Security and Intelligence Services (SIS) has reported a marginal increase in net profit at Rs 101 crore for the third quarter ended December 2021. The company, which is into facility management, security and cash logistics, had posted a net profit of Rs 99 crore in the corresponding quarter of 2020-21. On a sequential basis, net profit rose 47 per cent from Rs 68 crore posted in the quarter ended September 2021, SIS said in a statement.
Its revenue for the period under review increased over 10 per cent to Rs 2,600.8 crore as compared with Rs 2,357.5 crore in the corresponding period a year ago, it said. SIS group Managing Director Rituraj Sinha said Q3FY22 was a record quarter for the company with its highest ever revenue at Rs 2,601 crore and reported profit after tax at Rs 101 crore for the quarter.
For the India security business, revenue during the quarter rose to Rs 995 crore, which is the highest in our history and indicates a strong growth revival over the past few months, he said. The international security business fetched Rs 1,247 crore, he added.
The cash logistics segment continues its strong revenue growth with all service lines performing well and the segment had a 15 per cent revenue growth on the back of major wins with banks, increased deployment in the cash processing business and introduction of new products, he said. On the outlook, Sinha said the Union Budget 2022-23 signals strong addressable market expansion for SIS.
“Every new public infrastructure from metro to highways, multimodal logistics parks to railways expansion and airports, is a buyer for security services, electronic security hardware and software and facility management services.
Such services are commissioned in the pre construction ground breaking phase itself and the scope of work continues to expand as the public utility infrastructure is operationalised,” he said. The management believes that the continuing impetus on capex spending-led growth shall provide strong tailwinds for SIS to accomplish its Vision 2025 goals, he said.
