May 23, 2019 / 5:25 AM / 2 months ago

CORRECTED-BUZZ-Apple India distributor Redington rises on higher wallet share

(Corrects fourth bullet to say Q4 revenue up 16%, not 6%)

** Redington India’s shares are up 8.8% at 101 rupees, their biggest percentage gain since April 30

** India business is likely to grow more than overseas, primarily led by benefits from higher wallet share from its largest vendor - Investec Securities

** Apple Inc cut the number of distributors in the country to two from five last year, sticking with Redington and Ingram Micro

** Redington Q4 revenue is up 16%, while revenue from India business is up 24%

** India business margins are 100 bps higher than elsewhere, implies higher EBITDA vs rev growth - Investec

** The stock is up 4.7% this year, as of last close (Reporting by Nivedita Bhattacharjee)

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