Is Redington a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Redington Ltd is a average quality company .

Is Redington undervalued or overvalued?

The key valuation ratios of Redington Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone .

What is Redington share price return in the past 10 years?

Redington Ltd share price has appreciated 15.8% annually (CAGR) over the past ten years.

Is Redington a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Redington Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

Redington Ltd - Stock Valuation and Financial Performance

Name: Redington
Brand: Redington

BSE: 532805 | NSE: REDINGTON | Trading | Small Cap

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Redington Share Price

₹212.70 2.50 1.19%
as on 26-Jul'24 16:01

10 Year X-Ray of Redington:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Standalone Basis ^P Consolidated Basis ^P

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Value Creation ⓘ

Value Creation Index Colour Code Guide ⓘ

	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	TTM
ROCE % ⓘ	13.6%	13.5%	13.4%	11.2%	10.5%	21.3%	11.9%	41.3%	31.3%	24.1%	-
Value Creation Index ⓘ	0.0	0.0	0.0	-0.2	-0.3	0.5	-0.1	2.1	1.3	0.8	-
Growth Parameters ⓘ Growth Parameters Colour Code Guide ⓘ
Sales ⓘ	12,021	12,638	15,759	14,844	16,851	18,633	22,721	27,019	35,341	41,228	41,228
Sales YoY Gr.	-	5.1%	24.7%	-5.8%	13.5%	10.6%	21.9%	18.9%	30.8%	16.7%	-
Adj EPS ⓘ	2.2	2.3	2.9	2.5	2	6.3	3.4	12.1	13.8	13.5	13.8
YoY Gr.	-	8.3%	23.5%	-14.9%	-18.3%	214.9%	-45.8%	252.8%	13.6%	-1.9%	-
BVPS (₹) ⓘ	17	19.2	20.1	21.1	20.3	22.9	26.2	32.6	39.7	46.4	46.4
Adj Net Profit ⓘ	173	187	231	197	157	493	267	946	1,074	1,055	1,081
Cash Flow from Ops. ⓘ	195	29.2	96.1	142	323	240	870	670	-2,087	272	-
Debt/CF from Ops. ⓘ	1.5	16.4	7.4	5.4	2.6	4.9	0	0	-0.8	5.9	-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

	9 Years	5 Years	3 Years	1 Years
Sales ⓘ	14.7%	19.6%	22%	16.7%
Adj EPS ⓘ	22.6%	46.3%	57.9%	-1.9%
BVPSⓘ	11.8%	17.9%	21%	16.8%
Share Price	15.8%	31.6%	10.2%	16.7%

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	TTM
Return on Equity % ⓘ	13.2	12.9	14.7	11.9	9.5	28.9	13.8	41	38	31.4	29.8
Op. Profit Mgn % ⓘ	2.4	2.6	2.5	2.4	2	2.2	2.2	2.4	2.4	2.5	2.4
Net Profit Mgn % ⓘ	1.4	1.5	1.5	1.3	0.9	2.6	1.2	3.5	3	2.6	2.6
Debt to Equity ⓘ	0.2	0.3	0.4	0.5	0.5	0.7	0	0	0.5	0.4	0
Working Cap Days ⓘ	80	89	82	93	88	86	71	72	78	83	45
Cash Conv. Cycle ⓘ	29	34	32	37	34	29	21	13	23	33	10

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 21.97%

Net Profit is growing at healthy rate in last 3 years 57.85%

Sales growth is good in last 4 quarters at 17.22%

Return on Equity has declined versus last 3 years average to 29.80%

Latest Financials - Redington Ltd.

