
Technology solutions provider Redington demonstrated its resilience in the market as its stock gained nearly 3 percent on November 7, despite a 20.5 percent year-on-year fall in net profit to Rs 311.6 crore for Q2FY24. The company’s net profit showed a substantial 22 percent growth on a sequential basis. At 10:53 am, the stock was trading at Rs 151.35, reflecting investor confidence in the company’s strategic moves.
In an exchange filing, Redington reported a commendable 16.6 percent growth in revenue from operations, which reached Rs 22,220 crore in Q2FY24, showing a robust 16.6% year-on-year increase and a 5 percent quarter-on-quarter rise. The company’s strategic partnerships and innovative product launches played a pivotal role in driving earnings during the quarter, as stated by VS Hariharan, Group CEO, Redington Limited, in a post-earnings release.
Notably, Redington’s cloud business experienced remarkable growth, surging by 25 percent year-on-year, fueled by the increasing demand for consumption and associated cloud services. Despite the profit dip, the company’s proactive approach and market adaptability were evident, with shares trading 1.26 percent higher at ₹149.15 at 2:48 pm.