Declared Dividend • May 16
Dividend reduced to ₹6.00 Dividend of ₹6.00 is 12% lower than last year. Ex-date: 3rd July 2026 Payment date: 28th August 2026 Dividend yield will be 2.7%, which is higher than the industry average of 0.9%. Sustainability & Growth Dividend is covered by earnings (33% earnings payout ratio) but not covered by cash flows (dividend approximately 10x free cash flows). The dividend has increased by an average of 22% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 53% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Tillkännagivande • May 15
Redington Limited announces Annual dividend, payable on August 28, 2026 Redington Limited announced Annual dividend of INR 6.0000 per share payable on August 28, 2026, ex-date on July 03, 2026 and record date on July 03, 2026. Reported Earnings • May 15
Full year 2026 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2026 results: EPS: ₹19.06 (down from ₹20.53 in FY 2025). Revenue: ₹1.19t (up 20% from FY 2025). Net income: ₹14.9b (down 7.1% from FY 2025). Profit margin: 1.2% (down from 1.6% in FY 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) missed analyst estimates by 1.2%. Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Electronic industry in India. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 9% per year. Tillkännagivande • May 14
Redington Limited, Annual General Meeting, Jul 29, 2026 Redington Limited, Annual General Meeting, Jul 29, 2026. Tillkännagivande • May 08
Redington Limited to Report Q4, 2026 Results on May 13, 2026 Redington Limited announced that they will report Q4, 2026 results on May 13, 2026 New Risk • Mar 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.6% average weekly change). Large one-off items impacting financial results. Buy Or Sell Opportunity • Feb 25
Now 20% overvalued Over the last 90 days, the stock has fallen 14% to ₹243. The fair value is estimated to be ₹202, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 9.6%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. Reported Earnings • Feb 05
Third quarter 2026 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2026 results: EPS: ₹5.57 (up from ₹5.12 in 3Q 2025). Revenue: ₹309.6b (up 16% from 3Q 2025). Net income: ₹4.36b (up 8.9% from 3Q 2025). Profit margin: 1.4% (in line with 3Q 2025). Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Electronic industry in India. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 14% per year. Tillkännagivande • Jan 30
Redington Limited to Report Q3, 2026 Results on Feb 04, 2026 Redington Limited announced that they will report Q3, 2026 results at 12:08 PM, Indian Standard Time on Feb 04, 2026 Price Target Changed • Nov 22
Price target increased by 9.2% to ₹281 Up from ₹258, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of ₹285. Stock is up 46% over the past year. The company is forecast to post earnings per share of ₹18.93 for next year compared to ₹20.53 last year. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹295, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 46x in the Electronic industry in India. Total returns to shareholders of 97% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹200 per share. Reported Earnings • Nov 06
Second quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2026 results: EPS: ₹4.96 (up from ₹3.76 in 2Q 2025). Revenue: ₹291.2b (up 17% from 2Q 2025). Net income: ₹3.88b (up 32% from 2Q 2025). Profit margin: 1.3% (in line with 2Q 2025). Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) missed analyst estimates by 4.6%. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Electronic industry in India. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Oct 31
Redington Limited to Report Q2, 2026 Results on Nov 05, 2025 Redington Limited announced that they will report Q2, 2026 results at 12:08 PM, Indian Standard Time on Nov 05, 2025 New Risk • Sep 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 5.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (411% cash payout ratio). Share price has been volatile over the past 3 months (5.5% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹289, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 50x in the Electronic industry in India. Total returns to shareholders of 107% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹191 per share. Tillkännagivande • Jul 25
Redington Limited to Report Q1, 2026 Results on Jul 30, 2025 Redington Limited announced that they will report Q1, 2026 results on Jul 30, 2025 Reported Earnings • Jul 09
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: ₹20.53 (up from ₹15.59 in FY 2024). Revenue: ₹994.4b (up 11% from FY 2024). Net income: ₹16.0b (up 32% from FY 2024). Profit margin: 1.6% (up from 1.4% in FY 2024). Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) also surpassed analyst estimates by 24%. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Electronic industry in India. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 32% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 27
