SIS Q4 Review - Compelling Valuations; Rerating To Follow Growth In FY22: Motilal Oswal
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SIS Q4 Review - Compelling Valuations; Rerating To Follow Growth In FY22: Motilal Oswal

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 a mixed Q4 performance, with strong growth of 10.7% year-on-year (led by the International business), compensated by weaker-than expected margins (down 120 basis point quarter-on-quarter) – on account of:

  1. An increase in selling general and administrative expenses (growth expectation pre-second wave).

  2. A one-time gratuity accounting impact.

While the increase in virus cases and accompanying restrictions would impact business recovery in FY22, the company’s March growth (up 15% YoY) should reassure investors of its ability to weather the impact on business owing to its business and geographical diversification.

Click on the attachment to read the full report:

Motilal Oswal SIS Q4FY21 Result Update.pdf

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