Redington Sees Strong Performance in Cloud Business

Redington Ltd, today announced its financial results for the quarter ended June 30, 2024 (Q1 FY’25) delivering strong performance vis-à-vis the industry across all business segments. At Rs. 21,335 Crores this has been our best Q1 ever, Net profit (excl Arena) grew at 13 % YoY with a PAT of 1.42%.

Supported by solid execution across businesses and geographies, Redington remained resilient, adapting to various market conditions, and securing new opportunities in the markets they compete in. This execution comes amidst capital decision delays in India & Kingdom of Saudi Arabia and adverse market conditions in Turkey. The company emphasized that this performance is an outcome of building deeper Brand and partner relationships, enabling a more comprehensive breadth of offerings, and investing in routes to market.

Redington’s transformation initiatives have been a growth catalyst as the company transitions from its role of distributor and aggregator towards becoming a holistic technology solutions provider. It is addressing the market demand for consumer devices and smartphones, hybrid work and learn environments, SMB and enterprise technology solutions including cloud, infrastructure for servers, storage, networking and security. It is also responding to the emerging technology requirements fueled by growing adoption of Cloud, Generative AI, Cyber Security and Sustainable Technologies.

“In Q1FY25, our growth has been led by stellar performance in the Cloud business, with a solid 35% YoY and good growth in the End point solutions business. India & UAE continue to provide us with the momentum by delivering a growth of 6% and 17% YoY, and there are signs of profitable growth recovery in Africa. We had challenges in the Turkey business  due to softening demand caused by tough market conditions. Needless to mention, we remain agile & resilient to the nuances posed by each geography. In this era of digital transformation and constant market shifts, our initiatives are designed to deliver exceptional value to our customers. This customer-centric approach has not only driven our market share gains but also strengthened our growth trajectory.” said Mr. V.S. Hariharan, Group CEO, Redington Ltd.

Redington’s endeavor to address Technology Friction – the gap between speed of innovation and rate of adoption of technology – is a key driving force, which is shaping its business, and market strategy. With an acute focus on digital and cloud, the company is investing on upskilling and elevating its partners, and providing them with greater accessibility to new age technology products, services and solutions. 

*The detailed Financial Report for Q1 FY25 can be accessed here: https://redingtongroup.com/financial-reports/

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.