SIS (SECIS) reported better-than-expected revenue with margin hit by onetime higher employee payout (EBITDA margin of 5.0% v/s 5.3% expected) and lower other income. Accordingly, PAT missed our estimate by 3.6%. 3QFY22 topline was driven by seasonal strength in the Australia business. Management commentary suggests that outlook on India demand continues to remain on track, with strong demand both for security services and facility management. SIS should see a further pick-up in growth in its India business, as industries (such as IT services and railways) return to normalcy over the next few quarters. This, in our view, should help the company more...