BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Security and Intelligence Services Ltd. reported in-line revenues accompanied by weaker margins (Ebitda margin of 5.1% versus our estimate of 5.5%) and lower other income, resulting in profit after tax falling short of our estimate by 14.6% to Rs 684 million.
The order book for the quarter was strong which will aid SIS’ growth in the near-term, and a margin recovery is likely in the coming quarters.
Management has an upbeat outlook on the overall demand. The growth momentum in the India security and facilities management business is expected to pick up further, thereby compensating for the relatively modest growth in the International business.
Its strong order book, increasing pipeline, and longer term tailwinds from sector consolidation will help SIS deliver 13% revenue compound annual growth rate for FY21-23E.
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