Upcoming dividend of ₹6.80 per share Eligible shareholders must have bought the stock before 04 July 2025. Payment date: 28 August 2025. Payout ratio is a comfortable 33% but the company is paying out more than the cash it is generating. Trailing yield: 2.1%. Within top quartile of Indian dividend payers (1.2%). Higher than average of industry peers (0.7%). Price Target Changed • May 21
Price target increased by 11% to ₹260 Up from ₹233, the current price target is an average from 4 analysts. New target price is 11% below last closing price of ₹290. Stock is up 37% over the past year. The company is forecast to post earnings per share of ₹20.64 for next year compared to ₹20.53 last year. Tillkännagivande • May 14
Redington Limited to Report Q4, 2025 Results on May 19, 2025 Redington Limited announced that they will report Q4, 2025 results on May 19, 2025 Tillkännagivande • Apr 17
Redington Limited Announces Executive Changes The Board of Directors of Redington Limited, at their meeting held on April 15, 2025, approved the realignment of the senior leadership structure of the Redington Group, as follows: . Elevation of Mr. Ramesh Natarajan as Chief Executive Officer ("CEO") - IME (India and Middle East): Mr. Ramesh Natarajan ("Ramesh"), currently CEO of Redington India business, has been elevated to the position of CEO - IME (India and Middle East), effective July 1, 2025. Ramesh will lead the operations and growth strategies of the Redington Group across India and the Middle East and will continue to report to Mr. V S Hariharan, Managing Director and Group CEO. Elevation of Mr. Rajat Vohra as CEO - India Operations: Mr. Rajat Vohra ("Rajat"), currently Chief Sales Officer for Redington India business, has been elevated to CEO - India Operations, effective July 1, 2025. He will be responsible for overseeing the India business operations of the Redington Group and will continue to report to Mr. Ramesh Natarajan. The following additional disclosures are being made in compliance with the requirements under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015: Rajat's elevation as CEO - India Operations is effective from July 1, 2025. Rajat is a seasoned professional with extensive experience in business development, sales strategy, and leadership across consumer and enterprise segments. He has held senior roles at reputed organizations such as Newell Brands, HP Inc., Samsung, and Shell. Known for his strategic vision and innovative mindset, Rajat brings strong commercial acumen and leadership depth. Rajat is not related to any Director or Key Managerial Personnel of the Company. The Company confirms that Rajat is not debarred from holding the position of a Key Managerial Personnel by any order of SEBI or any other regulatory authority. Elevation of Mr. Serkan Celik as Chief Executive Officer ("CEO") - Turkey, Africa and Egypt. Mr. Serkan Celik, currently CEO of Arena (a subsidiary of the Redington Group in Turkey), has been elevated to lead the Redington Group's businesses across Turkey, Africa and Egypt as Chief Executive Officer - Turkey, Africa and Egypt, effective July 1, 2025. He will report to Mr. V S Hariharan, Managing Director and Group CEO. The Company would like to place on record its sincere appreciation for the valuable contributions of Mr. Viswanath Pallasena, CEO - Middle East and Africa, who will be stepping down from the said position effective June 30, 2025. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹204, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 38x in the Electronic industry in India. Total returns to shareholders of 45% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹296 per share. Buy Or Sell Opportunity • Apr 01
Now 20% undervalued Over the last 90 days, the stock has risen 15% to ₹230. The fair value is estimated to be ₹288, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has declined by 3.5%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. New Risk • Mar 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.2% average weekly change). Buy Or Sell Opportunity • Feb 28
Now 22% undervalued Over the last 90 days, the stock has risen 13% to ₹224. The fair value is estimated to be ₹286, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has declined by 3.5%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Reported Earnings • Feb 06
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: ₹5.12 (up from ₹4.36 in 3Q 2024). Revenue: ₹267.6b (up 14% from 3Q 2024). Net income: ₹4.00b (up 18% from 3Q 2024). Profit margin: 1.5% (up from 1.4% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) also surpassed analyst estimates by 25%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 25% growth forecast for the Electronic industry in India. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Tillkännagivande • Jan 30
Redington Limited to Report Q3, 2025 Results on Feb 05, 2025 Redington Limited announced that they will report Q3, 2025 results on Feb 05, 2025 Buy Or Sell Opportunity • Jan 07
