SIS gains on bagging Rs 225 crore contract from Mahanadi Coalfields

SIS rose 1.58% to Rs 488.40 after the company said that it has won a two-year contract worth approximately Rs 225 crore to provide security solutions at 18 sites of Mahanadi Coalfields in India.

The contract has an option to renew for a further one-year period.

As part of the contract, SIS will deploy security personnel in different categories to provide security services across 18 sites of Mahanadi Coalfields at Sambalpur, Bhubaneshwar, IB Valley Coalfields and Talcher Coalfields.

Rituraj Sinha, managing director, SIS Group commented: "We are honoured to have been selected as a partner by Mahanadi Coalfields for their security requirements across their sites. This is our first large value order in the Coal industries segment and we are delighted to provide round the clock security coverage for Mahanadi Coalfields."

The company's consolidated net profit rose 2% to Rs 100.51 crore on a 10% increase in sales to Rs 2,600.85 crore in Q3 FY22 over Q3 FY21.

SIS offers a wide range of services comprising security services, cash logistics services and electronic security and home alarm monitoring and response, as well as facility management services.

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