Redington Q3 results: Profit rises to Rs 153 cr, income at Rs 111 cr

Information technology solutions provider Redington Ltd has reported a standalone net profit of Rs 153.58 crore for the October-December 2023 quarter, the company said on Wednesday.

The company had registered standalone net profits at Rs 141.38 crore during the corresponding quarter of the last financial year.

For the nine-month period ending December 31, 2023, the standalone net profit stood at Rs 920.67 crore as against Rs 946.97 crore registered a year ago, the company said.

The total income for the quarter under review grew to Rs 111.19 crore from Rs 94.48 crore registered in the same period of last year.

For the nine months ending December 31, 2023, the total income surged to Rs 312.29 crore as compared to Rs 261.43 crore in the same period a year ago.

In a statement, the company said, "Supported by solid execution across businesses and geographies, Redington continues to gain share and secure new opportunities in the markets they compete in."

The company emphasized that this record performance is an outcome of continued investments in improving their technology capabilities and building deeper brand and partner relationships, the statement.

"Our growth in FY24 has been driven by reinventing ourselves across many dimensions. We made significant investments in new revenue streams, focused go-to-market routes, improving our digital capabilities and providing choices to customers to engage with us in ways they prefer," Redington Ltd Group CEO V S Hariharan said.

At Rs 23,550 crore the overall global revenues for Q3 have been the highest ever for any quarter growing by a strong 8 per cent year-on-year with Profit After Tax (PAT) growing at 1.45 per cent.

"While technology distribution has been our core value proposition, we are focused on building competencies and capabilities to enable and resell hyperscale and software services and some managed services for private and public cloud. In this era of digital transformation, we are meeting our customer needs by implementing initiatives that deliver exceptional value," he added.