SIS Q1 net profit up 39% at Rs 83 crore

SIS Ltd has reported a 39 per cent rise in net profit to Rs 83 crore for the first quarter ended June 30, aided by higher revenue.

The company had posted a net profit of Rs 60 crore in the April-June quarter of the preceding fiscal.

Its revenue for the quarter increased by 13 per cent to Rs 2,678.2 crore from Rs 2,379.3 crore a year ago, a USD 1.3 billion multinational firm in security, facility management and cash logistics solutions said in a statement on July 28.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) or operating profit remained flat at Rs 121 crore as of June 30 this fiscal. SIS managing director Rituraj Sinha said, "Our Q1 FY23 results illustrate the predictability of our business model as an essential services business, which continues to grow at a healthy rate, with the economy growing post-pandemic".

The cash logistics segment continues its strong revenue growth of 46 per cent over the same quarter of the previous fiscal, driven by new wins in door-step banking and cash in transit business, it said.