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Prabhudas Lilladher Report
Redington India Ltd.'s revenue growth of 11% YoY was below our and consensus estimates (our estimate: 15.4%, consensus: 14.3%) due to decline in overseas revenue, down 0.4% YoY, while India business grew at strong rate of 30% YoY.
Muted performance in overseas was led by decline of 23% YoY in South Asia (7% of overseas revenue, due to ongoing shift of vendor business from Singapore to India initiated in Q3 FY21) and decline in mobility business.
Enterprise IT continued to perform well in India (31% YoY) as well as overseas (41% YoY). Overseas Ebitda margin grew 36% YoY despite flattish revenue growth.
Overall Ebit margin improvement is driven by -
shift in business mix towards IT (72% of revenue in Q2 FY22 versus 68% of revenue in Q2 FY21),
supply shortage and prudent buying by Redington India has reduced margin leakage drastically.
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