Innovision Limited IPO

Innovision Ltd. has expanded its portfolio beyond manpower services to include skill development and toll plaza management. The company operates six toll plazas across Uttarakhand, Assam, Uttar Pradesh, and West Bengal and is empanelled with the National Highways Authority of India (NHAI) for toll collection. Innovision also partners with Central and State Governments to deliver skill development training across various sectors. 

Through its subsidiary, Innovision International Pvt Ltd, the company provides recruitment, placement consultancy, and visa facilitation services. Additionally, it offers private security, integrated facility management, manpower sourcing, and payroll management services. 

By June 30, 2024, Innovision had served over 200 clients across 1,500+ locations. In FY24, the company’s revenue doubled to ₹510.33 Crore, with profit after tax rising 14% to ₹10.13 Crore. For the quarter ending June 2024, Innovision reported revenue of ₹198.69 Crore and a profit of ₹7.38 Crore. 

Peer Comparison 

• Krystal Integrated Services 

• Updater Services Limited 

• SIS Limited 

• Quess Corp Limited 

SWOT Analysis of Innovision Limited 

Strengths & Opportunities	Weaknesses & Threats
Innovision has a skilled team in financial management, web design, and CRM, driving business growth through expertise.	Lack of experience in marketing hinders Innovision’s brand-building efforts in a competitive market.
Mobile technology and e-commerce growth offers Innovision opportunities to expand its global market share using digital channels.	Established brand competition makes it difficult for Innovision to stand out in a saturated market.
Increasing demand for portable devices enables Innovision to innovate multifunctional products tailored to mobile professionals.	Reliance on external suppliers for critical components may lead to production disruptions due to supply chain issues.
Growing global interest in multifunctional products allows Innovision to expand its product offerings and reach new markets.	Limited marketing budgets restrict Innovision’s ability to conduct large-scale promotional campaigns.
Innovision’s focus on cutting-edge tech in its products appeals to tech-savvy consumers and aligns with current trends.	High production costs of advanced designs may limit Innovision’s ability to scale offerings efficiently.
The rise of mobile professionals presents opportunities for Innovision to offer unique, portable workstation solutions.	Vulnerability to intellectual property challenges, as competitors may replicate product designs.
Strong technical expertise enables Innovision to innovate continuously and maintain a competitive edge in the tech industry.	Small market share and limited brand recognition make it challenging to compete with well-established brands.
Potential collaboration with leading tech companies could help Innovision develop new products and extend its market reach.	Rapid changes in consumer preferences for mobile gadgets may require constant adaptation of Innovision’s products.
Innovision can tap into emerging markets with growing demand for portable tech products, expanding its global customer base.	Threats from new market entrants offering similar products at competitive prices could impact Innovision’s market share.
Environmental awareness provides Innovision with an opportunity to implement sustainable practices in production.	Rising production costs due to reliance on premium materials for advanced designs may affect profitability.
Demand for multifunctional products like portable workstations creates innovation opportunities for Innovision.	Innovision’s success depends on maintaining a technological edge, which newer technologies could challenge.
Leveraging e-commerce growth allows Innovision to increase its reach and attract global customers, enhancing sales potential.	Economic downturns could reduce consumer spending on non-essential gadgets, affecting Innovision’s sales.

More About Innovision Limited 

Overview of Services 

The company operates in various domains, offering comprehensive manpower services, toll plaza management, and skill development training to clients across India. As of June 30, 2024, their operations span 22 states and 5 union territories. 

Evolution of Business 

Initially, the company started in 2007, focusing solely on providing manned private security services. Over time, they expanded their services to include a wide array of manpower solutions, skill development training from fiscal 2014, and toll plaza management starting from fiscal 2019. Today, their business encompasses three major operational areas: manpower services, toll plaza management, and skill development. 

Manpower Services 

The company offers diverse manpower services, including: 

• Manned Private Security Services 

• Integrated Facility Management (IFM) Services 

• Manpower Sourcing and Payroll Services 

Their portfolio includes serving more than 200 clients across various sectors, such as healthcare, warehousing, logistics, BFSI (banking, financial services, and insurance), and government departments. Through their subsidiary, Innovision International, they also provide recruitment, placement consultancy, and visa facilitation services. Innovision International holds the Regulated Canadian Immigration Consultant (RCIC) certification, enabling it to offer specialised services for clients seeking employment abroad. 

