Redington announces record Q2 Results; reports highest YoY H1 growth

USA - English

• USA - Turkish
• USA - English

• Highest ever quarterly Revenue & operating profit
• INR 19,080 Crores in revenues for Q2FY23
• PAT growth of 26% YoY for Q2FY23

CHENNAI, India, Nov. 3, 2022 /PRNewswire/ -- Redington Limited (NSE: REDINGTON), today announced its financial results for Q2FY23, which ended on September 30, 2022. The company has registered its highest ever quarterly revenue and operating profit. Global revenues grew by a healthy 25% YoY to Rs. 19,080 Crores and PAT of Rs. 387 Crores is a strong growth of 26%. Operating margin for the quarter has grown by 23% YoY. While the global PC industry declined 15% in shipments during the quarter, the company's PC business grew by +23%. Its revenues from Cloud grew by 67% in this quarter.

Redington achieved record revenue and operating margin for the 2nd quarter of the year as continued investments in improving technology capabilities, building deeper partner relationships, making the breadth of offerings more comprehensive and in innovative business models begin to pay off. Besides being highest ever Q2, this is the highest ever half yearly growth since the company going public in 2007. Execution has been broad based with all operating regions – India, Middle East & Africa, Turkey and South Asia contributing to growth.

The company made a timely pivot towards a digital business model. Through the Redington Online, a fully-automated, geography-agnostic, self-service portal it provides a seamless digital pathway to discover, access and procure a wide range of technology products, solutions and services. Their Cloud portal enables effective partnering with hyper-scalers to deliver cloud products and services to partners and customers.

"In Q2FY23 we continued our transformation journey to shift towards a customer-choice omni-channel business model. By leveraging our core strengths of technology, innovation, and partnerships, we accelerated the adoption of next generation tech by businesses and consumers. We also strengthened our capabilities to accelerate cloud adoption across different sectors. 5G is expected to further open up new opportunities across enterprises, MSMEs, Startups and Consumers and our focus will be to enable wider access of such technologies by bridging the gap between innovation and adoption," said Mr. Rajiv Srivastava, Managing Director, Redington Ltd.

Redington strengthened its cloud capabilities by entering into a strategic partnership with Google Cloud India to drive adoption of Google Workspace and Google Cloud with SMBs, education and public sector, mid-market, and enterprise segments. In the previous Quarter, Redington had entered into a multi-year Strategic Collaboration Agreement (SCA) with Amazon Internet Services Private Limited (AISPL), to drive adoption of Amazon Web Services (AWS) Cloud across all geographies they operate in.

Redington continues to work closely with its vast network of global technology vendors and channel partners to simplify the supply chain and accelerate adoption of most innovative technology for Enterprises, MSMEs, start-ups and consumers in all the markets where it operates.

*The detailed Financial Report for Q2FY23 can be accessed here: LINK

Safe Harbor

Certain statements in this release are forward-looking statements. The business involves various risks, and uncertainties that could result in the actual results to differ materially from those indicated here. All forward looking statements made herein are based on information presently available to the management of the Company and the Company does not undertake to update any forward looking statement that may be made from time to time by or on behalf of the Company.

About Redington Limited:

Redington Limited is a leading IT Technology solutions provider for all categories of Information Technology, Mobility, Telecom, Cloud, Lifestyle and Solar products. It addresses Technology Friction – the gap between innovation and adoption – in various industry sectors through its footprints across 38 markets through 60 subsidiary offices. With over 290+ brands associations and close to 40,000 channel partners, it is transforming the distribution and supply chain ecosystem through synergy between innovation and technology adoption.

For more details, please visit https://redingtongroup.com/india/ 

The company's growth is fueled by its transformation journey through a timely pivot in business model to align with the market demand for digital commerce by brands, partners and the end customers. Through the Redington Online, a fully-automated, geography-agnostic, self-service portal, it provides a seamless digital pathway to discover, access and procure a wide range of technology products, solutions and services. Further, it continues to evolve its cloud capabilities by partnering with hyper-scalers. As a major milestone, it inaugurated a new office in Chennai, 'The Redington Tower'- a first of its kind, fully owned commercial building designed to perpetuate the company's focus on corporate wellness, employee friendly workspace, and sustainable development inside the technology enriched office.

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