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to ₹206. The fair value is estimated to be ₹163, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Buy Or Sell Opportunity • Dec 11
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to ₹214. The fair value is estimated to be ₹176, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Valuation Update With 7 Day Price Move • Nov 05
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹197, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 48x in the Electronic industry in India. Total returns to shareholders of 53% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹229 per share. Reported Earnings • Oct 30
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: ₹3.76 (down from ₹3.88 in 2Q 2024). Revenue: ₹249.0b (up 12% from 2Q 2024). Net income: ₹2.93b (down 3.5% from 2Q 2024). Profit margin: 1.2% (down from 1.4% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 8.6%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Electronic industry in India. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Tillkännagivande • Oct 23
Redington Limited to Report Q2, 2025 Results on Oct 29, 2024 Redington Limited announced that they will report Q2, 2025 results on Oct 29, 2024 Buy Or Sell Opportunity • Oct 23
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 20% to ₹168. The fair value is estimated to be ₹211, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 4.2%. For the next 3 years, revenue is forecast to grow by 9.6% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. Tillkännagivande • Aug 01
Redington Limited Approves Dividend for the Financial Year Ended March 31, 2024 Redington Limited announced at the AGM held on July 30, 2024, approved Declaration of dividend of INR 6.20 (310% of the face value) per equity share of INR 2/- each for the financial year ended March 31, 2024. Tillkännagivande • Jul 25
Redington Limited to Report Q1, 2025 Results on Jul 31, 2024 Redington Limited announced that they will report Q1, 2025 results on Jul 31, 2024 Reported Earnings • Jul 08
Full year 2024 earnings: EPS in line with expectations, revenues disappoint Full year 2024 results: EPS: ₹15.59 (down from ₹17.82 in FY 2023). Revenue: ₹894.7b (up 13% from FY 2023). Net income: ₹12.2b (down 13% from FY 2023). Profit margin: 1.4% (down from 1.8% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Electronic industry in India. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 8% per year. Upcoming Dividend • Jun 28
Upcoming dividend of ₹6.20 per share Eligible shareholders must have bought the stock before 05 July 2024. Payment date: 29 August 2024. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 3.4%. Within top quartile of Indian dividend payers (1.1%). Higher than average of industry peers (0.7%). Declared Dividend • Jun 06
Dividend of ₹6.20 announced Shareholders will receive a dividend of ₹6.20. Ex-date: 5th July 2024 Payment date: 29th August 2024 Dividend yield will be 3.0%, which is higher than the industry average of 0.9%. Sustainability & Growth Dividend is covered by both earnings (40% earnings payout ratio) and cash flows (59% cash payout ratio). The dividend has increased by an average of 32% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 49% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Tillkännagivande • Jun 06
Redington Limited, Annual General Meeting, Jul 30, 2024 Redington Limited, Annual General Meeting, Jul 30, 2024. Reported Earnings • May 17
Full year 2024 earnings: EPS in line with expectations, revenues disappoint Full year 2024 results: EPS: ₹15.59 (down from ₹17.82 in FY 2023). Revenue: ₹896.1b (up 13% from FY 2023). Net income: ₹12.2b (down 13% from FY 2023). Profit margin: 1.4% (down from 1.8% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Electronic industry in India. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • May 11
Redington Limited to Report Q4, 2024 Results on May 15, 2024 Redington Limited announced that they will report Q4, 2024 results on May 15, 2024 Price Target Changed • Feb 08
Price target increased by 8.8% to ₹209 Up from ₹192, the current price target is an average from 5 analysts. New target price is 8.7% above last closing price of ₹192. Stock is up 5.8% over the past year. The company is forecast to post earnings per share of ₹15.71 for next year compared to ₹17.82 last year. Reported Earnings • Feb 07
Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2024 results: EPS: ₹4.36 (down from ₹4.86 in 3Q 2023). Revenue: ₹235.5b (up 8.5% from 3Q 2023). Net income: ₹3.41b (down 10% from 3Q 2023). Profit margin: 1.4% (down from 1.7% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 6.3%. Earnings per share (EPS) exceeded analyst estimates by 6.3%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Electronic industry in India. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹204, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 44x in the Electronic industry in India. Total returns to shareholders of 198% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹125 per share. Tillkännagivande • Jan 29
