Redington Announces Q1FY23 Results; Continues its strong momentum with 25% year-on-year growth

0
  • Rs. 16,828 crore in revenue for Q1FY23
  • EBITDA growth of 34%; PAT growth of 33% YoY

CHENNAI, India, August 4, 2022 /PRNewswire/ — Redington (NSE: REDINGTON), today announced its financial results for Q1FY23, which ended on June 30, 2022. It was a strong quarter for the company, with aggressive performance across all lines of business and geographies. Global revenue grew 25% year-on-year and at 315.8 crore PAT increased by 33%. Operating margins for the quarter increased 34% year-on-year.

“We are very pleased with the results for the first quarter of FY23. As growth in the technology industry stabilizes globally, our execution aligned with the strategic pillars of innovation, technology and partnerships drive strong, differentiated results. At Redington, we work toward solving technology friction – the gap between innovation and adoption – across different industries by democratizing the accessibility and availability of a wide range of products. , technology solutions and services,” said Mr. Rajiv SrivastavaGeneral director, Redington Ltd..

Redington continues to work closely with its extensive network of channel partners to simplify the sourcing, supply chain and adoption of technology products for enterprises, MSMEs, start-ups and consumers across the 37 markets where it operates. ProConnect – Redington’s logistics services arm consolidated its market position with strong execution in the first quarter.

In a significant business model shift, T1FY23 saw increased traction for its digital platform solutions. Driven by a commitment to help businesses India adopt Cloud, Redington has entered into a multi-year Strategic Collaboration Agreement (SCA) with Amazon Internet Services Private Limited (AISPL), to offer a range of products and management of the Amazon Web Services (AWS) cloud in India. This engagement will help Redington enhance its cloud capabilities to drive growth in existing markets and expand into Tier 2 and Tier 3 cities through its partners.

In FY23, the company will continue to focus on improving its digital and platform capabilities to improve the customer, supplier and partner experience.

Safe Harbor

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

About Redington

Redington provides end-to-end supply chain solutions for all product categories in information technology, telecommunications, lifestyle and solar energy. It is present in 37 markets through 60 subsidiaries. With over 290+ brand associations and over 39,500 channel partners, it is transforming the retail and supply chain ecosystem through the synergy between innovation and technology adoption.

Contact:
Himani Rautela
Deputy Managing Director – Corporate Communication
Redington
[email protected]

Logo: https://mma.prnewswire.com/media/1824727/Redington_Logo.jpg

SOURCERedington

Share.

Comments are closed.