SIS India is confident of maintaining growth despite COVID-19 headwinds

NEW DELHI: Security services and facility management provider Security and Intelligence Services India (SIS India) is confident of maintaining growth this financial year even as the COVID-19 pandemic continues to impact economic activity and force corporates to cut down their expenses.

"We reported growth in Q1FY21 when there was a complete shutdown for nearly 40 days. Going forward, the normalcy in international operations and no cost attitude of clients in respect to maintaining hygiene and safety protocol will drive growth for us," Rituraj Kishore Sinha, Group Managing Director, SIS India told this publication.

The company has seen an 8 per cent rise in consolidated revenues, yearon- year (y-o-y), to Rs 2,167 crore for the quarter ending June 30. However, its profits plunged 23 per cent to Rs 58 crore. Nearly 40 per cent of the group’s revenue comes from overseas operations while the rest comes from security solutions in India as well as facility management services and cash logistics business.

To further grow its business, the the Group will focus on organic opportunities rather than expanding its geographical presence.

Explaining diversification, Sinha said the Group has no single customer which bills them more than 1 per cent of their revenue. "Contribution from segments like retail/ entertainment/ hospitality took a hit but there continues to be demand from pharma and banking sector," Sinha said. SIS has bagged about 1,600 new contracts between April and June, 2020.