Redington India is currently the top gainer on the BSE, rising almost 18.5% to Rs.111.40, not too far from its 20% UC of the day at Rs.112.90. Volumes are up almost 6.5 times.
The stock has surged despite the 19% (YoY) decline in net profit at Rs.89 crore on a 8% decreased total revenue at Rs.11687 crore. The company, in Q4FY20 had posted a net profit of Rs.177 crore.
EBITDA was down 6% at Rs.230 crore.
In terms of revenue break-up - India revenue degrew by 17% while exports fell 4%.
Brokerage houses have given a ‘buy’ call post these earnings on the back of its improvement in ProConnect (PCS) business. Though PCS degrew revenues by 30%, it delivered EBITDA of Rs.5 crore but generated loss at PAT level on account of high interest cost.