Redington Q1 profit up 33 per cent at ₹316 crore

BL Chennai Bureau | | Updated on: Aug 04, 2022

Redington’s revenue rises 25% to ₹16,803 crore

Redington Ltd, the Chennai-based provider of end-to-end supply chain solutions for IT, telecom, lifestyle and solar products, reported a 33 per cent increase in consolidate net profit to ₹316 crore for the first quarter ended June 30, 2022 as against ₹237 crore for the same period last year. Revenue was up 25 per cent to ₹16,803 crore (₹13,454 crore).

It has been a strong quarter for the company with an aggressive performance across all business segments and geographies, the company said in a statement.

“We are very pleased with the results of the first quarter of FY23. While the growth of technology industry is stabilising globally, our execution aligned to the strategic pillars of innovation, technology and partnerships is driving strong, differentiated outcomes. At Redington, we are working towards addressing technology friction – the gap between innovation and adoption – across different sectors by democratising accessibility and availability of a wide range of technology products, solutions and services,” said Rajiv Srivastava, Managing Director, Redington Ltd.

Digital drive

In a significant business model shift, Q1FY23 has seen an increased traction for its digital platform solutions. Driven by a commitment to help businesses in India adopt Cloud, Redington has entered into a multi-year strategic collaboration agreement with Amazon Internet Services Private Limited to offer a range of products and management of Amazon Web Services Cloud in India. This will help Redington enhance its cloud capabilities to drive growth in existing markets and expand into Tier-2 and Tier-3 cities through its partners.

In FY23, the company will continue to focus on enhancing its digital and platform capabilities to improve customer, vendor, and partner experience, the release said.

Published on August 04, 2022
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