Manned Private Security Services 

The company offers comprehensive manned private security services, including the planning and deployment of security personnel for clients. The security services industry in India has seen significant growth, with a market value of ₹547 billion in 2019, reaching ₹875 billion by 2023, growing at a CAGR of 12.5%. The sector is expected to grow to ₹1,722 billion by 2029. Services provided include static guards, concierge officers, and augmented officers, though event security and escort services are excluded. This demand for private security arises from the limited police presence in India, which falls below international benchmarks. The shortage of police officers—only 153 per 100,000 citizens compared to the recommended 222—creates a significant gap filled by private security companies. 

As of June 30, 2024, the company employs over 6,500 security guards and serves 177 clients across various sectors, such as retail, healthcare, warehousing, logistics, and BFSI. They also provide services to government organisations and public sector undertakings. Additionally, the company operates a licensed training centre in Rewari, Haryana, offering training in compliance with the Private Security Agency Regulatory Act, 2025. Government initiatives like the Smart Cities Mission and increased focus on women’s security are expected to further drive demand for professional security services. 

Integrated Facility Management 

The company’s integrated facility management (IFM) services offer a comprehensive range of functions, including housekeeping, plumbing, sanitation, and more. By consolidating operations under one provider, IFM enhances efficiency and reduces costs. The demand for IFM is growing in sectors like IT, real estate, and healthcare, with the market projected to reach ₹2,289 billion by 2029, growing at a CAGR of 14.9%. 

(a) Hard Facility Management: 

Hard facility management (Hard FM) focuses on maintaining a building’s physical infrastructure, such as HVAC, electrical, plumbing, and fire safety systems. As industrial growth accelerates in India, Hard FM services are in high demand to ensure the operational safety and efficiency of critical infrastructure. Key sectors like IT and real estate contribute to this demand, emphasising the need for reliable maintenance of these systems. 

(b) Soft Facility Management: 

Soft facility management (Soft FM) services include non-technical support functions like cleaning, housekeeping, waste management, and pest control. As businesses place greater emphasis on employee well-being and workplace hygiene, the demand for Soft FM services is increasing. This rise is driven by the growth of flexible work arrangements, shared office spaces, and the need for outsourced services to ensure consistent quality in maintaining workplace environments. 

Manpower Sourcing and Payroll 

The company’s manpower sourcing and payroll services encompass recruitment, payroll management, and human resource functions. These services include sourcing skilled, semi-skilled, and unskilled manpower as per client requirements. The company handles salary calculations, statutory calculations, tax deductions, and salary disbursement. Additionally, the services include temporary and contractual staffing, ensuring that the right candidates are matched with the relevant organisations for optimal results. 

Toll Plaza Management 

The toll plaza management segment includes user fee collection and other related services on toll plazas awarded through a competitive bidding process. The company is also empanelled with NHAI (National Highways Authority of India) for toll collection services at various toll plazas. Their toll plaza management services play a crucial role in maintaining the flow of traffic on national highways. 

Skill Development 

The company contributes to the Indian government’s skill development initiatives by offering training programs for youth across the country. Through its skill development services, the company aims to equip individuals with industry-relevant skills, improving their chances of securing better livelihood opportunities. 

Subsidiaries and Specialised Services 

• Innovision International: Provides recruitment, placement, and visa facilitation services. 

• Aerodrone Robotics: Offers remote pilot training courses for enthusiasts and aspiring drone operators. 

Financial Overview 

Revenue for the period ending June 30, 2024, is as follows: 

• Manpower Services: ₹734.32 million, contributing 36.96% of total revenue. 

• Toll Plaza Management: ₹1,203.93 million, contributing 60.59% of total revenue. 

• Skill Development Training: ₹48.47 million, contributing 2.44% of total revenue. 

Key Clients and Market Demand 

The company serves over 1,500 client premises, with a focus on industries such as healthcare, logistics, retail, and BFSI. Prominent clients include Max Healthcare Limited, Stellar Value Chain, and Sequel Logistics. The company’s services cater to government organisations as well, further cementing its presence in the sector. 

