Shares of Redington India jumped nearly 8 percent on Thursday, November 3, making their best intraday gains since August after the company reported its best ever half-year revenue growth of 25 percent in quarter that ended September 2022.
During Thursday’s trade the stock opened at a price of Rs. 149.65 per share closely against the previous close of ₹147.60 and rallied further to touch an intraday high of Rs. 159.70. It was trading at Rs.159.70 at 11:55 a.m. on NSE.
The stock touched a 52-week-high of Rs. 179.20 on January 17, 2022 and a 52-week-low of Rs. 109.40 on June 17, 2022, indicating that at the current level, the stock is trading at 44 percent above its 52-week low and just 11.22 percent below its 52 week high.
The stock returned nearly 6 percent to its shareholders in the past month. In the past year, the stock has shown a growth of over 10 percent. Furthermore, the stock has grown by almost 83 percent over the past five years.
On Wednesday, the company reported an increase of 25.97% to ₹386.98 crore in the net profit in the quarter that ended September 2022 as against ₹307.20 crore during the previous quarter that ended September 2021. Additionally, sales rose 24.62% to ₹19,050.74 crore in the quarter that ended September 2022 as against ₹15,287.46 crore during the previous quarter that ended September 2021, reported Business Standard.
Apple continues to be the company's top supplier, accounting for 27% of its revenue. Mobility supplied 25% of its overall income, while the IT industry provided 74% of it. The same as the previous year, South Asia, including Singapore, India, and Malaysia, generated 48% of the income.
In September 2022, EBITDA amounted to Rs. 562.45 crores with an increase of 22.95% from Rs. 457.47 crores in the quarter that ended September 2021. Redington EPS has increased to Rs. 4.95 in September 2022 from Rs. 3.93 in September 2021.
Redington Ltd., established in 1961, is a mid-cap company with a market capitalization of Rs. 11,557.87 crores operating in the IT-Hardware industry. The Company offers information technology solutions across mobility, telecom, cloud, lifestyle, IT, and solar verticals. It has a footprint in approximately 38 markets with over 290 brand associations.
According to a Mintgenie poll, an average of 8 analysts have a ‘STRONG BUY’ call on the stock.