REDINGTON

Corrects paragraph 1 in May 19 story to clarify Redington does not distribute Samsung products in India

May 19 (Reuters) - Redington REDI.NS, a distributor for Apple AAPL.O in India, reported an increase in adjusted quarterly profit, driven by higher demand for cloud services and automation.

The Chennai, Tamil Nadu-based company reported a profit before exceptional items and tax of 5.22 billion rupees ($61.14 million) for the fourth-quarter ended March 31, compared to 3.81 billion rupees last year.

It recorded a one-time gain worth 6.26 billion rupees from divestment of its Turkey-based unit Paynet.

Redington primarily generates revenue from the sale of smartphones, computers, and other hardware products.

However, its cloud and automation businesses saw the fastest growth on back of increased adoption of the technology.

About 50% of total IT spending globally is now cloud-related and it is projected to increase to 58% by 2027, according to research firm Gartner.

Redington's revenue from operations rose nearly 18% to 264.40 billion rupees, driven by deeper penetration in the South Asian markets and expansion in African markets.

Revenue from Singapore, India and the rest of South Asia, which account for nearly half of the company's business, increased by 25%.

($1 = 85.3730 Indian rupees)

(Reporting by Ananta Agarwal and Kashish Tandon in Bengaluru; Editing by Tasim Zahid)

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April 15 (Reuters) - Redington Ltd REDI.NS:

• RAJAT VOHRA ELEVATED TO CEO – INDIA OPERATIONS

• SERKAN CELIK ELEVATED TO CEO – TURKEY, AFRICA AND EGYPT

• RAMESH NATARAJAN ELEVATED TO CEO – IME (INDIA AND MIDDLE EAST)

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March 25 (Reuters) - Redington Ltd REDI.NS:

• REDINGTON - GOT TAX DEMAND ORDER FOR 1.75 BILLION RUPEES

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Feb 18 (Reuters) - Zaggle Prepaid Ocean Services Ltd ZAGG.NS:

• ZAGGLE PREPAID OCEAN SERVICES LTD - ENTERS AGREEMENT WITH REDINGTON

• ZAGGLE PREPAID OCEAN SERVICES LTD - GOOGLE TO PARTNER WITH ZAGGLE VIA REDINGTON

• ZAGGLE PREPAID OCEAN SERVICES LTD - CONTRACT TO BE EXECUTED OVER 5 YEARS

• ZAGGLE PREPAID OCEAN SERVICES - GOOGLE TO PARTNER WITH ZAGGLE VIA REDINGTON

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** Shares of India's Redington REDI.NS up ~5% at 224 rupees

** Redington, a distributor for Apple AAPL.O and Samsung 005930.KS products, reported an 18% jump in quarterly profit and a 14% rise in revenue from ops

** Trading vols ~18 mln shares vs 30-day avg of 5.1 mln shares

** So far in 2025, REDI stock has climbed 12%

** Redington stock gained 13% last year

(Reporting by Hritam Mukherjee in Bengaluru)

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Feb 5 (Reuters) - Redington Ltd REDI.NS:

• REDINGTON Q3 CONSOL NET PROFIT 4 BILLION RUPEES

• REDINGTON Q3 CONSOL REVENUE FROM OPERATIONS 267.16 BILLION RUPEES

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BENGALURU, Oct 29 (Reuters) - Indian IT products distributor Redington REDI.NS reported a 3.5% fall in second-quarter profit on Tuesday, hurt by slowdown in demand for personal computers and phones in some of its international markets.

Over the last few quarters, markets like Turkey and Africa have been sore spots for Redington, which distributes gadgets produced by Apple AAPL.O and Samsung 005930.KS, as high inflation has squeezed consumer spending.

The company's consolidated net profit stood at 2.93 billion rupees ($34.9 million) for the three months ending Sept. 30, compared to 3.03 billion rupees a year earlier.

Revenue from its biggest verticals - personal computers and print supplies, and mobile phones - dropped 3% and 4%, respectively in the rest of the world segment which includes countries such as Turkey.

"Challenges in the Turkey business continued due to softening demand caused by tough market conditions," V.S. Hariharan, group chief executive officer, said in a statement.

Redington has also been expanding its reach globally, driving its total expenses up by around 12% in the quarter.

Its revenue from operations also rose 12% to 248.96 billion rupees, aided by steady demand in the Indian and south Asian markets.

