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Redington Reports Record Q4 Revenue of Rs. 22,513 Crore, Annual Revenue Surges to Rs. 89,610Crore

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  • 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

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Fintech startup Copper forced to discontinue banking services amid Synapse fiasco

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A segment of customers holding deposits with fintech startup Copper find themselves unable to access their accounts, a consequence of disruptions involving the embattled banking-as-a-service platform Synapse.

Copper joins several companies impacted by an ongoing crisis at Synapse, which declared bankruptcy last month. Acting as a “middleware provider” connecting fintech startups with banks, Synapse was poised for acquisition by TabaPay; however, TechCrunch reported the deal fell through earlier this month.

Forbes also noted customers of Yotta Technologies and Juno Finance experiencing similar issues accessing their deposit accounts.

Founded four years ago, Copper initially introduced a banking platform aimed at teens and families. In 2022, the company secured $29 million in funding, boasting over 800,000 users and earning a finalist spot for Startup of the Year at the GeekWire Awards.

Copper CEO Eddie Behringer informed GeekWire on Tuesday of the company’s plans to transition away from banking services, focusing instead on its newer “Earn” product, which assists users in earning money through surveys and games.

However, this plan accelerated earlier this month. In a message to customers on May 12, Behringer announced the discontinuation of debit card and deposit account offerings within 24 hours.

Behringer cited the recent discovery that the banking middleware provider Copper utilizes is sunsetting their service imminently, which necessitated the premature closure of banking accounts despite prior planning.

Over the past weekend, Copper notified some customers of delays in fund delivery via email.

Behringer assured that the disruption impacted only a small number of individuals.

Despite transitioning away from banking services, Behringer emphasized Copper’s commitment to its original mission of providing financial wellness and education.

“Moving forward, we’re going to continue to focus on providing not just teens and families, but all Americans the ability to earn money through Copper,” he stated.

Copper’s revenue has surged by 160% year-over-year, largely driven by the success of its “Earn” product.

The company intends to establish white-label partnerships with banks to generate software-as-a-service revenue.

Behringer and Copper co-founder Stefan Berglund previously co-founded Snap Raise, an online fundraising platform for youth groups based in Seattle.

With 30 employees and ongoing hiring efforts, Copper has secured a total funding of $42 million to date. Investors include Fiat Ventures, Panoramic Ventures, Insight Partners, Invesco Private Capital, PSL Ventures, Mana Ventures, Western Technology Investment, Clocktower Ventures, Index Ventures, Scout Fund, Launchpad Capital, Financial Venture Studio, Maven Ventures, Samsung Next, and Arnold Ventures.

Source: geekwire.com

The post Fintech startup Copper forced to discontinue banking services amid Synapse fiasco appeared first on HIPTHER Alerts.

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FWD Group pens five-year agreement with AWS to drive innovation

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FWD Group, a prominent insurance provider, has unveiled a five-year agreement for technology services with Amazon Web Services (AWS) as part of its cloud-first strategy.

This collaboration aims to bolster FWD Group’s digital infrastructure and capabilities by harnessing AWS’ expertise in cloud and AI technologies to drive innovation and customer-centricity.

AWS will continue to host core business applications for FWD Group, offering enhanced agility, scalability, and resilience as FWD transitions away from operating its own onsite data centers.

Committed to delivering innovative insurance solutions, FWD Group has embraced a digital-first mindset, prioritizing cloud computing as a comprehensive business strategy, seamlessly integrating cloud-based infrastructure and capabilities across its business functions.

With its array of cloud services, encompassing computing power, storage, and AI technologies, AWS underscores its dedication to supporting companies in the financial and insurance sectors to drive digital transformation and elevate customer experiences.

Sandeep Pandey, Group Chief Technology & Operations Officer of FWD Group, affirmed, “At FWD, cloud computing is not just a priority for the technology function but a holistic business strategy. This digital-first mindset has enabled us to establish operational infrastructure and capabilities that are secure, cloud-based, and fully integrated across business functions and with valued partners like AWS. With these foundations in place, we can further scale our generative artificial intelligence (AI) deployment efficiently, effectively, and responsibly, aligning with our vision of transforming perceptions about insurance.”

The adoption of cloud technology has yielded significant benefits to FWD’s software development and deployment processes, resulting in accelerated time-to-market and enhanced customer experiences.

By the conclusion of 2023, an impressive 97% of FWD Group’s applications had completed migration to the cloud, marking a substantial increase from the 27% recorded as of December 31, 2020.

Additionally, 93% of the applications earmarked for retirement have been successfully decommissioned, underscoring the company’s commitment to modernizing its technology infrastructure and optimizing operational efficiency.

Francessca Vasquez, Vice President of Professional Services and Generative Artificial Intelligence Innovation Center at AWS, commented, “AWS has been supporting companies in the financial and insurance sectors worldwide for over a decade, enabling them to better serve their customers with cloud and AI technologies. FWD Group’s ambition to leverage the power of cloud and generative AI underscores their dedication to digital transformation and customer-centricity. We are thrilled to continue supporting FWD Group with AWS’s proven reliability and capabilities, facilitating innovation acceleration, cost savings, efficiency enhancement, and business expansion.”

Source: fintech.global

 

The post FWD Group pens five-year agreement with AWS to drive innovation appeared first on HIPTHER Alerts.

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Unveiling Key Insights from Day Two of The London Blockchain Conference

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As the inaugural London conference continues into day two, attendees heard from industry experts on Reducing Risk & Improving Trust with Blockchain.

