Redington Ltd delivers record-breaking Q3FY24 Results: Achieves Highest ever Revenue and Sequential growth in Net profit
- Achieved Rs. 23,550 Crores in revenues for Q3FY24;
- Highest ever Revenue achieved in any quarter in the past;
- QoQ growth in Revenue by 6%; EBITDA by 1% and PAT by 12%
Redington Ltd (NSE: REDINGTON, BSE: 532805), today announced its financial results for the quarter ended December 31, 2023 (Q3 FY’24) delivering strong performance vis-à-vis the industry across all business segments.
At Rs. 23,550 Crores overall global revenues for Q3 have been the highest ever for any quarter growing by strong 8% YoY, with PAT% at 1.45%.
Supported by solid execution across businesses and geographies, Redington continues to gain share and secure new opportunities in the markets they compete in. The company emphasized that this record performance is an outcome of continued investments in improving their technology capabilities, building deeper brand and partner relationships, comprehensive breadth of offerings and innovations in go to market and business models.
“Our growth in FY24, has been driven by reinventing ourselves across many dimensions. We made significant investments in new revenue streams, focused go to market routes, improving our digital capabilities, building platforms, and creating processes to enable faster time to market and providing choice to customers to engage with us in ways they prefer. While technology distribution has been our core value proposition, we are focused on building competencies and capabilities to enable and resell, hyperscaler and software services, and some managed services for private and public Cloud. In this era of digital transformation and constant market shifts, we are meeting our customer needs by implementing initiatives that deliver exceptional value. This customer-centric approach contributes to our market share gains and strengthens our growth trajectory.
We recognize the critical role our partners play in our ecosystem, and we’re committed to providing them with the resources and support for our mutual success.” 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, R&D and market strategy. With an acute focus on digital, the company is investing on upskilling and elevating its partners through dedicated Centre of Excellence (COEs) and providing them with greater accessibility to new age technology products, services and solutions.
*The detailed Financial Report for Q3 FY24 can be accessed here: https://www.bseindia.com/xml-data/corpfiling/AttachLive/8c090e95-d052-4024-bed8-ad374ff0dde7.pdf
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 Ltd:
Redington Limited, an integrated technology solutions provider and a Fortune 500 company, enables businesses in their digital transformation journeys by addressing technology friction – the gap between innovation and adoption. With presence across 38 markets through 60 subsidiary offices, over 300+ brand associations, and 43,000 channel partners, Redington enables seamless and end-to-end distribution for all categories of IT/ITeS, Telecom, Lifestyle, and Solar products in India, Singapore, South Asia, Middle-East, Africa and Turkey. Through its concentrated focus on technology, innovations, and partnerships, Redington is one of the most trusted distributors of products, services, and solutions across the world.
