Latest News | SIS Reports Rs 68 Cr Profit in Q2

New Delhi, Oct 27 (PTI) Security and Intelligence Services (India) Ltd (SIS) on Wednesday reported a consolidated net profit of Rs 68.4 crore for the quarter ending September.

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The cash logistics services and security firm had reported a consolidated profit after tax of Rs 108.1 crore in the corresponding quarter of the previous year.

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The company's revenue rose by 12.7 per cent to Rs 2,430.9 crore compared to Rs 2,157.9 crore in the same quarter a year ago, the company said in a regulatory filing.

With regard to Cash Logistics segment, the filing said it has witnessed a 17.7 per cent revenue growth on annual basis on the back of good wins with banks and increased deployment in the cash processing business.

There are tariff hikes with an increasing number of banks and slow and steady rollout of the RBI and the Ministry of Home Affairs norms and the margins have increased despite a steep increase in the fuel rates, due to strong operational improvements and productivity gains.

During the quarter, it said, the number of employees in all businesses showed a significant increase.

With revenues continuing to increase and back to pre-COVID levels for all eligible business units, the economic situation is expected to improve through the year.

"With significant wins being reported by all businesses for deployment in the next quarter, we are confident that we will end the financial year with a net increase in the number of employees in the current year," SIS Group managing director Rituraj Kishore Sinha said.

Service volumes are witnessing an uptick with strong recovery in the economy, he said.

"Coupled with an encouraging order pipeline for Q3, SIS is looking at a Rs 10,000 crore annual revenue runrate. Full vaccination of 84 per cent of our workforce has emboldened us to go back to growth mode in full steam,” he added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)