CHENNAI: Indian technology products retailer Redington on Tuesday reported a 10% drop in third-quarter profit amid weaker demand for electronic products from individuals and businesses.
Sustained inflation is eroding household and business budgets around the world, prompting consumers to cut spending on newer models of equipment such as laptops and personal computers.
The Apple and Samsung gadget distributor said its consolidated profit for the third quarter ended Dec. 31 fell to 3.41 billion rupees ($41.1 million), according to an exchange filing.
Operating revenue rose 8% to 235.05 billion rupees, the slowest growth rate and the first single-digit increase in two years. Total expenses increased by 9%, further weighing on profits.
Reddington, who works with more than 300 brands including Dell and Microsoft, previously said challenges include inflation, rising interest rates and weaker currencies in certain countries.
Shares of the Chennai, Tamil Nadu-based company closed 2% higher ahead of the earnings release.
