Business

Redington Ltd Announces Record-breaking Financial Milestones for Fiscal Year 2024

In an impressive financial update, Redington Ltd (NSE: REDINGTON) has triumphantly announced a stellar performance for the fourth quarter (Q4) of the fiscal year 2024 (FY'24), marking a significant achievement in revenue and profit after tax (PAT). These outcomes underscore the company's robust growth and strategic expansions.

Soaring Revenues and Profits

Redington Ltd's financial prowess shone brightly as the company reported an all-time high in global revenues for any Q4 to date, reaching Rs. 22,513 Crores, indicating a year-over-year (YoY) growth of 3%. This remarkable performance was complemented by a PAT increase of 5% YoY, standing strong at Rs. 326 Crores. Over the span of FY'24, the company proclaimed a revenue surge to Rs. 89,610 Crores, a sizeable 13% YoY growth, alongside a PAT milestone of Rs. 1,219 Crores.

Robust Performance Across Geographies

It was not only the universal numbers that were notable. A more localized analysis showed some of the key regions outperforming others significantly. Specifically, India demonstrated an exemplary 9% YoY growth, while the Kingdom of Saudi Arabia (KSA) outpaced with a robust 15% YoY increment. Such expansions reflect Redington's ingrained commitment to enhancing market capabilities, nurturing brand relationships, broadening the scope of offerings, and leading with innovative business models.

Strategic Execution and Market Leadership

The success, as narrated by Redington's executives, can be attributed to the disciplined execution across the company’s diverse business segments and their expansive geographic presence. This strategic approach has not only helped the company in securing new opportunities but also in consistently gaining share across the markets they serve.

"We have sustained the momentum from a powerful Q3 into the Q4 and the complete FY'24, embodying the fruits of our labor in fostering profitable growth," said Mr. V.S. Hariharan, Group CEO of Redington Ltd. "Our strategy pivoted around focusing on lucratively growing geographies and enhancing our capabilities. We have particularly excelled in diversifying our revenue streams. This fiscal year is a testament to our stable growth across business units while maintaining our leading market position."

The forward-trajectory of Redington's success lies in the company's initiative to maintain strong partnerships with major brands and its proactive response to market demands by launching AI-enabled solutions. The Group CEO elaborated on the company’s approach as a multi-faceted strategy that includes crafting unique go-to-market approaches, developing comprehensive business plans, and fostering brand initiatives that collectively ensure sustained growth and market dominance in the forthcoming years.

Increasingly, the company's advancement is also attributed to the burgeoning cloud business, soaring on the wings of rapid adoption of subscription and consumption models, further strengthened by the addition of professional services.

Access to Detailed Financial Insights

Investors, stakeholders, and interested parties are welcomed to dive deeper into Redington's financial discourse through the detailed report accessible via the Bombay Stock Exchange (BSE) India's website. The comprehensive financial report for FY'23 provides an in-depth view of the company’s financial health and strategic direction.

The detailed Financial Report for FY'23 can be accessed here: BSE India Report

Safe Harbor and Forward-looking Statements

Redington Ltd has made forward-looking statements within this announcement which are predictive in nature and subject to risks and uncertainties. These statements provide a foresight based on the current circumstances, and the company prudently indicates that actual results could vary due to various market dynamics. It is crucial for investors to recognize that these statements are grounded in the present conditions and the company’s continuing promise to update their forecasts as new information becomes available.

A Powerhouse in Technology Distribution

Redington Ltd stands as a Fortune 500 company and a prominent integrated technology solutions provider focused on bridging the technology friction - the gap standing between innovation and its adoption. The company’s far-reaching influence spans across 38 markets globally, with a workforce efficiently operating through 60 subsidiary offices. It boasts over 300 brand associations and a massive network comprising 43,000 channel partners.

This extensive reach empowers Redington to distribute a comprehensive lineup of IT/ITeS, Telecom, Lifestyle, and Solar products not only within India but also markets including Singapore, South Asia, the Middle East, Africa, and Turkey.

Redington is unyielding in its commitment to advancing technological innovation. Emphasizing partnerships, the company constantly explores new frontiers and technological developments. Their approach is earmarked by an intense focus on technology, relentless innovation, and strategic alliances which have positioned Redington as one of the most trusted distributors of cutting-edge products, services, and solutions worldwide.

For further details and insights into Redington Ltd's journey and offerings, stakeholders and interested individuals can visit the official Redington Group website.

Contact Information for Media Inquiries

Media entities seeking to engage with Redington Ltd for in-depth information or further inquiries can direct their communication to Ms. Himani Rautela, at the contact details provided below:

Media Contact:
Himani Rautela
Email: [email protected]
Phone: 9711306576

Furthermore, those interested in visually acquainting themselves with the brand's identity can view Redington's official logo through the following link:

Logo View: Redington Logo

In conclusion, Redington Ltd's financial accomplishments for FY'24 signify not just an economic triumph but mark a strategic victory in the realms of technology distribution and digital transformation. The company's unwavering resolve in surmounting technological barriers and its deep-rooted presence across diverse markets reaffirm its stature as a leading distributor. With a clear vision underpinned by diligent execution and innovative partnerships, Redington Ltd is well poised to harness sustainable growth and fortify its leadership position in the competitive global arena for many years to come.

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