Redington Announces Q1FY24 Results
Redington Ltd
announced its financial results for Q1 FY24, which ended on June 30, 2023. It
delivered strong performance vis-à-vis the industry across all business
segments and geographies.
At Rs. 21,251
crores, overall global revenues for the quarter have been the highest ever for
any Q1 growing by a strong 26% YoY and at Rs. 1,248 Crores, it has registered
the highest ever Q1 gross profit with a 17% YoY. However, the PAT is down 21%
YoY due to a significant increase in interest and factoring charges. Both these
have been driven by the ongoing situation of the global financial markets and
should start to normalize in the 2nd half of the year. The
Cloud business – an area of strong focus for the organization - has achieved
the highest quarterly revenue of Rs. 674 crores, with a 44% YoY growth.
Redington’s
strong performance in the quarter results from its continued investments in
technology capabilities, deeper partner relationships, and innovative business
models. The company’s digital transformation journey over the past two years
has catalyzed its evolution to become a trusted digital distributor and
technology solutions provider. Its digital platforms CloudQuarks and Redington
Online have continued to gain traction as they have significantly enhanced
accessibility to cloud, managed services and a comprehensive stack of
enterprise technology products and solutions.
“While the slowdown in IT and Technology spends across the world
continued in Q1 FY24, Redington witnessed a very strong growth quarter. Our
efforts and focus towards expanding reach, coverage and geographical expansion
have ensured that businesses are able to access a wide gamut of technology
products, services, and solutions through our digital distribution platforms.
We continue to strengthen our partner network and equip them with the right
training and resources to empower them in addressing the requirements of their
end customers better.” said Mr. Rajiv Srivastava, Managing
Director, Redington Ltd.
Redington has a strong and
unwavering commitment towards bridging divides that exist in
the world through synergizing innovation, technology, and partnerships. This
vision has enabled the company to stay at the forefront of all technology
breakthroughs and innovations - 5G, Internet of Things (IoT), Edge Computing
and Generative AI – and drive their adoption by Enterprises, SMBs and the
Government sector.
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