Manpower Services Demand 

The demand for manned private security services in India has grown significantly due to the shortage of police personnel. The security services market is projected to continue expanding, offering opportunities for companies like this one to fill the gap by providing specialised security solutions. 

Integrated Facility Management (IFM) 

The IFM services offered include housekeeping, plumbing, sanitation, carpentry, and more. The demand for IFM services is on the rise due to factors like urbanisation, government initiatives, and a focus on sustainability. IFM services streamline operations and improve efficiency, benefiting sectors like IT, healthcare, and retail. 

Indian Security Services Industry Outlook 

• Market Growth and Forecast 

• The Indian manned security services market was valued at ₹547 billion in 2019, growing to ₹875 billion in 2023. 

• Projected to reach ₹1,722 billion by 2029, with an estimated CAGR of 11.9%. 

Key Growth Drivers 

• Increased Demand for Specialized Security: Growing need for security in banking, retail, IT, healthcare, and infrastructure sectors. 

• Regulatory Support: Government regulations like the Private Security Agencies Regulation Act (PSARA) ensure professionalism and standards. 

• Low Police-Population Ratio: Increased reliance on private security due to low police presence (153 officers per 100,000 people). 

• Economic Growth and Urbanization: Government initiatives like Smart Cities and infrastructure development lead to higher demand for security services. 

• Market Segmentation (2023) 

• By Service Type: 

• Static Guard: 41.65% 

• Concierge Officer: 19.97% 

• Augmented Officer: 8.94% 

• Others: 29.44% 

Key Sectors Using Security Services 

• Banking: Cash management, surveillance, and guarding. 

• Retail: Loss prevention and crowd management. 

• Healthcare: Patient and staff safety, asset protection. 

• IT/ITES: Data security and infrastructure protection. 

• Specialized Security Solutions 

• Banking: Surveillance and cash management services. 

• Retail: Focus on loss prevention and crowd control. 

• Healthcare: Ensuring safety of patients, staff, and assets. 

• Training and Certification 

• Security agencies invest in comprehensive training programs to meet regulatory standards and improve service quality. 

Integrated Facility Management (IFM) Market 

• Market Growth 

• Indian IFM market valued at ₹609 billion in 2019, growing to ₹995 billion by 2023. 

• Expected to reach ₹2,289 billion by 2029. 

Key Segments in IFM 

• Hard FM: Maintenance of physical infrastructure (HVAC, plumbing, electrical systems). 

• Soft FM: Services like cleaning, security, landscaping, and waste management. 

• Property Support Services (PSS): Workforce support for manufacturing and operational efficiency. 

• Demand Drivers 

• Urbanization, economic growth, and expansion of commercial spaces. 

Government Support and Initiatives 

• Skill Development under Skill India Initiative 

• PMKVY: Provides free and subsidized skill training. 

• PMKK: Skill development centers offering industry-standard training. 

• National Apprenticeship Promotion Scheme (NAPS): Promotes apprenticeship training in various sectors. 

Staffing Industry Growth 

Market Trends 

• The staffing industry in India is valued at ₹1,032 billion in 2023, projected to reach ₹2,503 billion by 2029. 

• Increasing demand for flexible workforce solutions (temporary staffing, RPO, MSP). 

• Automation & Digital Transformation: AI and big data improve recruitment processes. 

Drone Industry in India 

• Current Market Structure 

• Expected to reach ₹750 billion by 2025, driven by government support and defense sector growth. 

Types of Drones: 

• Single Rotor: Heavy payloads, surveys. 

• Multi-Rotor: Aerial photography and general use. 

• Fixed-Wing: Surveying and agriculture. 

• Hybrid: Vertical takeoff and landing, ideal for deliveries. 

How Will Innovision Limited Benefit? 

 1.  Expansion of Manned Private Security Services 

The Indian security services market is growing rapidly, with the manned security services sector expected to reach ₹1,722 billion by 2029. Innovision Limited, with its established presence in providing private security services, is positioned to benefit significantly from this growth. As industries such as BFSI, healthcare, retail, and manufacturing continue to expand and require robust security, Innovision’s tailored services in manned guarding, cash management, and system integration are crucial. Its ability to offer specialised services for industries with complex security needs positions it as a leader in this space. 

