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Prabhudas Lilladher Report
Redington India Ltd.’s revenue growth of 25% YoY was much above our estimate of 15% YoY growth. Growth was led by broad-based growth across IT (18.3% YoY) and mobility (46.6% YoY).
In terms of markets growth was led by Singapore, India and South East Asia, (37% YoY). Rest of world grew 15.6% YoY. Demand for IT from enterprises, governments and schools was strong in Q1 FY23 led by gradual shift to work from office, whereas demand from consumer segment was subdued.
We expect demand to normalise going forward as both consumers and enterprises are likely to moderate spends given inflationary pressures and challenging macro environment.
Redington India's Ebit margin improved by 23 basis points YoY despite investments in talent and capabilities led by operational improvements (setup of shared-services centre).
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