Redington Limited to Report Q3, 2024 Results on Feb 06, 2024 Redington Limited announced that they will report Q3, 2024 results on Feb 06, 2024 Tillkännagivande • Nov 08
Redington Limited Appoints K Vijayshyam Acharya as Company Secretary and Compliance Officer Effective December 1, 2023 Redington Limited approved to appoint Mr. K Vijayshyam Acharya (Membership No: A16325) as the Company Secretary and Compliance Officer with effect from December 1, 2023. He was Senior Legal Professional and strategic business partner with global leadership experience over 23 years. Previous Employment: Global Head - Legal & Company Secretary, Quest Global; Director - Legal & Compliance OnMobile Global. Reported Earnings • Nov 07
Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2024 results: EPS: ₹3.88 (down from ₹4.95 in 2Q 2023). Revenue: ₹223.0b (up 17% from 2Q 2023). Net income: ₹3.03b (down 22% from 2Q 2023). Profit margin: 1.4% (down from 2.0% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) exceeded analyst estimates by 6.3%. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Electronic industry in India. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Oct 31
Redington Limited to Report Q2, 2024 Results on Nov 06, 2023 Redington Limited announced that they will report Q2, 2024 results on Nov 06, 2023 Tillkännagivande • Sep 29
Redington Limited Announces Resignation of Mr. M Muthukumarasamy from the Post of Company Secretary and Compliance Officer Redington Limited announced resignation of Mr. M Muthukumarasamy from the post of Company Secretary and Compliance Officer of the Company due to personal reasons. However, he will continue to discharge his duties until the close of business hours on November 30, 2023 to facilitate a smooth transition. Tillkännagivande • Sep 02
Redington Limited Appoints V S Hariharan as Group Chief Executive Officer, Effective September 11, 2023 Redington Limited at its meeting held on September 1, 2023, the board approved the appointment of Mr. V S Hariharan (DIN: 05352003), as Group Chief Executive Officer for a period of 3 years with effect from September 11, 2023 to September 10, 2026. Mr. V S Hariharan brings 25+ years' experience in sales, marketing and general management at the global, regional and national levels in the IT Industry. Mr. Hariharan's career mosaic is made up of a rich tapestry of roles across myriad sectors - from country- specific to global organizations. He has held successful leadership positions at Wipro and Hewlett-Packard, steering the worldwide monochrome laser division, the crown jewel at HP, in retaining market share while reducing costs, quadrupling revenues for the Graphics Solutions Business Asia Pacific while working through small acquired companies, and propelling Asia-wide sales forces post HP-Compaq merger to greater heights, bringing invaluable experience and skills gained from large organisations. His experience across mature and emerging markets, and his entrepreneurial success, offer synergy. Mr. Hariharan's journey underscores his ability to cut through hierarchy, facilitating seamless collaboration that fuels innovation and accelerates profitable growth. Tillkännagivande • Sep 01
Redington Limited Approves the Resignation of Mr. V S Hariharan as Independent Director Redington Limited at its meeting held on September 1, 2023, the board approved the resignation of Mr. V S Hariharan (DIN: 05352003), as the Independent Director of the Company, with effect from close of business hours on September 1, 2023, considering his candidature for the position of Group Chief Executive Officer. Tillkännagivande • Aug 12
Redington Limited Announces Resignation of Rajiv Srivastava as Managing Director Redington Limited announced that the Board of Directors at its meeting held i.e. August 11, 2023 approved and took on record the resignation of Mr. Rajiv Srivastava as the Managing Director of the Company with immediate effect. Mr. Srivastava tendered his resignation due to personal reasons. Mr. Srivastava has been associated with the Company as the Joint Managing Director since April 2, 2021 and as the Managing Director from April 1, 2022. Valuation Update With 7 Day Price Move • Aug 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹154, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 43x in the Electronic industry in India. Total returns to shareholders of 279% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹63.30 per share. Tillkännagivande • Aug 03
Redington Limited Announces Board Changes Redington Limited announced that at its Annual General Meeting of the Members held on July 31, 2023, approved the following: Change in designation of Mr. Tu, Shu Chyuan (DIN: 02336015) as Non-Executive Non-Independent Director; and change in designation of Ms. Chen, Yi-Ju (DIN:08031113) as Non-Executive Non-Independent Director. Price Target Changed • Aug 03
