Redington announces Q2FY24 results: Reports notable QoQ growth

USA - English

• Middle East - Arabic
• USA - Turkish
• USA - English

• Rs. 22,297 Crore revenue for Q2FY24, 5% QoQ
• Rs. 514 Crore operating profit
• EBIT and PAT grew by 17% and 22% respectively, QoQ

CHENNAI, India, Nov. 7, 2023 /PRNewswire/ -- Redington Ltd (NSE: REDINGTON), today announced its financial results for Q2 FY24, which ended on September 30, 2023. The company delivered strong performance vis-à-vis the industry across all business segments – Cloud, Mobility, Technology, and End point solutions. It successfully navigated through market uncertainties driven by worldwide economic and geo-political issues to deliver strong growth across all geographies – India, Middle East Africa region and Turkey.

At Rs. 22,297 Crore, overall global revenues for Q2FY24 have grown by a strong 17% YoY and 5% QoQ. At Rs. 514 Crore, it has registered a good Q2 operating profit with 17% QoQ.

"Redington's growth and success in this quarter has been fuelled by our robust and multipronged strategy. We've harnessed growth opportunities through strategic vendor partnerships, new product launches and Redington-led initiatives such as direct to retail, technology solutions for the enterprise segment, focussed go-to-market for emerging consumer categories. Cloud business continued to grow at 25% YoY driven by the demand for consumption and associated cloud services.  Redington's digital strategy, through its B2B platform to enhance the efficiency and speed of response to partners, providing access to smaller partners, and driving demand, continued to enjoy success and strengthen our go-to-market approach. These concerted efforts have not only contributed to a notable market improvement this quarter but have also laid a solid foundation for our sustained success." said Mr. V S Hariharan, Group CEO, Redington Limited.

Redington's resolute dedication to bridging divides globally is rooted in its ability to harness the synergy of innovation, technology, and strategic partnerships. This visionary approach positions the company as a pioneer in advancing transformative technologies, benefitting enterprises, SMBs, consumers and the government sector. 

*The detailed Financial Report for Q2FY24 can be accessed here: Financial Reports – Redington (redingtongroup.com)

Safe Harbor

Certain statements in this release are forward-looking statements. The business involves various risks, and uncertainties that could result in the actual results to differ materially from those indicated here. All forward looking statements made herein are based on information presently available to the management of the Company and the Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.

About Redington Limited:

Redington Limited, an integrated technology solutions provider, enables businesses in their digital transformation journeys by addressing technology friction™ – the gap between innovation and adoption. With presence across 38 markets through 60 subsidiary offices, over 300+ brand associations, and 43,000 channel partners, Redington enables seamless end-to-end distribution for all categories of IT/ITeS, Telecom, Lifestyle, and Solar products in India, Singapore, South Asia, Middle-East, Africa and Turkey.  Through its concentrated focus on technology, innovations, and partnerships, Redington is one of the most trusted distributors of products, services, and solutions across the world.

For more details, please visit https://redingtongroup.com/india/ 

Media Contact:

Ira Bhadoria
[email protected]
+91 8447769947

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SOURCE Redington