Redington Ltd reports Q2 standalone profit at Rs 573.03 crore

Information technology solutions provider Redington Ltd on Tuesday reported a standalone profit for the July-September 2023 quarter at Rs 573.03 crore, the company said.

The city-based company had registered a standalone profit at Rs 655.74 crore during the corresponding quarter of last year.

For the six-month period ended September 30, 2023 the standalone profit stood at Rs 767.09 crore, as against Rs 805.59 crore registered in the same period of last year.

The standalone total income during the quarter under review grew to Rs 10,350.80 crore, from Rs 9,078.82 crore registered in the same period of last year.

For the half year ended September 30, 2023, the standalone total income surged to Rs 20,109.69 crore, from Rs 16,695.17 crore registered during the same period of previous year.

In a statement, the company said it delivered strong performance across all the business segments -- Cloud, Mobility, Technology and end point solutions.

The company successfully navigated through market uncertainties driven by the worldwide economic and geo-political issues to deliver strong growth across all geographies including India, the Middle East Africa region and Turkey.

"Redington's growth and success in this quarter has been fuelled by our robust and multipronged strategy. We have harnessed growth opportunities through strategic vendor partnerships, new product launches and Redington-led initiatives such as a direct to retail, technology solutions for the enterprise segment, focused go-to-market for emerging consumer categories," company Group CEO V S Hariharan said.

Cloud business continued to grow at 25 per cent year-on-year driven by the demand for consumption and associated cloud services, he said.

"Redington's digital strategy, through its B2B platform, to enhance the efficiency and speed of response to partners, providing access to smaller partners and driving demand, continued to enjoy success and strengthen our-go-to market approach. These concerted efforts have not only contributed to a notable market improvement this quarter but have also laid a solid foundation for our sustained success," he added.