Price target decreased by 7.0% to ₹193 Down from ₹208, the current price target is an average from 5 analysts. New target price is 19% above last closing price of ₹162. Stock is up 16% over the past year. The company is forecast to post earnings per share of ₹15.77 for next year compared to ₹17.82 last year. Tillkännagivande • Jul 25
Redington Limited to Report Q1, 2024 Results on Aug 01, 2023 Redington Limited announced that they will report Q1, 2024 results on Aug 01, 2023 Reported Earnings • Jul 09
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: ₹17.82 (up from ₹16.40 in FY 2022). Revenue: ₹794.4b (up 27% from FY 2022). Net income: ₹13.9b (up 8.8% from FY 2022). Profit margin: 1.8% (down from 2.0% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) missed analyst estimates by 2.8%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Electronic industry in India. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has increased by 60% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 30
Upcoming dividend of ₹7.20 per share at 3.9% yield Eligible shareholders must have bought the stock before 07 July 2023. Payment date: 30 August 2023. Payout ratio is a comfortable 40% but the company is not cash flow positive. Trailing yield: 3.9%. Within top quartile of Indian dividend payers (1.5%). Higher than average of industry peers (1.0%). Reported Earnings • May 17
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: ₹17.82 (up from ₹16.40 in FY 2022). Revenue: ₹795.2b (up 27% from FY 2022). Net income: ₹13.9b (up 8.8% from FY 2022). Profit margin: 1.8% (down from 2.0% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) missed analyst estimates by 2.8%. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Electronic industry in India. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has increased by 59% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 02
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: ₹4.86 (down from ₹4.97 in 3Q 2022). Revenue: ₹217.1b (up 31% from 3Q 2022). Net income: ₹3.80b (down 2.2% from 3Q 2022). Profit margin: 1.7% (down from 2.3% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) also surpassed analyst estimates by 9.2%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electronic industry in Asia. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Nov 23
Price target increased to ₹201 Up from ₹186, the current price target is an average from 6 analysts. New target price is 21% above last closing price of ₹166. Stock is up 16% over the past year. The company is forecast to post earnings per share of ₹18.28 for next year compared to ₹16.40 last year. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 4 highly experienced directors. MD & Director Rajiv Srivastava was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 03
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: ₹4.95 (up from ₹3.93 in 2Q 2022). Revenue: ₹190.8b (up 25% from 2Q 2022). Net income: ₹3.87b (up 26% from 2Q 2022). Profit margin: 2.0% (in line with 2Q 2022). Revenue exceeded analyst estimates by 10%. Earnings per share (EPS) also surpassed analyst estimates by 24%. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Electronic industry in Asia. Over the last 3 years on average, earnings per share has increased by 40% per year whereas the company’s share price has increased by 38% per year. Tillkännagivande • Aug 05
Redington (India) Limited Approves Dividend for the Financial Year Ended March 31, 2022 The board of directors of Redington (India) Limited at its meeting held on May 21, 2022, had recommended a dividend of INR 6.60 per equity share of INR 2 each (i.e., 330% of face value) for the financial year ended March 31, 2022. The same has been approved by the shareholders in the annual general meeting held on July 27, 2022, with a record date as July 15, 2022. Upcoming Dividend • Jul 07
Upcoming dividend of ₹6.60 per share Eligible shareholders must have bought the stock before 14 July 2022. Payment date: 26 August 2022. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 5.1%. Within top quartile of Indian dividend payers (1.8%). Higher than average of industry peers (1.4%). Tillkännagivande • Jun 21
Redington (India) Limited, Annual General Meeting, Jul 27, 2022 Redington (India) Limited, Annual General Meeting, Jul 27, 2022, at 12:30 Indian Standard Time. Buying Opportunity • Jun 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be ₹160, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 35%. For the next 3 years, revenue is forecast to grow by 9.0% per annum. Earnings is also forecast to grow by 4.6% per annum over the same time period. Board Change • Jun 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 4 highly experienced directors. MD & Additional Director Rajiv Srivastava was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • May 25
Price target decreased to ₹191 Down from ₹207, the current price target is an average from 7 analysts. New target price is 42% above last closing price of ₹135. Stock is up 44% over the past year. The company is forecast to post earnings per share of ₹16.44 for next year compared to ₹16.40 last year. Reported Earnings • May 24
