Redington Limited announced its financial results for Q2FY23, which ended on September 30, 2022. The company has registered its highest ever quarterly revenue and operating profit. Global revenues grew by a healthy 25% YoY to Rs. 19,080 Crores and PAT of Rs. 387 Crores is a strong growth of 26%. Operating margin for the quarter has grown by 23% YoY. While the global PC industry declined 15% in shipments during the quarter, the company’s PC business grew by +23%. Its revenues from Cloud grew by 67% in this quarter.
Redington achieved record revenue and operating margin for the 2nd quarter of the year as continued investments in improving technology capabilities, building deeper partner relationships, making the breadth of offerings more comprehensive and in innovative business models begin to pay off. Besides being highest ever Q2, this is the highest ever half yearly growth since the company going public in 2007. Execution has been broad based with all operating regions – India, Middle East & Africa, Turkey and South Asia contributing to growth.
The company made a timely pivot towards a digital business model. Through the Redington Online, a fully-automated, geography-agnostic, self-service portal it provides a seamless digital pathway to discover, access and procure a wide range of technology products, solutions and services. Their Cloud portal enables effective partnering with hyper-scalers to deliver cloud products and services to partners and customers.
“In Q2FY23 we continued our transformation journey to shift towards a customer-choice omni-channel business model. By leveraging our core strengths of technology, innovation, and partnerships, we accelerated the adoption of next generation tech by businesses and consumers. We also strengthened our capabilities to accelerate cloud adoption across different sectors. 5G is expected to further open up new opportunities across enterprises, MSMEs, Startups and Consumers and our focus will be to enable wider access of such technologies by bridging the gap between innovation and adoption.” said Mr. Rajiv Srivastava, Managing Director, Redington Ltd.
Redington strengthened its cloud capabilities by entering into a strategic partnership with Google Cloud India to drive adoption of Google Workspace and Google Cloud with SMBs, education and public sector, mid-market, and enterprise segments. In the previous Quarter, Redington had entered into a multi-year Strategic Collaboration Agreement (SCA) with Amazon Internet Services Private Limited (AISPL), to drive adoption of Amazon Web Services (AWS) Cloud across all geographies they operate in.
Redington continues to work closely with its vast network of global technology vendors and channel partners to simplify the supply chain and accelerate adoption of most innovative technology for Enterprises, MSMEs, start-ups and consumers in all the markets where it operates.