Redington Ltd is India’s biggest distributor of Apple and IT products. The company sells smartphones, personal computers and software to consumers and businesses. It also caters other countries like Singapore, Turkey, the Middle East and the African continent.
The Indian market being as big as it is naturally acts as a profit ground for various companies. It is reported that Indian sales have profited the Apple reseller Redington as well.
On Thursday, Redington Ltd reported a 26% jump in September quarter profit on the back of buoyant domestic demand for phones, laptops and software.
Ending September, there was a consolidated profit for the three months. There was a jump to 3.87 billion rupees ($46.76 million) from 3.07 billion rupees a year ago, as stated by the company in an exchange filing.
Redington’s quarterly revenue rose to 190.51 billion rupees from 152.87 billion rupees a year ago, per the filing. Apple, its single largest vendor, accounted for 27% of the revenue.
Earnings before interest, taxes, depreciation and amortization (EBITDA), or core earnings, grew nearly 23% to 5.62 billion rupees, the company revealed in an investor presentation.
Most of this huge growth was due to the Indian market as stated by the company itself. The India distribution business continued to post double digit growth, mentioned Redington to money control.
The company also has its fair increase in the revenue from the mobility devices. It rose to 25% from 23% a year ago.
All this also led to the overall increase in the shares of Redington. It rose up to 11.2% that is 152.70 rupees after the earnings.