 2.  Integrated Facility Management (IFM) Services 

The IFM services market in India is projected to grow from ₹995 billion in 2023 to ₹2,289 billion by 2029. Innovision Limited, with its expertise in integrated facility management, is well-positioned to tap into this market. Its offerings, including building maintenance, security, cleaning, and waste management, cater to the increasing demand for Hard and Soft FM services due to the rapid growth of urban centres, commercial spaces, and industrial sectors. Innovision’s comprehensive solutions make it an ideal player in this expanding market. 

 3.  Skilled Manpower Services 

Innovision’s focus on skilled manpower sourcing, payroll management, and recruitment consultancy aligns well with India’s growing demand for skilled personnel. The government’s initiatives like the Skill India Mission, Pradhan Mantri Kaushal Vikas Yojana (PMKVY), and the SANKALP Project provide Innovision with opportunities to collaborate with industries to meet this demand. Innovision International, its subsidiary specialising in recruitment and placement consultancy, further strengthens its position to benefit from both domestic skill development and international migration opportunities. 

 4.  Leveraging Government Initiatives 

Innovision Limited can take advantage of government policies such as the Private Security Agencies Regulation Act (PSARA) and the Skill India Mission to enhance its service offerings. PSARA ensures that security personnel are highly trained and certified, aligning with Innovision’s focus on quality. Additionally, the company can expand its toll plaza management services as the government invests in road infrastructure, capitalising on initiatives like the PM Gati Shakti program. 

Innovision Limited IPO Overview 

The proposed IPO includes a fresh issue of Rs 315 crore and an offer-for-sale of 11.81 lakh shares with a face value of Rs 10 each. According to the draft red herring prospectus, promoters Lt Col Randeep Hundal and Uday Pal Singh will be selling their shares. Emkay Global Financial Services Limited is the sole book-running lead manager for the issue, while KFin Technologies Limited will act as the registrar. 

The equity shares will be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). Of the net proceeds, Rs 55 crore will be used for repaying and prepaying borrowings, Rs 160 crore will be allocated to meet the company’s working capital requirements, and the remaining funds will be used for general corporate purposes to strengthen Innovision’s financial standing. 

Why is Innovision Limited Going Public? 

Innovision Limited is going public to raise capital for expansion and strengthen its financial position. The IPO will help fund key areas like working capital, debt repayment, and growth initiatives. 

• Capital for Growth: The company plans to allocate funds for working capital needs and debt repayment, with the remaining funds aimed at corporate purposes. 

• Enhanced Market Presence: The IPO will increase Innovision’s visibility in the market, supporting its expansion in services such as security, facility management, and skill development, driving future growth. 

Innovision Limited Upcoming IPO Details 

Category	Details
Issue Type	Book Built Issue IPO
Total Issue Size	Fresh Issue: ₹315 crores
	Offer for Sale: 11.81 lakh shares
IPO Dates	TBA
Price Bands	TBA
Lot Size	TBA
Face Value	₹10 per share
Listing Exchange	BSE, NSE
Shareholding pre-issue	TBA
Shareholding post -issue	TBA

 Important Dates 

IPO Activity	Date
IPO Open Date	TBA
IPO Close Date	TBA
Basis of Allotment Date	TBA
Refunds Initiation	TBA
Credit of Shares to Demat	TBA
IPO Listing Date	TBA

IPO Lots 

Application	Lots	Shares	Amount
Retail (Min)	TBA	TBA	TBA
Retail (Max)	TBA	TBA	TBA
S-HNI (Min)	TBA	TBA	TBA
S-HNI (Max)	TBA	TBA	TBA
B-HNI (Min)	TBA	TBA	TBA

Lead Managers 

Lead Managers

Emkay Global Financial Services Limited

Innovision Limited IPO Valuation Overview 

KPI	Value
Earnings Per Share (EPS)	6.22
Price/Earnings (P/E) Ratio	TBD
Return on Net Worth (RoNW)	22.51%
Net Asset Value (NAV)	27.62
Return on Equity	19.40%
Return on Capital Employed (ROCE)	26.98%
EBITDA Margin	3.85%
PAT Margin	1.99%
Debt to Equity Ratio	0.92

