Shares of Redington (India) Limited saw a significant rise of over 8% in early trading after the company announced its Q2 results. Despite a slight decline in net profit, strong revenue growth has bolstered investor confidence.
Redington’s net profit dropped 3.49% to ₹292.87 crore in Q2 FY24, down from ₹303.47 crore during the same period in 2023. Despite this dip in profit, the company’s steady revenue growth appears to have reassured shareholders.
The company’s revenue surged by 12.04%, reaching ₹24,895.56 crore in Q2 FY24, compared to ₹22,220.15 crore in Q2 FY23.
As of 9:57 am, Redington shares were trading 6.42% higher at Rs 177.31 on the NSE.
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