	Standalone	Consolidated
TTM EPS (₹)	13.8	15.6
TTM Sales (₹ Cr.)	41,228	89,346
BVPS (₹.) ⓘ	46.4	96.6
Reserves (₹ Cr.) ⓘ	3,468	7,392
P/BV ⓘ	4.58	2.20
PE ⓘ	15.37	13.64

From the Market
52 Week Low / High (₹)	136.25 / 237.30
All Time Low / High (₹)	8.01 / 237.30
Market Cap (₹ Cr.)	16,617
Equity (₹ Cr.)	156.4
Face Value (₹)	2
Industry PE ⓘ	74.5

Management X-Ray of Redington:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged ^*

0.00

* Pledged shares as % of Promoter's holding (%)

Valuation of Redington

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Price to Earnings

Enterprise Value to EBIT

Price to Book-Value

Price to Sales

Dividend History

Analyst's Notes

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Key Ratios of Redington

Standalone Basis Consolidated Basis

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)

Standalone Basis Consolidated Basis

PARTICULARS	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24
Sales	12,021	12,638	15,759	14,844	16,851	18,633	22,721	27,019	35,341	41,228
Operating Expenses ⓘ	11,729	12,308	15,395	14,504	16,529	18,236	22,250	26,386	34,483	40,208
Manufacturing Costs	6	7	10	7	7	8	9	4	36	40
Material Costs	11,383	11,959	14,952	14,063	16,063	17,874	21,863	25,894	33,848	39,533
Employee Cost	80	94	118	132	139	144	152	172	232	255
Other Costs ⓘ	261	249	315	302	321	210	226	316	367	380
Operating Profit ⓘ	292	330	364	341	323	396	471	633	859	1,020
Operating Profit Margin (%)	2.4%	2.6%	2.3%	2.3%	1.9%	2.1%	2.1%	2.3%	2.4%	2.5%
Other Income ⓘ	61	52	46	46	58	374	71	512	542	529
Interest ⓘ	70	86	86	101	143	118	46	11	98	209
Depreciation ⓘ	11	10	12	14	12	26	28	30	26	36
Exceptional Items ⓘ	0	0	0	0	0	0	0	0	0	0
Profit Before Tax ⓘ	273	285	313	271	226	626	468	1,104	1,276	1,303
Tax ⓘ	91	97	105	87	74	136	204	169	204	222
Profit After Tax	182	189	208	184	152	490	263	935	1,072	1,081
PAT Margin (%)	1.5%	1.5%	1.3%	1.2%	0.9%	2.6%	1.2%	3.5%	3.0%	2.6%
Adjusted EPS (₹)	2.3	2.4	2.6	2.3	2.0	6.3	3.4	12.0	13.7	13.8
Dividend Payout Ratio (%)	42%	44%	83%	52%	84%	34%	171%	55%	53%	45%

Balance Sheet

(All Figures are in Crores.)

Standalone Basis Consolidated Basis

PARTICULARS	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24
Equity and Liabilities
Shareholders Fund	1,361	1,538	1,610	1,685	1,582	1,780	2,037	2,545	3,103	3,624
Share Capital ⓘ	80	80	80	80	78	78	78	156	156	156
Reserves ⓘ	1,281	1,458	1,530	1,605	1,505	1,703	1,959	2,388	2,947	3,468
Minority Interest	0	0	0	0	0	0	0	0	0	0
Debt	284	478	707	766	831	1,172	1	0	1,642	1,595
Long Term Debt	0	0	0	0	1	0	0	0	0	0
Short Term Debt	284	478	707	766	830	1,172	1	0	1,642	1,595
Trade Payables	1,078	1,663	1,984	1,660	2,387	2,303	2,746	4,854	4,466	5,104
Others Liabilities ⓘ	865	316	325	415	464	527	678	619	788	674
Total Liabilities ⓘ	3,587	3,995	4,626	4,525	5,264	5,783	5,462	8,018	9,999	10,997
Fixed Assets
Gross Block	151	101	118	125	128	135	140	148	252	279
Accumulated Depreciation	55	10	21	34	43	47	69	88	80	101
Net Fixed Assetsⓘ	96	91	97	92	85	88	71	60	172	178
CWIP ⓘ	4	14	1	15	33	0	0	85	10	4
Investmentsⓘ	546	594	603	605	638	645	640	668	750	750
Inventories	835	1,487	1,566	1,089	1,533	1,118	1,061	1,851	2,522	2,498
Trade Receivables	1,268	1,458	1,980	2,218	2,381	2,806	2,814	3,861	5,590	6,657
Cash Equivalents	29	50	77	120	121	618	304	876	190	139
Others Assetsⓘ	809	301	303	386	472	509	572	617	765	770
Total Assets ⓘ	3,587	3,995	4,626	4,525	5,264	5,783	5,462	8,018	9,999	10,997

