What should investors do with this multibagger product distribution company?
The company's net profit stood at Rs 480 crore, a sharp rise of 69 per cent YoY from the corresponding period last year.
The global disruption of supply chain last year has impacted the manufacturing cost and raw material shortages in leading sectors. The need for supply chain solution amid innovation and state-of-the-art technology adoption is necessary to counter macro headwinds and economic uncertainty. The company that been successfully managed to cater such problems and remains committed to a seamless flow of products and services has been growing investors’ attraction in recent times. We are talking about Redington Limited.
Redington Limited is a leading IT technology solutions provider across Information Technology, Mobility, Telecom, Cloud, Lifestyle and Solar verticals. With over 290 brand associations and 39,500+ channel partners, it is transforming the distribution and supply chain ecosystem through synergy between innovation and technology adoption.
In the first trading session of the year 2023, the stock of Redington Limited (NSE Code - REDINGTON) has fresh buying interest as it soared about 4 per cent supported by massive volumes. It trades above all its key moving averages and indicate bullishness across all timeframes. The MACD is about to indicate a bullish signal. The 14-day RSI (57.70) shows rising strength in the stock. Overall, the stock is technically bullish and is expected to see strong buying attraction in times to come.
In its recent Quarterly Results, the company reported 24.60 per cent YoY jump in revenue in September 2022 while net profit stood at Rs 480 crore, a sharp rise of 69 per cent YoY from the corresponding period last year. The company remains optimistic regarding growth and robust demand in next fiscal year.
In the past 3 years, the stock has generated over 220 per cent returns to its shareholders, making it a proven multibagger. On Monday, REDINGTON has hit the day’s high at Rs 189.30 level on NSE. Long-term investors should keep a close watch over this stock in upcoming trading sessions.