India's Redington posts record Q4 revenue on strong demand for laptops, phones

Redington

16/05/2023 12:44

CHENNAI, May 16 (Reuters) - Indian IT products
distributor Redington Ltd  REDI.NS  reported a 26% increase in
quarterly revenue on Tuesday, boosted by demand for laptops and
mobile phones, and as government departments and businesses
spent more on servers, storage and software upgrades.
    A pandemic-led drive towards digitisation by governments and
businesses is a "one-way street," Redington had said earlier
this year, as offices would have to continue to spend on
technology, driving revenue growth for gadget and software
providers.
    Redington, which distributes products of global technology
gaints like Apple Inc  AAPL.O  and Dell Technologies Inc
 DELL.N , reported revenue from operations rose to a record
218.49 billion rupees ($2.67 billion) in the quarter ended March
31.
    The company said revenue from Singapore, India and South
Asia (SISA) increased 19% to 99.82 billion rupees, while that
from the rest of the world, including Middle East, Turkey,
Africa - its biggest segment - soared 33% to 118.76 billion
rupees.
    Consolidated profit attributable to shareholders, however,
dropped about 11% to 3.10 billion rupees, as total expenses for
the quarter jumped 27%.
    Shares of Redington, which also recommended a dividend of
7.2 rupees per share on Tuesday, closed 0.6% lower before it
reported results. The stock is down nearly 3% this year.

($1 = 81.7800 Indian rupees)

 (Reporting by Praveen Paramasivam in Chennai)
 ((Praveen.Paramasivam@thomsonreuters.com; +91 867-525-3569;))