Cash Flow

(All Figures are in Crores.)

Standalone Basis Consolidated Basis

PARTICULARS	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24
Cash Flow From Operating Activity ⓘ	195	29	96	142	323	240	870	670	-2,087	272
PBT ⓘ	273	285	313	271	226	626	468	1,104	1,276	1,303
Adjustment ⓘ	59	76	81	101	152	-176	35	-389	-369	-218
Changes in Working Capital ⓘ	-81	-212	-190	-139	74	-95	521	127	-2818	-497
Tax Paid ⓘ	-56	-120	-108	-91	-128	-116	-154	-172	-176	-317
Cash Flow From Investing Activity ⓘ	-70	-54	-20	61	-28	349	33	367	351	471
Capex	17	-14	-21	14	-31	-31	-4	-91	-60	58
Net Investments	0	0	-5	6	0	0	0	0	0	0
Others ⓘ	-87	-40	7	41	3	380	36	459	411	414
Cash Flow From Financing Activityⓘ	-194	48	-88	-90	-296	-88	-1,217	-468	1,048	-791
Net Proceeds from Shares ⓘ	1	1	0	3	0	0	0	0	0	0
Net Proceeds from Borrowing ⓘ	0	0	0	0	2	-2	0	0	0	0
Interest Paid ⓘ	-79	-81	-81	-96	-121	-103	-44	-6	-71	-177
Dividend Paid ⓘ	-41	-90	-194	-106	-96	-296	0	-453	-516	-563
Others ⓘ	-75	219	187	110	-81	313	-1,173	-10	1,635	-52
Net Cash Flow ⓘ	-69	24	-12	113	-1	501	-314	570	-688	-48

Finance Ratio

Standalone Basis Consolidated Basis

PARTICULARS	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24
Ratios
ROE (%)	13.85	13.02	13.24	11.17	9.31	29.12	13.8	40.82	37.96	32.15
ROCE (%)	20.95	20.32	18.4	15.61	15.07	27.52	20.38	48.3	37.66	30.35
Asset Turnover Ratio	3.64	3.33	3.66	3.24	3.44	3.37	4.04	4.01	3.92	3.93
PAT to CFO Conversion(x)	1.07	0.15	0.46	0.77	2.13	0.49	3.31	0.72	-1.95	0.25
Working Capital Days
Receivable Days	38	39	40	52	50	51	45	45	49	54
Inventory Days	25	34	35	33	28	26	18	20	23	22
Payable Days	35	42	45	47	46	48	42	54	50	44

Redington Ltd Stock News

Redington Ltd FAQs

What is the share price of Redington?

Company share prices are keep on changing according to the market conditions. The closing price of Redington on 26-Jul-2024 16:01 is ₹212.7.

What is the market cap of Redington?

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 26-Jul-2024 16:01 the market cap of Redington stood at ₹16,616.6.

What is the P/E ratio of Redington?

The latest P/E ratio of Redington as of 26-Jul-2024 16:01 is 15.37.

What is the P/B ratio of Redington?

The latest P/B ratio of Redington as of 26-Jul-2024 16:01 is 4.58.

What is the 52-week high and low of Redington?

The 52-week high of Redington is ₹237.3 and the 52-week low is ₹136.2.

What is the TTM revenue of Redington?