($1 = 84.0350 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai and Nishit Navin in Bengaluru; Editing by Mrigank Dhaniwala)

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** Shares of Redington REDI.NS down 3.3% at 205 rupees, its biggest intraday pct loss since July 19

** IT products distributor posted a 1% fall in first-quarter profit

** Avg rating of 5 analysts covering the stock is "hold;" their median PT is 230 rupees - LSEG

** Stock up 16% YTD, after a 2% decline in 2023

(Reporting by Aleef Jahan in Bengaluru)

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July 31 (Reuters) - Redington Ltd REDI.NS:

• REDINGTON Q1 CONSOL NET PROFIT 2.46 BILLION RUPEES

• REDINGTON Q1 CONSOL REVENUE FROM OPERATIONS 212.82 BILLION RUPEES

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** Shares of Redington REDI.NS down 2.5% to 208.05 rupees

** Investec downgrades REDI stock to "hold" from "buy" and hikes PT to 225 rupees from 216 rupees

** Brokerage says weak macro in co's target markets could limit growth; says downgrade is more a function of the macro than REDI itself

** Says IT products distributor's factoring costs could continue to remain elevated in the near term

** Avg rating on REDI stock is "buy" and median PT is 225 rupees - LSEG data

** Co's Q4 profit had climbed marginally but rev missed estimates, leading to its stock dropping the next day

** Stock down 3.4% since reporting results on Wednesday

(Reporting by Varun Vyas in Bengaluru)

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** Shares of Redington REDI.NS down 4.3% to 205.95 rupees

** IT products distributor's Q4 revenue inched up 2.7% YoY and missed estimates

** Stock set for worst day since Feb. 7 and on track to snap four-day winning run

** Smaller peers who both listed earlier this year Jyoti CNC Automation JYCA.NS and Rashi Peripherals RASI.NS yet to report results

** YTD, REDI up 16.4%

(Reporting by Varun Vyas in Bengaluru)

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BENGALURU, May 15 (Reuters) - Indian IT products distributor Redington REDI.NS reported a 5% rise in quarterly profit on Wednesday, aided by demand for mobile phones and computers in its key markets.

The Apple AAPL.O and Samsung 005930.KS gadgets distributor's consolidated net profit climbed to 3.26 billion rupees ($39.06 million) for the fourth quarter ended March 31, according to a regulatory filing.

Affluent Indians are increasingly spending more than 30,000 rupees ($361.30) on new smartphones, benefiting manufacturers and distributors such as Redington.

Global personal computer sales also show signs of recovery after inflation-hit customers delayed system upgrades for several quarters.

Revenue from operations for Redington rose nearly 3% to 224.33 billion rupees, benefiting from an 8% growth in its SISA segment, which includes Singapore, India and South Asia.

Revenue from its consumer and commercial personal computers, print and supplies business in SISA rose 10% in the quarter, while its smartphones and feature phones business in the region recorded a 6% growth.

The growth in SISA made up a 2% decline in revenue from the rest of the world for the company, which has a presence in 31 countries, including Rwanda, Oman and Turkey.

Shares of Chennai, Tamil Nadu-based Redington closed 1.3% higher ahead of the results, taking their gains to nearly 22% this year.

($1 = 83.4634 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru and Praveen Paramasivam; Editing by Ravi Prakash Kumar)

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April 5 (Reuters) - Redington Ltd REDI.NS:

• CO AND ZOHO PARTNER

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By Praveen Paramasivam

CHENNAI, Feb 15 (Reuters) - India's Redington REDI.NS expects demand for personal computers to bounce back next financial year as customers are likely to warm up to new devices with artificial intelligence features, a top executive at the tech goods distributor said.

Global PC sales are showing signs of recovery after inflation-hit customers delayed system upgrades for several quarters, results of chipmakers including Samsung Electronics 005930.KS and Intel INTC.O showed.

"The advent of AI, PCs will also drive tech refresh," Redington's Singapore, India and South Asia (SISA) CEO Ramesh Natarajan told Reuters, adding that he sees its PC business posting a single-digit percentage growth in fiscal 2025 in the region after reporting declines in the last six quarters.

AI-enabled PCs refer to machines that come with chips capable of running large-language models and apps powered by the technology directly on the device, instead of the cloud.

"Considering the replacement cycles for PCs have averaged around three to four years, we believe 2024 will be the year that will see some rebound," said Neil Shah, vice president of research at Counterpoint Research.

SISA revenue from Redington's end-point solutions unit, which distributes PCs and printers, fell 7% to 100.72 billion rupees ($1.21 billion) in the nine months ended Dec. 31.

The segment, which accounts for about 15% of the group's total revenue, had gained during the pandemic when businesses and individuals spent heavily to set up home offices. But many are yet to upgrade.

Natarajan also expects more growth in Redington's mobile phone business, which distributes smartphones from Apple, Google and others, as affluent Indians splurge on phones that cost more than 30,000 rupees ($361.30). The segment had seen a 61% revenue jump in the first nine months of fiscal 2024 in the SISA region.

