ICICI Securities: SIS India Executes Steady Quarter In A Challenging Environment
The SIS Group is a leading provider of security services both in India and Australia with diverse solutions across the security spectrum. (Image Courtesy Company Website)

ICICI Securities: SIS India Executes Steady Quarter In A Challenging Environment

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ICICI Securities Report

Security and Intelligence Services India Ltd. has reported a revenue decline of 1.9% QoQ with Indian Security business and facility management declining 7.2% and 14.6%, sequentially, primarily due to volume reduction within retail, entertainment and hospitality clients.

International business grew 3.5% QoQ in constant currency (CC) terms. SIS, being an essential service provider, faced minimal interruption in its business in terms of supply-side issues (within India Security Services business, 98% of headcount was available).

The Company also provided Rs 540 million in provisioning for doubtful debts and credit notes. Gross margins were broadly stable across segments.

SIS believes the current tough environment provides a ripe opportunity to gain market share both in terms of organic (as customers prefer high quality vendors) and inorganic means (consolidation of vendors), suggesting a significant headroom for growth.

Click on the attachment to read the full report:

ICICI Securities SIS Q1FY21 Results Update.pdf

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