Redington eyes double-digit revenue growth, plans to enter new markets
By MYBRANDBOOK
Redington Ltd is targeting double-digit revenue growth for the next financial year besides foraying into new markets, and betting on a pandemic-led push for digitising corporate and government offices.
According to Redington’s Managing Director Rajiv Srivastava, the Chennai-headquartered company which has reported a double-digit topline growth for the last three years, would continue to be on a similar trajectory for the year ending March 2024. Earlier this month, the distribution house recorded its highest-ever quarterly revenue for the three months ended Dec. 31, even as its profit slipped due to higher expenses.
Redington, which distributes products for over 290 brands, including Apple and Samsung, is looking to enter about a dozen new countries like Indonesia, Myanmar and Azerbaijan in the next couple of quarters. Redington, which operates in 38 countries, is also increasing its 4,500-odd workforce by 5% globally in about a year.
The Redington MD further said that new gadget launches would now reach Indian consumers faster, given the recent electronics manufacturing boom coming on the back of global businesses looking to limit their reliance on China.
The company’s shares, which climbed nearly 25% in 2022, closed marginally lower at 179.85 rupees on Friday.
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