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: ₹16.40 (up from ₹9.72 in FY 2021). Revenue: ₹627.3b (up 10.0% from FY 2021). Net income: ₹12.8b (up 69% from FY 2021). Profit margin: 2.0% (up from 1.3% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.1%. Over the next year, revenue is forecast to grow 9.6%, compared to a 21% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has increased by 43% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • May 15
Redington (India) Limited to Report Q4, 2022 Results on May 21, 2022 Redington (India) Limited announced that they will report Q4, 2022 results on May 21, 2022 Tillkännagivande • Mar 30
Redington (India) Limited Announces Executive Changes Redington (India) Limited announced change of DESIGNATION OF MR. RAJIV SRIVASTAVA FROM JOINT MANAGING DIRECTOR TO MANAGING DIRECTOR and MR. RAJ SHANKAR AS VICE CHAIRMAN AND NON- EXECUTIVE DIRECTOR. Reported Earnings • Feb 09
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: ₹4.97 (up from ₹2.44 in 3Q 2021). Revenue: ₹166.2b (down 2.3% from 3Q 2021). Net income: ₹3.88b (up 105% from 3Q 2021). Profit margin: 2.3% (up from 1.1% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 9.3%. Earnings per share (EPS) exceeded analyst estimates by 20%. Over the next year, revenue is forecast to grow 16%, compared to a 20% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 65% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Feb 09
Redington (India) Limited Appoints V. Ravi Shankar as Chief Financial Officer Redington (India) Limited announced appointment V. Ravi Shankar as Chief Financial Officer of the Company with effect from February 8, 2022. Reported Earnings • Nov 10
Second quarter 2022 earnings released: EPS ₹3.93 (vs ₹2.26 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: ₹153.1b (up 11% from 2Q 2021). Net income: ₹3.07b (up 75% from 2Q 2021). Profit margin: 2.0% (up from 1.3% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Aug 13
Price target increased to ₹341 Up from ₹243, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of ₹347. Stock is up 217% over the past year. Reported Earnings • Jul 22
Full year 2021 earnings released: EPS ₹19.44 (vs ₹13.24 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: ₹569.5b (up 11% from FY 2020). Net income: ₹7.56b (up 47% from FY 2020). Profit margin: 1.3% (up from 1.0% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Executive Departure • Jul 14
Non-Executive Nominee Director Udai Dhawan has left the company On the 5th of July, Udai Dhawan's tenure as Non-Executive Nominee Director ended after 4.5 years in the role. We don't have any record of a personal shareholding under Udai's name. Udai is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 1.67 years, which is considered inexperienced in the Simply Wall St Risk Model. Upcoming Dividend • Jul 09
Upcoming dividend of ₹11.60 per share Eligible shareholders must have bought the stock before 16 July 2021. Payment date: 10 September 2021. Trailing yield: 2.4%. Within top quartile of Indian dividend payers (1.5%). Higher than average of industry peers (0.7%). Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improved over the past week After last week's 15% share price gain to ₹306, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 17x in the Electronic industry in Asia. Total returns to shareholders of 181% over the past three years. Recent Insider Transactions • Jul 02
Insider recently sold ₹1.2m worth of stock On the 25th of June, Srinivasan Ramanujachari sold around 4k shares on-market at roughly ₹264 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹6.2m. Insiders have been net sellers, collectively disposing of ₹51m more than they bought in the last 12 months. Recent Insider Transactions • Jun 24
Insider recently sold ₹2.7m worth of stock On the 18th of June, M. Krishnan sold around 10k shares on-market at roughly ₹268 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹6.2m. Insiders have been net sellers, collectively disposing of ₹45m more than they bought in the last 12 months. Recent Insider Transactions • Jun 04
Chief Information Officer recently sold ₹2.0m worth of stock On the 31st of May, Gurbir Bhatia sold around 8k shares on-market at roughly ₹256 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹4.5m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improved over the past week After last week's 28% share price gain to ₹239, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 17x in the Electronic industry in Asia. Total returns to shareholders of 129% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹116 per share. Reported Earnings • May 29
Full year 2021 earnings released: EPS ₹19.44 (vs ₹13.24 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: ₹570.4b (up 11% from FY 2020). Net income: ₹7.56b (up 47% from FY 2020). Profit margin: 1.3% (up from 1.0% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth.