Promoter Harrow Investment Holding Ltd exited the company by selling its shares on July 5 and July 6
LATEST NEWS : Redington (India), a supply chain solutions provider for information technology (IT) and non-IT products and a major distributor of Apple products in the country, has said that growth in the non-Apple smartphone distribution business has started contributing to its mobility business significantly.
Harrow Investment Holding Ltd, the promoter of the company, has exited from the company by selling its shares on July 5 and 6 through the open market. The company is also in the process of diversifying into new businesses such as solar energy and health & medical equipment.
The non-IT products business, which includes the mobility services, has seen a considerable pickup in the share of its business in the past. Close to 30 per cent of the company’s revenue, which was at Rs 15,480 crore on a standalone basis in 2016-17, has been from the mobility and services portfolios, said the company.
The company has delivered a strong shift towards the non-IT or mobility segment, with the segment’s contribution growing from 18 per cent of the total business in FY2011 to 27 per cent of the total business in FY2017, said a report by Axis Direct in June 2017.
The key growth drivers in the core distribution business of the company include increased enterprise spending on IT infrastructure, the government’s IT spending, increasing PC and internet penetration, additions of new brands in the smartphone segments, among others, it added.
In the mobility vertical, the company continued to derive value through the Apple business, both in India and the overseas markets, said Raj Shankar, managing director of Redington (India) Ltd while addressing shareholders in the company’s annual report.