SIS Ltd Q3 profit rises 16 pc to Rs 79 crore

SIS Ltd on Tuesday reported a 16.5 per cent increase in its profit after tax to Rs 79 crore for the third quarter ended December 2023.

The company -- operating in facility management, security and cash logistics -- had posted adjusted profit after tax (PAT) of Rs 68 crore in the corresponding quarter of the previous fiscal.

Adjusted PAT is profit adjusted for the benefits of Section 80JJAA of the Income Tax Act, SIS Ltd said in a statement.

Section 80JJAA of the Income Tax Act deals with deductions with respect to the employment of new workmen.

SIS, a USD 1.5 billion Indian multinational and essential services player with over 2,85,000 employees, reported a revenue growth of 6 per cent at Rs 3,073 crore compared to Rs 2,904 crore a year ago.

The cash logistics segment continues to post strong revenue growth with a 13.7 per cent rise over Q3 FY23, driven by new wins in cash in transit (CIT) business.

The company, in a regulatory filing, said the joint venture partners in SIS Cash Services Private Ltd (SIS Cash) have agreed in principle to explore options to unlock the value of the JV business through all viable options and structures.

The board discussed this matter and authorised the management of the company to consider all options and appoint necessary intermediaries and advisors in this regard, it said.

Besides, the board approved the reappointment of Ravindra Kishore Sinha as executive director and chairman of the company for five years, effective May 15, 2024, subject to the shareholders' approval.

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