(Reuters) – India’s Redington reported an 18% jump in quarterly profit on Wednesday as the electronics distributor benefitted from steady demand for computers and mobile phones, its largest segments. Demand for artificial intelligence-powered computers in the corporate and educational sectors as well as new smartphone launches have helped manufacturers and distributors weather inflation-driven choppy demand. […]
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India’s Redington posts 18% profit rise on steady PC, mobile demand
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(Reuters) – India’s Redington reported an 18% jump in quarterly profit on Wednesday as the electronics distributor benefitted from steady demand for computers and mobile phones, its largest segments.
Demand for artificial intelligence-powered computers in the corporate and educational sectors as well as new smartphone launches have helped manufacturers and distributors weather inflation-driven choppy demand.
Redington, which is a distributor of Apple and Samsung products, reported a rise in profit to 4 billion rupees ($45.8 million) for the October-December quarter, from 3.41 billion rupees last year.
Its revenue from operations rose nearly 14% to 267.16 billion rupees, aided by a 9% growth in its mobile phones business and a 6% growth in the segment that distributes consumer and commercial computers.
Redington’s technology solutions group posted a 28% rise in revenue, boosted by an increase in software spending.
The company has been expanding into new countries and sharpening its focus on its cloud services business to expand beyond gadget distribution, which currently brings in a bulk of its revenue.
($1 = 87.3660 Indian rupees)
(Reporting by Praveen Paramasivam in Chennai; Editing by Sonia Cheema)