Indian IT retailer Redington Ltd reported a 26% increase in quarterly revenue on Tuesday, driven by demand for laptops and mobile phones, and as governments and businesses spend more on servers, storage and software updates.
The government- and business-led digitization push after the pandemic is a “one-way street,” Redington said earlier this year, as offices are expected to continue spending on technology, which will drive revenue growth for gadget and software vendors.
Redington, which distributes products from big tech names such as Apple Inc and Dell Technologies Inc, said revenue reached a record high of 218.49 billion rupees ($2.67 billion) during the quarter ending March 31.
The company said revenue from Singapore, India and South Asia (SISA) rose 19% to Rs 99.82 billion, while that from other countries including the Middle East, Turkey and Africa – its biggest segments – rose 33% to Rp 118.76 billion.
Consolidated profit attributable to shareholders, however, fell by around 11% to Rs 3.10 billion as total expenses for the quarter jumped by 27%.
Shares of Redington, which also recommended a dividend of 7.2 rupees per share on Tuesday, closed down 0.6% ahead of the earnings release. The stock is down almost 3% this year. ($1 = 81.7800 Indian Rupees) (Report by Praveen Paramasivam in Chennai)
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