Peer Group Comparison 

Name of Company	Face Value (₹ per share)	P/E	EPS (₹)	RoNW (%)	NAV (₹ per share)	Total Income (₹ in millions)
Innovision Limited	10	[●]	6.22	22.51%	27.62	5,121.27
Krystal Integrated Services Limited	10	17.04	42.30	13.03%	269.30	10,268.49
Updater Services Limited	10	28.16	11.36	7.83%	126.40	24,443.63
SIS Limited	5	32.12	12.87	7.87%	167.50	122,614.25
Quess Corp Limited	10	37.28	18.72	9.46%	199.60	191,001.33

Key Insights 

• Face Value (₹ per Share): Innovision Limited maintains a face value of ₹10, consistent with most peers like Krystal Integrated, Updater Services, and Quess Corp. However, SIS Limited has a face value of ₹5, which is unique among the compared companies. While face value does not directly affect financial performance, it can influence corporate actions like stock splits and dividend policies. 

• Price-to-Earnings (P/E) Ratio: The P/E ratio for Innovision Limited has not been disclosed. Among its peers, the ratio ranges from 17.04 for Krystal Integrated to 37.28 for Quess Corp. A higher P/E, as seen in Quess Corp, often reflects market optimism about future earnings, whereas lower P/E ratios can indicate undervaluation or lower growth expectations. 

• Earnings Per Share (EPS): Innovision Limited’s EPS stands at ₹6.22, significantly lower than peers like Krystal Integrated at ₹42.30 and Quess Corp at ₹18.72. This indicates Innovision has lower profitability per share compared to larger competitors, potentially reflecting a smaller operational scale or tighter profit margins. 

• Return on Net Worth (RoNW): With a RoNW of 22.51%, Innovision Limited outperforms all its peers, including Krystal Integrated at 13.03% and Quess Corp at 9.46%. This highlights Innovision’s efficiency in generating profits relative to shareholders’ equity, signalling robust financial health and effective resource utilisation. 

• Net Asset Value (NAV): Innovision Limited’s NAV is ₹27.62, lower than peers such as Krystal Integrated (₹269.30), Updater Services (₹126.40), SIS Limited (₹167.50), and Quess Corp (₹199.60). This suggests that Innovision’s asset base per share is smaller, potentially reflecting its smaller size or newer market presence compared to established industry players. 

• Total Income (₹ in Millions): Innovision Limited reports a total income of ₹5,121.27 million, far behind its peers, including Updater Services (₹24,443.63 million) and Quess Corp (₹191,001.33 million). This disparity highlights Innovision’s comparatively smaller scale of operations, positioning it as a smaller player in the industry. 

Innovision Limited IPO Strengths 

 1.  Wide Geographical Reach Across India 

Innovision has a robust geographical presence with 32 offices across 22 states and 5 union territories. Licensed under the PSARA Act, the company operates in 17 states and 3 union territories, ensuring compliance and trust. Its dedicated training centre, spanning 3,000 square yards and staffed by certified trainers, further enhances its operational capabilities. This extensive coverage ensures reduced dependence on specific regions while offering efficient, cost-effective services to clients nationwide. 

 2.  Diverse Portfolio of Manpower Services 

The company provides a wide range of manpower services, catering to diverse sectors such as BFSI, retail, logistics, hospitality, healthcare, and more. Innovision offers tailored services in private security, integrated facility management (IFM), and payroll management. This diversified portfolio ensures flexibility, client retention, and operational efficiency. By centralising key functions such as finance and administration, the company effectively mitigates sector-specific risks and strengthens long-term client relationships. 

 3.  Established Systems for Scalable Operations 

Innovision has built robust systems for recruitment, training, deployment, and performance monitoring, ensuring high-quality service delivery. By standardising processes, it maintains consistency across its multiple offices. Stringent quality controls, certified standards, and onsite supervisors contribute to effective execution. Data-driven performance analysis optimises employee productivity and operational efficiency, enabling the company to scale its operations while maintaining client satisfaction. 

 4.  Experienced Management Team 

Led by experienced promoters such as Lt Col Randeep Hundal and Uday Pal Singh, the company benefits from over 15 years of expertise in private security services, advertising, and public relations. The leadership team’s vision and commitment to excellence are reflected in the company’s revenue growth and strategic direction. With an industry-recognised management team, Innovision remains agile in addressing market trends and client needs. 

