May 19 (Reuters) - Redington, a distributor
for Apple ( AAPL ) in India, reported an increase in adjusted
quarterly profit, driven by higher demand for cloud services and
automation.
The Chennai, Tamil Nadu-based company reported a profit
before exceptional items and tax of 5.22 billion rupees ($61.14
million) for the fourth-quarter ended March 31, compared to 3.81
billion rupees last year.
It recorded a one-time gain worth 6.26 billion rupees from
divestment of its Turkey-based unit Paynet.
Redington primarily generates revenue from the sale of
smartphones, computers, and other hardware products.
However, its cloud and automation businesses saw the
fastest growth on back of increased adoption of the technology.
About 50% of total IT spending globally is now
cloud-related and it is projected to increase to 58% by 2027,
according to research firm Gartner.
Redington's revenue from operations rose nearly 18% to
264.40 billion rupees, driven by deeper penetration in the South
Asian markets and expansion in African markets.
Revenue from Singapore, India and the rest of South Asia,
which account for nearly half of the company's business,
increased by 25%.
($1 = 85.3730 Indian rupees)