Redington Q2 Profit: Rs 282.88 Cr | Tech Solutions Provider | Business News

Chennai, Oct 30 (PTI) Integrated technology solutions provider Redington Ltd has reported consolidated profits for the July-September 2024 quarter at Rs 282.88 crore, following growth led by good performances across all business units, the company said on Wednesday.

The city-based company had registered consolidated profits of Rs 311.64 crore during the corresponding quarter of last financial year.

For the six month period ending September 30, 2024 the consolidated profits stood at Rs 499.92 crore, as against Rs 566.84 crore registered in the year ago period.

The consolidated total income during the quarter under review grew to Rs 24,962.22 crore, from Rs 22,296.69 crore registered in the year ago period. For the half-year ending September 30, 2024 the consolidated total income surged to Rs 46,287.61 crore, from Rs 43,547.29 crore registered in the year ago period.

Commenting on the financial performance, company Group CEO V S Hariharan said, "In Q2 FY25, our growth has been led by good performances across all business units, stellar performance in the cloud business with a 53 per cent year-on-year growth and in the mobility business with a solid 16 per cent year-on-year growth driven by strong NPI momentum."

"India and the UAE continue to provide us with great momentum by delivering a growth of 25 per cent and 23 per cent year-on-year, and there are signs of continued profitable growth recovery in Africa. Challenges in the Turkey business continued due to softening demand caused by tough market conditions, though we recovered from Q1 driven by good management of inventory and receivables. We remain agile and resilient to the nuances posed by each geography," he said.

"This quarter we managed to bring our working capital down to 25 days, through efficient management of operations. We received LEED certification for 'Redington Tower' our headquarter building in Chennai," he added.