Redington slips on profit booking; up over 35% in three months

Redington shed 0.38% to Rs 156.60 as the counter witnessed some bit of profit booking after advacning in the past two sessions.

In two sessions, the stock had gained 5.4% to end at Rs 157.20 yesterday, from its recent closing low of Rs 149.20 recorded on 13 September 2022.

In the past three months, the stock as advanced 35.14% while the benchmark Sensex has added 14.90% during the same period.

As per media reports, Redington has entered into a strategic partnership with Google Cloud India. As a part of this collaboration, it will drive the distribution and adoption of Google Workspace and Google Cloud with SMBs, education and public sector, mid-market, and enterprise segments.

The company will also be hosting distribution and adoption of Google Chrome Enterprise, media reports stated.

The reports further said that through this association, Redington aims to address the strong demand for Google Cloud-based services in India, a public cloud services market that is expected to grow at a CAGR of 24% (for 2021-2026) and reach $13.5 billion (by 2026).

Redington, along with Google Cloud, will empower its existing and potential partners with access to business and technical expertise while helping them develop resources that support and manage their customers. It will also help fuel the adoption of Google Cloud through the partner network, the reports added.

Ramesh Natarajan, CEO, Redington, was quoted by the media saying: "This collaboration will help us to enhance the procurement and delivery of relevant cloud services and solutions to enterprises, SMBs and the public sector, through our vast network of trusted and committed partners."

Redington is a leading distributor for IT hardware and mobility products. While distribution of IT and mobility products contributes a bulk of its revenue, REDIL is also enhancing its presence in the logistics business in India and the Gulf.

The company reported 33.4% rise in consolidated net profit to Rs 315.78 crore on a 24.9% increase in net sales to Rs 16,803.14 crore in Q1 FY23 over Q1 FY22.

Powered by Capital Market - Live News