Redington has been sharpening its focus on its cloud services business to expand beyond gadget distribution, which brings in a bulk of its revenue.

(Reporting by Praveen Paramasivam in Chennai; Editing by Dhanya Skariachan and Janane Venkatraman)

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** Shares of tech products distributor Redington REDI.NS fall ~7% to 193.80 rupees

** Co posts 10% drop in its Dec-qtr consolidated profit on sluggish gadgets demand

** Stock records steepest intraday fall in six months

** REDI set to snap seven-session winning streak

** Trading volume nearly twice the 30-day moving average

** Avg rating of five analysts on REDI at "buy" - LSEG data

** Stock trading ~8% below its median PT - LSEG

** REDI fell 2.2% in 2023, after rising for four straight years

(Reporting by Kashish Tandon in Bengaluru)

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Feb 6 (Reuters) - Redington Ltd REDI.NS:

• REDINGTON DEC-QUARTER CONSOL NET PROFIT 3.41 BILLION RUPEES VERSUS PROFIT 3.8 BILLION RUPEES

• REDINGTON DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 235.05 BILLION RUPEES VERSUS 216.74 BILLION RUPEES

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Dec 29 (Reuters) - Redington Ltd REDI.NS:

• RECEIVED NOTICE OF DEMAND ALONG WITH ASSESSMENT ORDER FOR YEAR 2021-22 FROM INCOME TAX DEPARTMENT

• ORDER RAISING A DEMAND OF 1.36 BILLION RUPEES

• CO DOES NOT CONSIDER THAT DEMAND WILL DEVOLVE OR MATERIALISE AS A CLAIM AGAINST CO

• CO WILL BE CONTESTING THIS DEMAND BEFORE APPELLATE AUTHORITIES

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Nov 6 (Reuters) - Redington Ltd REDI.NS:

• SEPT-QUARTER CONSOL NET PROFIT 3.03 BILLION RUPEES VERSUS PROFIT 3.87 BILLION RUPEES

• SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 222.20 BILLION RUPEES VERSUS 190.51 BILLION RUPEES

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Aug 11 (Reuters) - Redington Ltd REDI.NS:

• RESIGNATION OF RAJIV SRIVASTAVA AS MD

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** Shares of India's Redington REDI.NS down as much as 5.49% at 173.15 rupees - lowest since June 1

** The IT products distributor posted 21% profit drop on mounting expenses while revenue rose 26%

** Co shares hovering around 50-day and 100-day simple moving averages

** More than 1.27 mln shares changed hands by 9:40 a.m. IST, 0.8X 30-day avg

** Five out of 6 analysts rate the stock "buy" or higher, 1 suggest "hold"; median TP 207.5 rupees - Refinitiv IBES data

** Including session's losses, stock has fallen more than 2% so far this year

(Reporting by Hritam Mukherjee in Bengaluru)

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Aug 1 (Reuters) - Redington Ltd REDI.NS:

• JUNE-QUARTER CONSOL NET PROFIT 2.49 BILLION RUPEES VERSUS 3.16 BILLION RUPEES

• JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 211.87 BILLION RUPEES VERSUS 168.03 BILLION RUPEES

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MUMBAI, June 5 (Reuters) - India's Redington REDI.NS plans to raise funds through a sale of commercial papers maturing in three months, at a yield of 7.15%, three merchant bankers said.

Below is the list of deals reported so far on June 5

($1 = 82.6700 Indian rupees)

(Reporting by Dharamraj Dhutia)

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CHENNAI, May 16 (Reuters) - Indian IT products distributor Redington Ltd REDI.NS reported a 26% increase in quarterly revenue on Tuesday, boosted by demand for laptops and mobile phones, and as government departments and businesses spent more on servers, storage and software upgrades.

A pandemic-led drive towards digitisation by governments and businesses is a "one-way street," Redington had said earlier this year, as offices would have to continue to spend on technology, driving revenue growth for gadget and software providers.

Redington, which distributes products of global technology gaints like Apple Inc AAPL.O and Dell Technologies Inc DELL.N, reported revenue from operations rose to a record 218.49 billion rupees ($2.67 billion) in the quarter ended March 31.

The company said revenue from Singapore, India and South Asia (SISA) increased 19% to 99.82 billion rupees, while that from the rest of the world, including Middle East, Turkey, Africa - its biggest segment - soared 33% to 118.76 billion rupees.

Consolidated profit attributable to shareholders, however, dropped about 11% to 3.10 billion rupees, as total expenses for the quarter jumped 27%.

Shares of Redington, which also recommended a dividend of 7.2 rupees per share on Tuesday, closed 0.6% lower before it reported results. The stock is down nearly 3% this year.

($1 = 81.7800 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai)

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