Redington Ltd Share Price – NSE  /  BSE

Trading, Small Cap

Redington has announced a strategic partnership with Zoho Corporation, a leading global technology company. This alliance aims to bring Zoho's industry-leading cloud solutions for office productivity, team collaboration, and customer engagement to a broader customer base in India by leveraging Redington's extensive network of partners.

Through this partnership, Redington will leverage its wide distribution network to offer a range of Zoho solutions, including Zoho Workplace (Unified enterprise collaboration platform), Bigin by Zoho CRM (Pipeline-centric CRM solution for small and micro businesses), and Zoho ZeptoMail (Transactional email delivery solution) to businesses of all sizes. These solutions are tailored to streamline operations, boost productivity, and drive growth across diverse industries.

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This partnership aims to bring Zoho's cloud solutions for office productivity, team collaboration, and customer engagement to a broader customer base in India by leveraging Redington's extensive network of partners.

Through this alliance, Redington will leverage its wide distribution network to offer a range of Zoho solutions, including Zoho Workplace (unified enterprise collaboration platform), Bigin by Zoho CRM (pipeline-centric CRM solution for small and micro businesses) and Zoho ZeptoMail (transactional email delivery solution) to businesses of all sizes.

These solutions are tailored to streamline operations, boost productivity and drive growth across diverse industries.

R Venkatesh, president, Technology Solution Group, Redington said, “We are committed to providing cutting-edge solutions to companies of all scales to help them grow and drive innovation. With this partnership, we are confident in empowering businesses with robust and resilient software solutions designed for success and scale.”

Bishan Singh, Head of Channel Ecosystem at Zoho Corp. added, “More and more Indian businesses today are rapidly embracing the cloud to achieve operational excellence, elevate customer experiences, and unlock new growth opportunities. With this growing demand for cloud solutions, we are excited about partnering with Redington. Redington's well-connected network of channel partners will help Zoho in serving the SaaS needs of a wider set of customers across the country.”

Zoho offers a powerful product portfolio that caters to businesses of all sizes that are looking to digitally transform their operations. All of Zoho's solutions, including Zoho Workplace and Bigin, are built from the ground up on the same technology stack, making them highly customizable, scalable, and flexible to meet unique business needs.

Redington is a leading distributor of IT and mobility products and a provider of supply chain management solutions and support services in India, Singapore, South Asia, Middle-East, Turkey and Africa. REDIL procures IT and mobility products from vendors, handles distribution logistics, sells the same to resellers and dealers.

The company’s consolidated net profit increased 10.25% to Rs 340.78 crore on 8.44% increase in revenue from operations to Rs 23,504.97 crore in Q3 FY24 over Q3 FY23.

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Profit before tax declined 12.21% YoY to Rs 433.92 crore in Q3 FY24.

EBITDA stood at Rs 562 crore in Q3 FY24, registered a de-growth of 9.64% as compared with Rs 622 crore recorded in same quarter last year.

On the segmental front, SISA (Singapore, India & South Asia) revenue was at Rs 11,409.22 crore (up 16.19% YoY) while ROW (Rest of the World) was at Rs 12,107.72 (up 2.13% YoY) crore.

Global revenue stood at Rs 23,550 crore in Q3 FY24, registering the growth of 8% YoY while net profit declined 10.26% YoY to Rs 341 crore in Q3 FY24.

For the quarter, the company's ROCE was 22% and ROE was 19%. Net debt to equity was at 0.3x as on 31 December 2023.

“Supported by solid execution across businesses and geographies, Redington continues to gain share and secure new opportunities in the markets they compete in. The company emphasized that this record performance is an outcome of continued investments in improving their technology capabilities, building deeper brand and partner relationships, comprehensive breadth of offerings and innovations in go to market and business models,” the company stated in regulatory filing.

V.S. Hariharan, Group CEO, Redington, said, “Our growth in FY24, has been driven by reinventing ourselves across many dimensions. We made significant investments in new revenue streams, focused go to market routes, improving our digital capabilities, building platforms and creating processes to enable faster time to market and providing choice to customers to engage with us in ways they prefer. While technology distribution has been our core value proposition, we are focused on building competencies and capabilities to enable and resell, hyperscaler and software services, and some managed services for private and public Cloud.

In this era of digital transformation and constant market shifts, we are meeting our customer needs by implementing initiatives that deliver exceptional value. This customer-centric approach contributes to our market share gains and strengthens our growth trajectory. We recognize the critical role our partners play in our ecosystem, and we're committed to providing them with the resources and support for our mutual success.”

Redington is a leading distributor of IT and mobility products and a provider of supply chain management solutions and support services in India, Singapore, South Asia, Middle-East, Turkey and Africa. REDIL procures IT and mobility products from vendors, handles distribution logistics, sells the same to resellers and dealers.

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Net profit of Redington declined 10.25% to Rs 340.78 crore in the quarter ended December 2023 as against Rs 379.70 crore during the previous quarter ended December 2022. Sales rose 8.45% to Rs 23504.97 crore in the quarter ended December 2023 as against Rs 21674.31 crore during the previous quarter ended December 2022.

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