Security and Intelligence Services (India) Ltd (SIS) Group on Thursday reported a 48.5 percent jump in net profit to Rs 107.4 crore for the quarter ended March, despite tough conditions due to COVID-19 pandemic. The company, which is also into cash logistic business, had earned a profit of Rs 72.4 crore in the corresponding January-March quarter of the previous fiscal.
Revenue for the quarter increased by 13 percent at Rs 2,209.7 crore as against Rs 1,954.9 crore in the same period a year ago, the company said in a statement.
The operating profit of the company during the quarter rose 21 percent to Rs 138.5 crore as against Rs 114.8 crore in the same period a year ago.
The company ended the quarter with a monthly run rate of Rs 728 crore in March 2020 as against Rs 644 crore in the same month of 2019, it said.
Over the last 12 quarters, since the IPO, revenues have grown at a quarterly CAGR of 5.8 percent. Earnings before interest, taxes, depreciation, and amortization (EBITDA) or operating profit has shown a quarterly CAGR of 6.9 percent over this period.
For the full year 2019-20, the company's net profit rose by 40 percent to Rs 292 crore from Rs 215 crore in 2018-19.
At the same time revenue for the fiscal was up 20 percent at Rs 8,485.2 crore from Rs 7,093.3 crore in the previous fiscal.
"Stellar FY 2020 result amidst slowdown & a global pandemic underlines predictability of our business model...COVID crisis and categorisation of our services as "essential" across India and the world, re-affirms the criticality of these services in our economy and the relative inelasticity of the demand. Our Q4, particularly March 2020 results are testimony to the same," SIS Group MD Rituraj Kishore Sinha said.
Private security, facility management (Hygiene & Sanitation) and cash logistics have been classified as essential services by the government amid COVID crisis and resultant lockdown, he said, adding all these verticals put together has contributed to good quarterly numbers.
Considering the general economic outlook for FY21, SIS management has also created a 100-day Plan to organically pivot to the post COVID era, he said.