India's Redington posts 5% rise in quarterly profit on gadgets demand

Redington

15/05/2024 16:07

BENGALURU, May 15 (Reuters) - Indian IT products
distributor Redington  REDI.NS  reported a 5% rise in quarterly
profit on Wednesday, aided by demand for mobile phones and
computers in its key markets.
    The Apple  AAPL.O  and Samsung  005930.KS  gadgets
distributor's consolidated net profit climbed to 3.26 billion
rupees ($39.06 million) for the fourth quarter ended March 31,
according to a regulatory filing.
    Affluent Indians are increasingly spending more than 30,000
rupees ($361.30) on new smartphones, benefiting manufacturers
and distributors such as Redington.
    Global personal computer sales also show signs of recovery
after inflation-hit customers delayed system upgrades for
several quarters.
    Revenue from operations for Redington rose nearly 3% to
224.33 billion rupees, benefiting from an 8% growth in its SISA
segment, which includes Singapore, India and South Asia.
    Revenue from its consumer and commercial personal computers,
print and supplies business in SISA rose 10% in the quarter,
while its smartphones and feature phones business in the region
recorded a 6% growth. 
     The growth in SISA made up a 2% decline in revenue from the
rest of the world for the company, which has a presence in 31
countries, including Rwanda, Oman and Turkey.
    Shares of Chennai, Tamil Nadu-based Redington closed 1.3%
higher ahead of the results, taking their gains to nearly 22%
this year.


($1 = 83.4634 Indian rupees)

 (Reporting by Aleef Jahan in Bengaluru and Praveen Paramasivam;
Editing by Ravi Prakash Kumar)
 ((aleefjahan.cs@thomsonreuters.com;))