Redington Ltd., India's largest distributor of Apple and IT products, announced a 26% increase in second-quarter profit on Thursday as a result of strong local demand for smartphones, laptops, and software.
According to the company's exchange report, the combined profit for the three months ending September 30 increased from Rs307 crore a year earlier to Rs387 crore ($46.76 million).
According to the report, the iPhone reseller's quarterly revenue increased from Rs15,287 crore to Rs19,051 crore. Apple was responsible for 27% of the sales.
According to Redington, the distribution sector in India continued to develop by double digits. The business also serves Singapore, Turkey, the Middle East, and Africa. During this time, the percentage of revenue from mobile devices increased from 23% to 25%.
As more businesses adopted work-from-home policies as a result of the pandemic, demand for products from companies like Redington, which sells everything from smartphones to personal computers and software to consumers and businesses across 38 countries, increased.
The company reported in an investor presentation that core earnings, also known as earnings before interest, taxes, depreciation, and amortization (EBITDA), increased by over 23% to Rs562 crore.
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