LONDON, May 22, 2024 /PRNewswire/ — The London Blockchain Conference continued to captivate attendees with yet another day filled with informative and thought-provoking speakers. The discussions revolved around crucial topics such as regulatory frameworks for Digital Currencies, enabling the growth of blockchain and Blockchain Venture Capital. 

Today we heard from Steven Bartlett, Entrepreneur, Investor and Author of “The Diary of a CEO”, who kickstarted Day 2 with a fireside chat with Mark Lobel from the BBC. He delved into how B2B enterprises can adapt, thrive, and stay ahead in an ever-changing marketplace. The session highlighted the dynamic landscape of B2B interactions in the digital era, exploring innovative strategies, emerging trends, and invaluable insights to empower businesses for success.

Other sessions included:

  • Universal Plastic and Next-Gen Verification: Blockchain, AI, and Social EngagementAlvaro Bravo, CEO of Universal Plastics, discussed how technologies like Blockchain and AI revolutionise verification processes, making them user-friendly and accessible to all and how the Universal Plastic initiative is a prime example of how these technologies can draw corporate interest and promote environmental responsibility.
  • The Role of Governments in Fostering Innovation – A distinguished panel including Dean Armstrong KC from Maitland Chambers, Alun Cairns MP of UK Parliament, Tom Spiller, Legal Director (Rosenblatt), Stefan Kromolicki from APCO, Mayor Hillary Schieve from City of Reno, and Elizaveta Palaznik, Independent Consultant, discussed whether effective policymaking and government intervention can catalyse growth and societal progress or if the market should determine its destiny.
  • Currency of Tomorrow: Navigating the Future of Money – This session featured insights from Amarachi Amaechi, Co-founder at Bitpowr Technologies Inc, Kaj Burchardi, Head of Emerging Technology at Boston Consulting Group, Vincent Mele, Founder at Otranto, Blake O’Donnell, Partner at Punter Southall Law, and Simit Naik, Director, Commercial & Strategy at nChain. They dissected emerging trends, technological innovations, and regulatory dynamics shaping the next era of monetary systems.
  • Navigating the Academic Landscape of Blockchain Research: Opportunities, Challenges, and Collaborative InitiativesAlessio Pagani, Research Director at nChain, dived into the latest blockchain research within academia, examining the opportunities, challenges, and real-world impacts stemming from blockchain innovation in higher education.
  • Monetizing Strategies for Content in Web3 – This session featured Utkarsh Amitabh, CMO, at 5ire, Anuradha Chowdhary, Founder of ZeroTo3 Collective, Tony Mugavero, CEO of Rad, and Sunny Jiang, Founder of MaasDAO, who presented innovative strategies for content creators to thrive in the decentralized, blockchain-powered ecosystem of Web3. They discussed how Web3 technologies can revolutionize content creation economics, enabling them to establish new revenue streams and engage with their audiences in novel ways.
  • Breaking Barriers: Paving the Way for the UK to Emerge as a Global Digital Asset and Emerging Tech Hub – Professor Naseem Naqvi MBE, President of British Blockchain Association, Sean Kiernan, Founder of Greengage, and Marcus Foster, Head of Policy Campaigns at Startup Coalition, dissected the puzzle pieces required for the UK to lead the global tech race.
  • Mining and Transaction Processing: How Mining Will Evolve Post-HalvingJim Niemeijer Partner at Pantheon, Kurt Wuckert Jr, Chief Bitcoin Historian and Co-Founder of GorillaPool, and Jacopo Gil Casas, VP Business Development & Strategy, CS Global Energy explored the upcoming Bitcoin halvening event’s impact on miner profitability. They discussed Bitcoin mining economics, the difference between mining subsidies and transaction fees, and why mining operations need to turn into transaction processors to compete in the future.
  • Block Dojo Global Venture Builder – the audience heard from two lively speakers who demonstrated Blockchain use cases driving value today. The first was Michael Olagunju, CEO of ExamSolutions – the multi-modal AI learning platform. Michael discussed ExamSolution’s unique B2C and enterprise offering for STEM-based learning, via an AI model which captures a student’s responses as they’re written, and offers feedback in real-time. Today, the company is amongst the world’s largest online exam preparation providers, with over 4,000 video tutorials and live streaming support. Next up was Robin Russel, co-founder of Satva Trust – the ClimateDataTech company leveraging blockchain technologies to drive decarbonisation. Satva provides independent data on ship emissions and fuel consumptions, enabling global benchmarking across the world’s fleet in real-time.
  • Best Practices For Enterprise Blockchain Adoption: Tibor Mérey – MD and Partner at Boston Consulting Group – discussed why he remains bullish on Web and Blockchain. Tibor shared lessons from 150+ blockchain and web3 projects BCG has done in the enterprise space. He outlined the four burning questions any blockchain or web3 project needs to answer: i) Does it matter? ii) Will it work? iii) Can we win? iv) Will it grow?

Please register here if you would like to attend or listen to any of the sessions today. 

About the London Blockchain Conference

NETWORK. LEARN. ENGAGE. 

At the London Blockchain Conference, we show how Blockchain will change the world and help people see another way to manage data, build scalable on-chain solutions and achieve great things. We do this by creating valuable, insightful, and engaging events that educate and inform, allowing you to connect and network to build strong business relationships. Our conference is the best avenue to see blockchain innovations, ecosystem announcements, product launches, technology updates, keynote speeches, panels, and fireside chats from blockchain leaders. Join us and experience it for yourself. 

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