Redington slips on profit booking; up more than 35% in three months

Redington lost 0.38% to Rs 156.60 as the meter recorded some profit bookings after advancing in the past two sessions.

In two sessions, the stock had gained 5.4% to end at Rs 157.20 yesterday, compared to its recent closing low of Rs 149.20 recorded on September 13, 2022.

Over the past three months, the stock has gained 35.14% while the benchmark Sensex has gained 14.90% over the same period.

According to media reports, Redington has entered into a strategic partnership with Google Cloud India. As part of this collaboration, he will drive the delivery and adoption of Google Workspace and Google Cloud to SMB, education and public sector, middle market and enterprise segments.

The company will also host the distribution and adoption of Google Chrome Enterprise, media said.

The reports further indicate that through this association, Redington aims to meet the strong demand for Google Cloud-based services in India, a public cloud services market that is expected to grow at a CAGR of 24% (for 2021-2026 ) and reach $13.5. billion (by 2026).

Redington, together with Google Cloud, will provide its existing and potential partners with access to business and technical expertise while helping them develop resources that support and manage their customers. It will also help fuel adoption of Google Cloud through the partner network, the reports added.

Ramesh Natarajan, CEO of Redington, was quoted by media as saying, “This collaboration will help us improve the sourcing and delivery of relevant cloud services and solutions to enterprises, SMBs and the public sector, through our extensive network of trusted and committed partners.”

Redington is a leading distributor of computer hardware and mobility products. While the distribution of IT and mobility products essentially contributes to its turnover, REDIL is also strengthening its presence in the logistics sector in India and the Gulf.

The company recorded a 33.4% increase in its consolidated net profit to Rs 315.78 crore on a 24.9% increase in net sales to Rs 16,803.14 crore in Q1 FY23 compared to Q1 FY22.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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