Redington India net profit up 5.54% at Rs 117 cr

Company invested Rs 37.4 cr in a subsidiary and Rs 29.24 cr in another as equity investment

Redington (India) Ltd has posted a growth of 5.54% in net profit for the quarter ended March 31, 2014, at Rs 117.50 crore as compared to Rs 111.33 crore registered during the corresponding quarter of previous year.

The total income from operations stood at Rs 8115.39 crore for the quarter, as against Rs 6807.78 crore for the corresponding quarter of previous year, an increase of 19.2%.

The company said that it has made additional equity investment of Rs 2 crore and $6 million (Rs 37.4 crore) in its wholly-owned subsidiaries Ensure Support Services (India) Ltd and Redington International Mauritius Ltd respectively and Ensure Digital FZ LLC, a wholly owned overseas step-down subsidiary, which was incorporated in the months of March, 2014, has not yet commenced business.

Similarly, the company has made and additional equity investment of $5 million (Rs 29.24 crore) in its wholly owned subsidiary Redington International Mauritius Ltd in May 2014 and Redington Senegal Ltd SARL, a wholly-owned step-down subsidiary has been incorporated in the month of May 2014, and it has not yet commenced business.