
EBIT margin; brokerage maintains "buy" rating on stock  
    ** All eight analysts covering the stock rate it "buy" or
higher; median PT is 206.50 rupees - Refinitiv data
    ** Up to Tuesday's close, stock had more than doubled in
value YTD vs a 47.68% gain in the Nifty IT index  .NIFTYIT  

($1 = 74.1900 Indian rupees)

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