Redington India rises 9% after strong Q1 performance

New Delhi: Shares of Redington India rallied 9 per cent during the early trade on Thursday after the company reported a strong performance in the June 2022 quarter.

The distributor of Apple products reported a net profit of Rs 149.85 crore in the quarter ended on June 30, 2022, which is 57 per cent higher than the bottomline of Rs 95.59 crore reported in the same quarter the previous year.

Following the development, shares of Redington India rallied to Rs 139.20 on Thursday, before giving up some gains to trade at Rs 138.80 at 10.30 am. The scrip had settled at Rs 127.90 on Wednesday.

The company reported a 42 per cent rise in the income from operation to Rs 7,611.64 crore in the June 2022 quarter, as against Rs 5,359.96 crore in the June 2021 quarter.

Redington is present in more than 37 markets including India, Middle East, Turkey, Africa and South Asian regions, with over 245 international companies to bring their products to consumers across emerging markets.

In the March 2022 quarter, the trading and distribution player had reported an income of Rs 7,778.89 crore with a profit after tax at Rs 123.46 crore.

Shares of Redington India have underperformed the indices. The scrip is trading almost flat on year to date basis, whereas it has plunged about 16 per cent in the last one year.