Apple reseller Redington Q2 profit up as India sales of phones, laptops rise

Redington

02/11/2022 09:58

BENGALURU, Nov 2 (Reuters) - India's biggest Apple and
IT products distributor Redington Ltd  REDI.NS  on Thursday
reported a 26% jump in September quarter profit on the back of
buoyant domestic demand for phones, laptops and software.
    Consolidated profit for the three months ended Sept. 30
climbed to 3.87 billion rupees ($46.76 million) from 3.07
billion rupees a year ago, the company said in an exchange
filing.
    The iPhone reseller's quarterly revenue rose to 190.51
billion rupees from 152.87 billion rupees a year ago, per the
filing. Apple, its single largest vendor, accounted for 27% of
the revenue.
    India distribution business continued to post double digit
growth, Redington said. The company also caters to Singapore,
Turkey, the Middle East and the African continent. Meanwhile,
the share of revenue from mobility devices rose to 25% from 23%
a year ago.  
    The pandemic benefited companies like Redington, which sells
everything from smartphones to personal computers and software
to consumers and businesses across 38 countries, as it led to
spike in demand with most enterprises embracing work from home. 
    Earnings before interest, taxes, depreciation and
amortization (EBITDA), or core earnings, grew nearly 23% to 5.62
billion rupees, the company said in an investor presentation.
    Redington shares rose as much as 11.2% to 152.70 rupees
after the earnings.
($1 = 82.7600 Indian rupees)
 (Reporting by Nandan Mandayam in Bengaluru; Editing by Dhanya
Ann Thoppil)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))