SIS slipped 2.61% to Rs 413.75 after the company's consolidated net profit fell 1.4% to Rs 67.43 crore despite of 13.96% jump in revenue from operations to Rs 2,767.66 crore in Q2 FY23 over Q2 FY22.
Profit before tax stood at Rs 59.38 crore in Q2 FY23, declining 25.4% from Rs 79.59 crore recorded in the corresponding quarter previous year.
The company's total expenses jumped 15.24% year on year to Rs 2,718.54 crore in quarter ended 30 September 2022. Cost of materials consumed was at Rs 14.59 crore (up 49.95% YoY) and employee expenses stood at Rs 2,278 crore (up 19.48% YoY).
EBIDTA dropped 10.8% to Rs 109.8 crore in Q2 FY23 as against Rs 123.1 crore in Q2 FY22. EBIDTA margin decreased to 4% in Q2 FY23 as compared to 5.1% reported in the same period a year ago.
The company's revenue from India Security Solution business stood at Rs 1,149.12 crore (up 21.56% YoY), revenue from International Security Solutions was at Rs 1,161.32 crore (up 0.43% YoY) and revenue from Facilities management business stood at Rs 472.38 crore (up 40.45% YoY) in Q2 FY23.
The Cash Logistics segment continues its strong revenue growth with a revenue growth of 41.5% over Q2 FY22 driven by new wins in door-step banking and cash processing outsourcing business.
Commenting on the performance, Rituraj Kishore Sinha, group managing director said, On the completion of 5 years since being listed, which included two difficult years impacted by the COVID-19 pandemic, we look back with a quiet sense of satisfaction of having built a highly stable and predictable business, resilient to economic variations, derisked from a geography and industry perspective, which consistently delivered revenue and business growth every year and continued distributions to shareholders in the form of dividends and buybacks every year.
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SIS is engaged in rendering security and related services consisting of manned guarding, training, and indirectly engaged in paramedic and emergency response services; loss prevention, asset protection and mobile patrols; facility management services consisting of cleaning, housekeeping and pest control management services in the areas of facility management.
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