• Surpassed Rs.89,600 Crores in revenues for FY’24
• Q4 FY’24 YoY Revenue growth of 3%; PAT growth of 5%
• FY’24 YoY Revenue growth of 13%

CHENNAI, India,/PRNewswire/ — Redington Ltd (NSE: REDINGTON), today announced its financial results for the quarter ended March 31, 2024 (Q4 FY’24) and full financial year FY’24 delivering strong performance vis-à-vis the industry across all business segments. 

At Rs. 22,513 Crores overall global revenues for Q4 have been the highest ever performance for Q4 of any year, with a 3% YoY growth and at Rs. 326 Crores, PAT grew at 5% YoY. For the full year FY24 the company reported a revenue of Rs. 89,610 Crores which is a growth of 13% YoY and a PAT of Rs. 1,219 Crores.

Supported by solid execution across businesses and geographies, Redington continues to gain share and secure new opportunities in the markets they compete in. In Q4, some of the Company’s key Geographies grew well, viz. India growing at 9% YoY and KSA (Kingdom of Saudi Arabia) growing at 15% YoY. The company emphasized that this record performance is an outcome of continued investments in improving our route to market capabilities, building deeper brand relationships, making breadth of offerings more comprehensive and innovations in business model.

“Building on the momentum from a strong Q3, Redington’s Q4 and FY24 results reflect the continued success of our efforts towards driving profitable growth. We’ve adapted with a  focus on profitable growth geographies, investing in new revenue streams, and enhancing our capabilities. This fiscal year stands out for achieving stable growth, across all business units, while continuing to maintain leadership position. While technology distribution remains our core strength, the growth of the cloud business has been enabled by faster adoption of subscription and consumption business, enhanced by professional services. With our strong engagement with the Brands through initiatives, business plans, differentiated go to market approaches, and the slew of AI enabled solutions being launched by the vendors that will be distributed by us, will position Redington for sustainable growth and market share leadership in the years ahead.” said Mr. V.S. Hariharan, Group CEO,  Redington Ltd. 

*The detailed Financial Report for FY23 can be accessed here: https://www.bseindia.com/xml-data/corpfiling/AttachLive/6491f885-b5cd-48de-91cd-ba69af88e664.pdf

Safe Harbor

Certain statements in this release are forward-looking statements. The business involves various risks, and uncertainties that could result in the actual results to differ materially from those indicated here. All forward looking statements made herein are based on information presently available to the management of the Company and the Company does not undertake to update any forward looking statement that may be made from time to time by or on behalf of the Company.

About Redington Ltd:
Redington Limited, an integrated technology solutions provider and a Fortune 500 company, enables businesses in their digital transformation journeys by addressing technology friction – the gap between innovation and adoption. With presence across 38 markets through 60 subsidiary offices, over 300+ brand associations, and 43,000 channel partners, Redington enables seamless and end-to-end distribution for all categories of IT/ITeS, Telecom, Lifestyle, and Solar products in India, Singapore, South Asia, Middle-East, Africa and Turkey.  Through its concentrated focus on technology, innovations, and partnerships, Redington is one of the most trusted distributors of products, services, and solutions across the world.

For more details, please visit https://redingtongroup.com/

Media Contact:
Himani Rautela 
[email protected]
9711306576

Logo: https://mma.prnewswire.com/media/2413941/Redington_Logo.jpg

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LONDON, May 15, 2024 /PRNewswire/ — The Sovereign Wealth Fund Institute (SWFI) is pleased to announce that The Rt Hon Sir Brandon Lewis CBE MP, Chair of the All-Party Parliamentary Group (APPG) on Sovereign Wealth Funds, will host a closed-door, invitation-only welcome lunch and opening session at the Palace of Westminster (UK Parliament) for the Global Wealth Conference 2024 on May 28th.

The event will bring together leaders from sovereign wealth funds, policymakers, and academics to discuss the geopolitical landscape and global wealth allocation strategies. The lunch, held in the Members’ Dining Room, will be followed by an insightful round table discussion titled “Asset Owners in the New Global Economic Landscape,” moderated by Anjalika Bardalai, Chief Economist and Head of Research at TheCityUK.

The round table discussion will feature esteemed panellists, including H. E.  Jamal Saif Al Jarwan, Secretary General of the UAE International Investors Council; Dr Wei Pang Bennett, Chief Risk Officer of China Construction Bank; Sir Mark Lyall Grant GCMG, former President of the United Nations Security Council; Kashif Khalid, Managing Director of Middle East & Africa at SimCorp; Bill Martin, Former Chief Risk Officer of Abu Dhabi Investment Authority; and Prof. Shirley Yu, Director of the China-Africa Initiative at the London School of Economics and Political Science. The panellists will delve into topics such as geopolitical risks, global trade dynamics, fostering a stable investment environment, and promoting sustainable and inclusive growth.

“We are privileged to have the support of Sir Brandon Lewis and the APPG in organising this exclusive event at the historic Palace of Westminster,” said Lakshmi Narayanan, Chairman, SWFI. “Hosting the welcome lunch and opening session at this iconic venue underscores the significance of the Global Wealth Conference 2024 and the critical role that sovereign wealth funds and other asset owners play in shaping the global economic landscape.”

The welcome lunch and opening session mark the beginning of the highly anticipated Global Wealth Conference 2024, which will take place from May 28-30 in London. The conference will focus on the themes of sustainability, allocation, and innovation, bringing together industry leaders and decision-makers from around the world.

For more information about the Global Wealth Conference 2024, please visit https://gwc.events/london2024/

About the Sovereign Wealth Fund Institute:

The Sovereign Wealth Fund Institute is a global organisation dedicated to the study and promotion of best practices in sovereign wealth fund and public asset management. SWFI facilitates sovereign fund, pension, endowment, superannuation fund, and central bank events around the world.

Website:
https://fort.global/dubai/
https://www.swfsummit.com/
https://gwc.events/

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