External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<ul><li>In Q2FY24, SIS reported revenue at Rs 3,074 Cr, registering a growth of 3.3% on a QoQ basis.</li><li>The company’s consolidated EBITDA for the quarter grew by 3.9% QoQ to Rs 145 Cr, owing to the rebound of international business and strong demand for Indian security solutions.</li><li>It reported a net income of Rs 76 Cr, which declined by 15.9% QoQ. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q2FY24, SIS reported revenue at Rs 3,074 Cr, registering a growth of 3.3% on a QoQ basis.The company’s consolidated EBITDA for the quarter grew by 3.9% QoQ to Rs 145 Cr, owing to the rebound of international business and strong demand for Indian security solutions.It reported a net income of Rs 76 Cr, which declined by 15.9% QoQ. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SIS Ltd. - Superior Execution; Improving Outlook to Support Growth

<ul><li>In Q1FY24, SIS reported flattish revenue at Rs 2,976 Cr, registering a de-growth of 0.6% on a QoQ basis.</li><li>The company’s consolidated EBITDA for the quarter grew by 3.2% QoQ to Rs 139 Cr, owing to the rebound of international business and strong demand for Indian security solutions.</li><li>It reported a net income of Rs 89 Cr which declined by 3.9% QoQ. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q1FY24, SIS reported flattish revenue at Rs 2,976 Cr, registering a de-growth of 0.6% on a QoQ basis.The company’s consolidated EBITDA for the quarter grew by 3.2% QoQ to Rs 139 Cr, owing to the rebound of international business and strong demand for Indian security solutions.It reported a net income of Rs 89 Cr which declined by 3.9% QoQ. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SIS Ltd - Superior Execution; Improving Outlook to Support Growth

<ul><li>In Q4FY23, SIS reported strong growth with revenue at Rs 2,996 Cr, registering a growth of 3.1% QoQ.</li><li>Consolidated EBITDA for the quarter grew by 15.1% QoQ to Rs 135 Cr, owing to the rebound of international business.</li><li>The company reported a net income of Rs 94 Cr which declined by 10.5% QoQ.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q4FY23, SIS reported strong growth with revenue at Rs 2,996 Cr, registering a growth of 3.1% QoQ.Consolidated EBITDA for the quarter grew by 15.1% QoQ to Rs 135 Cr, owing to the rebound of international business.The company reported a net income of Rs 94 Cr which declined by 10.5% QoQ.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SIS Ltd - Better Execution; Improving Outlook to Support Growth

<ul>
<li>Robust outlook on the verticals such as Security Solutions and Facility Management.</li>
<li>The international business vertical has improved and is likely to regain momentum.</li>
<li>The management is confident of gaining medium-term demand momentum on the backdrop of the deals it has won in the previous quarters. It also expects improvement on the margin front moving forward.</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


Robust outlook on the verticals such as Security Solutions and Facility Management.
The international business vertical has improved and is likely to regain momentum.
The management is confident of gaining medium-term demand momentum on the backdrop of the deals it has won in the previous quarters. It also expects improvement on the margin front moving forward.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SIS Ltd. - Robust Execution; Improving Outlook to Support Growth

<ul><li>SIS reported moderate growth in Q4FY22 with Revenue at Rs 2,648 Cr, registering an encouraging growth of 1.8% QoQ, (below our expectations).</li><li>Consolidated EBITDA for the quarter de-grew by 4.1% QoQ to Rs 124 Cr, owing to tepid international business</li><li>We recommend a BUY rating on the stock and assign a 21x P/E multiple to its FY24E earnings of Rs 28.4/share which gives a TP of Rs 590/share, implying an upside of 13% from the CMP.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SIS reported moderate growth in Q4FY22 with Revenue at Rs 2,648 Cr, registering an encouraging growth of 1.8% QoQ, (below our expectations).Consolidated EBITDA for the quarter de-grew by 4.1% QoQ to Rs 124 Cr, owing to tepid international businessWe recommend a BUY rating on the stock and assign a 21x P/E multiple to its FY24E earnings of Rs 28.4/share which gives a TP of Rs 590/share, implying an upside of 13% from the CMP.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SIS Ltd: International Business Struggles; Healthy Recovery to Support Growth

India

SIS Ltd provides private security services. The Company offers security solutions including planning and deployment of security and armed guards, firemen, dog handlers, consulting, and investigation works. SIS serves customers in India, New Zealand, and Australia.

SIS (SECIS IN)

SIS Ltd. - Superior Execution; Improving Outlook to Support Growth

The company’s consolidated EBITDA for the quarter grew by 3.9% QoQ to Rs 145 Cr, owing to the rebound of international business and strong demand...

Axis Direct

SIS Ltd - Superior Execution; Improving Outlook to Support Growth

The company’s consolidated EBITDA for the quarter grew by 3.2% QoQ to Rs 139 Cr, owing to the rebound of international business and strong demand...

Axis Direct

SIS Ltd - Better Execution; Improving Outlook to Support Growth

In Q4FY23, SIS reported strong growth with revenue at Rs 2,996 Cr, registering a growth of 3.1% QoQ. Consolidated EBITDA for the quarter grew by...

Axis Direct

SIS Ltd. - Robust Execution; Improving Outlook to Support Growth

Robust outlook on the verticals such as Security Solutions and Facility Management. The international business vertical has improved and is likely...

Axis Direct

SIS Ltd: International Business Struggles; Healthy Recovery to Support Growth

We recommend a BUY rating on the stock and assign a 21x P/E multiple to its FY24E earnings of Rs 28.4/share which gives a TP of Rs 590/share,...

Axis Direct