Shares of Redington (India) Limited witnessed a notable surge of over 17% this week following the release of its Q2 results for FY24. Despite a modest decline in net profit, the company’s robust revenue growth has instilled confidence among investors.
In Q2 FY24, Redington reported a net profit of ₹292.87 crore, down 3.49% from ₹303.47 crore in the same quarter last year. However, the company achieved impressive revenue growth, with a 12.04% increase, totalling ₹24,895.56 crore compared to ₹22,220.15 crore in Q2 FY23.
On Friday, Redington’s stock opened at ₹182.77, reaching a high of ₹196.00, showcasing the market’s positive reaction to the earnings report.
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