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Redington is ₹41,228 ( Cr.) .

About Redington Ltd

Established in 1993, Redington has traversed an eventful and exciting journey to evolve from very humble beginnings into the company. The incredible journey has seen the company emerges from one brand, one product category, and one market into a billions of distribution and supply chain solutions provider to over many international brands in IT and Mobility spaces, serving various emerging markets. Redington (India) Limited is a public limited Company domiciled in India, incorporated under the provisions of the Companies Act, 1956. The company’s equity shares are listed on the bourses of BSE Limited and National Stock Exchange of India (NSE) Limited.

Redington is a leading distributor of technology & communication products and provider of services and solutions across various emerging markets. The company’s offerings include PC, Notebooks, Tablets, Printing Solutions, Servers, Storage, Software, Networking Solutions, Security Solutions, Smart Phones and Cloud.

Besides India and Turkey, its operations span across markets in South Asia, the Middle East and Africa. As a premier distributor for many global technology vendors, it leveraged a powerful network of thousands of channel partners.

Through two wholly-owned subsidiary companies, it also operates in the field of Third-party Logistics & Supply Chain Solutions and in the field of Repair and Maintenance of Technology Products & Infrastructure. These adjacencies allow the company to widen its coverage of technology distribution value chain.

Today, new-age technologies like Artificial Intelligence (AI), Robotics, Big Data and Analytics, Internet of Things (IoT), and 5G communications are opening new possibilities and new opportunities for tomorrow.

Business area of the company

The company is engaged in the business of distribution of information technology, mobility and other technology products besides supply chain solutions. The company has an operating branch in Singapore. The Company, its subsidiaries and associate operates in India, Middle East, Turkey, Africa, and South Asian countries.

Awards

FY2016-17

IBM -Best Value Added Distributor for IBM software subscription and support Business
IBM- Asia Pacific IBM 2017 choice award for Top Value Added Distributor
Oracle- Iaas/Paas Cloud Transformation Partner of the year
Microsoft Volume Licensing Business- Best Distributor of the year 2016
Palo Alto Networks- Best Distributor of the year 2016 - APAC
SonicWall- Business Excellence award for distributor of the year 2015 -16
Schneider Electric-Top Distributor in India
Aruba- Top Distributor in India
Lenovo- Best Premium and Mainstream performance award Q2 2016
Lenovo- Best TI partner for premium and mainstream models
Lenovo- Best TI Partner in the Data Centre Group Category 2016-17
Quest- Best Distributor of the year 2016
HP Indigo- Winner - Supplies excellence 2016
HP Indigo- No. 1 world Wide with Press SW Upgrade
Autodesk- FY 17 VAD Growth Award for India Region
Autodesk- FY17 Best Partner Marketing
Service Tax top assessee award in Chennai Commissionerate III (FY 2016-17)

FY2017-18

Dell EMC - Best Distributor Award
HP - Best MOQ Distributor of the Year
HP - Best Commercial Print Distributor of the Year
HP - Best Distributor - BNB MOQ 2017
HP - Best Distributor - AMD
Notebooks Growth 2017 HP - Best Distributor - (BNB & Desktop) - MOQ 2017
HP Enterprise - Winner - Representation of Digital Strategy
HP Enterprise - Best Distributor FY17-18 - Attach Services
HP Indigo - No. 1 World-Wide Channel Press Software Upgrade
HP Indigo - Winner - Service Excellence 2017
HP Indigo - Special Recognition - Service Operational Excellence 2017
HP Indigo - Special Recognition - Installed Base Excellence 2017
HP Indigo - Special Recognition -
Market Development Excellence 2017
HP Indigo - Outstanding Contribution to World Wide HP Indigo Service Channel Partner Community Lenovo - Exemplary award for premium category contribution - Partner meet 2017
Lifesize - APAC Distribution Growth Award 2017
McAfee - Best Distributor in India Oracle - Excellence Award - PAAS &
IAAS cloud transformation of the Year
Oracle - VAD Cloud Innovation and Best Practice
Palo Alto Networks - Best Distributor India FY 2017
Palo Alto Networks - Best Distributor - SAARC FY 2017
Sophos - Distributor of the Year (India) 2016-2017
VMWare - Best Distributor Award

