Redington Ltd reports April-June 23 consolidated profit at Rs 255.20 cr

Chennai, Aug 2: Supply chain solutions provider Redington Ltd has reported a consolidated profit for the quarter ended June 30, 2023 at Rs 255.20 crore, the company said on Wednesday.
The city-based company had registered consolidated profit at Rs 326.34 crore during the corresponding period of last year. For the year ending March 31, 2023 the consolidated profit stood at Rs 1,439.39 crore. Commenting on the financial performance, Redington Ltd, Managing Director, Rajiv Srivastava said, “while the slowdown in IT and technology spending across the world continued in Q1 FY24, Redington witnessed a very strong growth quarter.” The consolidated total income during the quarter under review grew to Rs 21,250.70 crore from Rs 16,828.32 crore registered during the corresponding period of last year. For the full year ended March 31, 2023, the consolidated total income was at Rs 79,518.71 crore. Srivastava said, “Our efforts and focus towards expanding reach, coverage and geographical expansion have ensured that businesses are able to access a wide gamut of technology products, services and solutions through our digital distribution platforms.” At Rs 21,251 crore, overall global revenues for the quarter under review have been the highest ever for any Q1 growing by a strong 26 per cent year-on-year and Rs 1,248 crore, it has registered the highest ever Q1 gross profit with a 17 per cent year-on-year, the company said. However, the PAT (Profit After Tax for the quarter under review) is down 21 per cent year-on-year due to a significant increase in interest and factoring charges. Both these have been driven by the ongoing situation of the global financial markets and should start to normalise in the second half of the year” the company said in a statement. The Cloud-business, an area of strong focus for the company has achieved the highest quarterly revenue of Rs 674 crore, it said. Redington’s strong performance in the quarter results from its continued investments in technology capabilities, deeper partner relationships and innovative business models. The company’s digital transformation journey over the past two years has catalysed its evolution to become a trusted digital distributor and technology solutions provider, the company said. (PTI)