Redington India slumps as QoQ sours

Redington India is currently the top loser on the BSE. The company calls itself as a “supply chain provider worldwide” to over 100 leading manufacturers of information technology, telecom, lifestyle and consumer electronics products.  It has posted  a set of good numbers for Q1FY16. But the reason why the price has slumped is because QoQ, the net profit has shown an over 33% fall.

It had reported a 5% (YoY) jump in consolidated net profit at Rs.81 crore for the first quarter ended June 30, 2015. This was on a 6% increase in total income at Rs.7570 crore.

The company had ended FY15 with a net profit of Rs.386 crore and total income of Rs.31,555 crore.

The market is not too enthused with the performance and the stock price is down over 4.5% at Rs.112 with an intra day low of Rs.110.50. Volumes also remain muted