Questions across 5 calls

Priya Rohira

Emkay Global

Redington Limited

Redington Limited CC-Dec24.pdf · 2025-02-06

Yes. Hi. Thanks to the Management on a great execution. Once again, it's been a very decent quarter, if I look at across the geographies with all the verticals showing great performance, especially with respect to the TSG segment, if you could throw some light what we have seen across, both across SISA, ROW, and then boiling down to a 28% growth for Global. What sort of trends you're seeing in the macro market, which is driving this growth? And secondly, does this include the data center services or the data center supplies, which you would be going through? And any color over there would be helpful. My second question is on free cash flows. I do see that because of the inventory, your working capital days have gone down. And since you highlighted that it's going to normalize to 35 to 40 days, do we see that changing in the coming quarters? Yes, these are the 2 questions, and maybe I will just take a follow-on.

Sure. This is very helpful, Mr. Hariharan. Just a small follow -up on that. Would you say that you are more confident at the end of Q3 or the start of CY '25 versus what you were at the start of the quarter, given the vibrancy you're seeing across all the segments?

Redington Limited CC-Sep24.pdf · 2024-10-30

Firstly, congratulations on excellent execution. While you've outlined in terms of the growth and the macro environment with respect to – little more properly and Cloud and AI being the growth drivers, I just wanted to understand the overall trend. If I just look at particularly into India, I do understand overseas has seen uptrend. But if I look at India, the revenue growth was 24 % and the EBITDA growth was 4%. So there's a wide divergence in terms of top line and EBITDA performance. And while you have been making investments, a color on that would be helpful. Now from the point that when do you see it going -- trying to match the top line growth? Second thing is, is this 24% growth which you've seen in India, would this be at one of the peak levels? Or do you see this traction being there given that whatever you would have seen from the festive or the enterprise business segment side?

Redington Limited CC-Jun24.pdf · 2024-08-01

My main question is from the point is when you initially saw a couple of headwinds in a couple of countries being affecting our Q1 and you mentioned that it's going to be transient, are we seeing, especially in India, post this elections come back in terms of conversation on capex dialogues with corporate. I mean especially the B2B segment would have got affected, any color over there would be good? Second thing is in terms of your margin trajectory. I mean a superb execution despite the top line being muted. You have executed very well, sir. If the growth were to kick in, should we go back to 2.4%, 2.5% which has typically been our guided range?

Krishnan, just one follow-up to that. We've seen the inventory days going up and that typically happens when the momentum in the market is good. So is this the reason for building up on the inventory or the expectations that sales would normalize from Q2 onwards?

Redington Limited CC-Mar24.pdf · 2024-05-16

I have more follow-up with respect to the demand environment in India. So while in SISA, if I look, the revenue growth has been 8%. If you could shed some color with respect to which business segments are seeing growth? Secondly, despite the 8% top line gr owth, the gross margin has been at INR 540 crores flat. Was there any accelerated investment which we did in the business?

The gross margin. I mean, it was at INR540 crores flat.

Redington Limited CC-Sep23.pdf · 2023-11-07

My first question relates to the demand environment , we have seen material increase in inflationary, how do you see the acceptance of the product that is one. Second thing is, among the new product introductions are there any products which you think can give supernormal growth in the coming years depending on the feed you’ve seen in the market. And the third is, if you could share some outlook on the margin side, like we have seen a little bit polarity in the recent quarters primarily because of investments we would have done but any color over there would be helpful.

Just a follow on, the gross margin I do understand is a function of the vendor, how much they partake, and also the demand environment, can we get a more color from the EBITDA margin perspective, depending on the investment you would have envisaged or any new products which are in the pipeline for which you think selling and marketing would see.