SIS Ltds Profit Soars by 16.5% in Q3 2023: Key Highlights

SIS Ltd, a leading Indian multinational and essential services provider, announced a 16.5% surge in its profit after tax (PAT) to Rs 79 crore for the third quarter (Q3) that ended in December 2023. The company, which operates in facility management, security, and cash logistics, had recorded an adjusted PAT of Rs 68 crore during the corresponding quarter of the previous fiscal year.

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Revenue Growth and Cash Logistics Segment

SIS Ltd reported a 6% revenue growth, with its revenue rising from Rs 2,904 crore in Q3 FY23 to Rs 3,073 crore in Q3 FY24. The cash logistics segment continued to drive revenue growth, posting a robust 13.7% increase over Q3 FY23. This growth was primarily attributed to new wins in the cash in transit (CIT) business.

Exploring Options for SIS Cash Services JV

The company announced that the joint venture partners in SIS Cash Services Private Ltd (SIS Cash) have mutually agreed to explore options to unlock the value of the JV business. This exploration will consider all viable options and structures, and the board has authorized the management to appoint necessary intermediaries and advisors to facilitate this process.

Reappointment of Ravindra Kishore Sinha

In addition, the board of SIS Ltd approved the reappointment of Ravindra Kishore Sinha as the executive director and chairman of the company for a five-year term, effective May 15, 2024. This reappointment is subject to the approval of the shareholders.

SIS Ltd's strong performance in Q3 FY24 reflects the company's resilience and growth potential in the facility management, security, and cash logistics sectors. The exploration of options for the SIS Cash Services JV and the reappointment of Ravindra Kishore Sinha demonstrate the company's commitment to unlocking value and ensuring continued leadership in the industry.