Apple retailer Redington benefits from Q2 as phone and laptop sales in India surge

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BENGALURU (Reuters) – India’s biggest retailer of Apple and computer products, Redington Ltd, on Thursday reported a 26% rise in its September quarter profit on the back of buoyant domestic demand for phones, laptops and laptops. softwares.

Consolidated profit for the three months ended Sept. 30 soared to 3.87 billion rupees ($46.76 million) from 3.07 billion rupees a year ago, the company said in a filing. exchange.

The iPhone reseller’s quarterly revenue rose to 190.51 billion rupees from 152.87 billion rupees a year ago, according to the filing. Apple, its largest supplier, accounted for 27% of revenue.

Distribution business in India continued to show double-digit growth, Redington said. The company also serves Singapore, Turkey, the Middle East and the African continent. Meanwhile, the revenue share of mobility devices has increased to 25% from 23% a year ago.

The pandemic has benefited companies like Redington, which sells everything from smartphones to personal computers and software, to consumers and businesses in 38 countries, as it has led to a surge in demand, with most businesses embracing work home.

Earnings before interest, tax, depreciation and amortization (EBITDA), or core profit, rose nearly 23% to 5.62 billion rupees, the company said in an investor presentation.

Redington shares rose 11.2% to 152.70 rupees after earnings.

($1 = 82.7600 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru; Editing by Dhanya Ann Thoppil)

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