SIS Q3 Results Review - Robust Execution; Improving Outlook To Support Growth: Axis Securities

Axis Securities Report

In Q3 FY23, SIS Ltd. reported strong growth with revenue at Rs 2,904 crore, registering a growth of 4.9% QoQ. Consolidated Ebitda for the quarter grew by 15.1% QoQ to Rs 126 crore, owing to the rebound of international business.

The company reported a net income of Rs 103 crore, up 62.9% QoQ. Security services in India exhibited a robust growth of 13.7% QoQ, driven by the rising demand for security guards and mandatory checkups.

From a long-term perspective, we believe SIS is sorting out client-specific engagement in the verticals such as International business. However, rising concerns over the prospects of large economies along with prevailing business and demographic constraints pose uncertainties over the company’s short-term growth rates.

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