CHENNAI: Indian technology products distributor Redington reported a 10% decline in third-quarter profit on Tuesday, amid waning demand for electronic goods from individuals and businesses.
Persistent inflation has eroded household and corporate budgets globally, prompting consumers to cut back spending on newer models of gadgets, including laptops and personal computers.
The Apple and Samsung gadgets distributor said consolidated profit dropped to 3.41 billion rupees ($41.1 million) for the third quarter ended Dec. 31, according to an exchange filing.
Revenue from operations rose 8% to 235.05 billion rupees, marking its slowest growth and the first single-digit increase in two years. Total expenses climbed 9%, further eating into its earnings.
Redington, which has partnered with over 300 brands including Dell and Microsoft, had earlier said that elevated inflation and interest rates, as well as weaker currencies in certain countries pose challenges.
Shares of the Chennai, Tamil Nadu-based company closed 2% higher ahead of the results.