FY2019-20

HP - Best National Distributor (Printing Systems) -2019
HP - Best Distributor (Premium Notebook, Consumer PC) - 2019
HP - Best Distributor IPS (Print & Supplies) - 2019
Dell Technologies - Excellence in Digital Marketing - 2019
Dell Technologies - Distributor of the Year - 2019
Autodesk - Operation Excellence Award - 2019
AWS - WWPS (India) APN Distribution Partner of the Year - 2019
ESRI - Most Valuable Partner - 2019
Lenovo - Highest growth Distributor for Thin & Light Laptops - 2019
PTC - Marketing Excellence Award - 2019
Sophos - Best Distributor - 2019

History and milestones

1993: Acquired the Indian branch of Redington Pte. Limited Singapore
1993: Commenced IT distribution operations, branch Operations in Western and Southern India and Distributions of HP’s IT Products
1994: Distribution of Epson and Tripp Lite IT products and Samsung monitors, started service operations for IT products and operations in Northern India
1995: Began operations in Eastern India; Distribution of Compaq and Philips products
1996: Distribution of Intel products
1997: Tied up with Microsoft for distribution of software products
1998: Tied up with IBM APC and Canon for distribution of their products
1999: The setup of a subsidiary, Redington Gulf FZE, for Middle East and African Markets
1999: Installation of ERP John Brown and Associate (JBA) for Distribution
2000: Moved into value added distribution space
2002: Commenced call centre operations for servicing Compaq’s Presario range of products
2003: Commenced distribution and servicing of Motorola mobile phones
2004: Acquired Redington Gulf FZE
2005: Acquired Redington Distribution Pte. Ltd. & Cadensworth India Ltd
2005: Ventured into non IT and consumer durables
2006: ChrysCapital, a well-known private equity fund, acquired 11 percent stake through their investment company Beethoven Limited, Mauritius
2007: Shares Listed on BSE and NSE
2007: Commenced distribution of Apple products
2007: Set Up of High level repair centres in Chennai
2008: Ranked 55th top global tech company & 3rd for total return to shareholders
2008: Acquired Easyaccess Financial Services
2008: Started Blackberry distribution
2009: Automated distribution centres become operational in Chennai
2009: made foray in 3PL/4PL services
2010: TUV NORD awarded ISO 9001:2008 certification
2010: TUV SUO Management Services Gmbh awarded ISO 9001: 2008 Certification
2011: Standard Charted Private Equity acquired 11.99% stake in Redington (India)
2011: Entered into strategic relationship with EMC for Distribution of their storage products through Cadensworth
2012: Consolidated their shareholdings in its MEA operations
2012: Started carrying out supply chain management business
2013: Acquisition of 51% stake in Adeo IT Consulting services, Turkey
2014: Divestment of entire stake in Easyaccess Financial Services
2014: hiving of Support Services Division to ensure Support Services Limited
2015: Invested in LinkPlus, a leading Oracle distributor in Turkey, having total stake of 80%
2015: Launched the RedCloud portal
2016: Merger of Nook Micro Distribution Limited with the company
2017: Merger of Wholly owned Subsidiaries Cadensworth (India) Limited with the company
2018: Redington evolved from promoter let to a broad-government and professionally managed entity
2018: Redington launched new logo
2018: Redington entered into 25th years of opeartions
2019: Redington lists commercial papers on the bourses
2019: SEBI’s approval for being classified as Listed Entity with no promoters
2020: Auroma Logistics becomes wholly owned subsidiary of ProConnect India
2020: Divestment of Ensure Support Services India, Wholly owned Subsidiary of Redington