 5.  Recruitment Expertise and Domain Knowledge 

The company’s in-house team of 95 professionals, along with a comprehensive database of candidates, offers tailored recruitment solutions. This ensures precise candidate assessments and timely placements, enhancing the company’s competitive edge. By managing manpower sourcing internally, Innovision ensures consistent quality, strengthens client engagement, and fosters long-term relationships in the staffing industry. 

Objectives of the IPO Proceeds 

The Net Proceeds are intended to be utilised as per the details provided in the table below: 

Sr. No.	Particulars	Amount (in ₹ million)
1.	Repayment or pre-payment, in part or full, of all or certain borrowings availed by our Company	550.00
2.	Funding working capital requirements of our Company	1,600.00
3.	General corporate purposes*	[●]

 Innovision Limited Financials (millions) 

Particulars	31 Mar 2024	31 Mar 2023	31 Mar 2022
Assets	1569.09	1081.71	939.93
Revenue	5121.27	2576.24	2112.27
Profit After Tax	101.30	88.81	40.54
Reserves and Surplus	333.06	389.05	294.45
Total Borrowings	484.46	333.38	342.82
Total Liabilities	1047.03	679.16	631.98

Key Insights from Financial Performance 

• Assets Growth: The company’s assets have shown significant growth, increasing from ₹939.93 million in FY 2022 to ₹1,569.09 million in FY 2024, reflecting an upward trend of over 66%. This indicates the company is expanding its asset base, likely due to increased investments or acquisitions. 

• Revenue Surge: Revenue has increased sharply from ₹2,112.27 million in FY 2022 to ₹5,121.27 million in FY 2024, marking a growth of approximately 143%. This strong revenue growth could be attributed to increased sales, successful new projects, or broader market demand for the company’s products/services. 

• Profit After Tax (PAT): PAT has grown from ₹40.54 million in FY 2022 to ₹101.30 million in FY 2024, which represents a more than 150% increase. This improvement indicates better operational efficiency and effective cost management, as the company has significantly increased its profitability relative to revenue. 

• Reserves and Surplus: Reserves and surplus declined slightly from ₹389.05 million in FY 2023 to ₹333.06 million in FY 2024, suggesting that the company may have utilised some of its reserves for expansion, debt repayment, or other corporate activities. However, the reserves remain relatively healthy. 

• Total Borrowings: Borrowings increased from ₹342.82 million in FY 2022 to ₹484.46 million in FY 2024, showing a rise of about 41%. This indicates that the company may have taken on more debt, likely to finance its growth or investments. The increased borrowings should be monitored for potential impact on financial leverage. 

• Total Liabilities: Total liabilities also increased significantly from ₹631.98 million in FY 2022 to ₹1,047.03 million in FY 2024, reflecting a growth of approximately 66%. This increase aligns with the growth in assets and borrowings, suggesting that the company has taken on more obligations as part of its expansion. 

Key Insights from Financial Performance 

• Assets Growth: The company’s assets have shown significant growth, increasing from ₹939.93 million in FY 2022 to ₹1,569.09 million in FY 2024, reflecting an upward trend of over 66%. This indicates the company is expanding its asset base, likely due to increased investments or acquisitions. 

• Revenue Surge: Revenue has increased sharply from ₹2,112.27 million in FY 2022 to ₹5,121.27 million in FY 2024, marking a growth of approximately 143%. This strong revenue growth could be attributed to increased sales, successful new projects, or broader market demand for the company’s products/services. 

• Profit After Tax (PAT): PAT has grown from ₹40.54 million in FY 2022 to ₹101.30 million in FY 2024, which represents a more than 150% increase. This improvement indicates better operational efficiency and effective cost management, as the company has significantly increased its profitability relative to revenue. 

• Reserves and Surplus: Reserves and surplus declined slightly from ₹389.05 million in FY 2023 to ₹333.06 million in FY 2024, suggesting that the company may have utilised some of its reserves for expansion, debt repayment, or other corporate activities. However, the reserves remain relatively healthy. 

• Total Borrowings: Borrowings increased from ₹342.82 million in FY 2022 to ₹484.46 million in FY 2024, showing a rise of about 41%. This indicates that the company may have taken on more debt, likely to finance its growth or investments. The increased borrowings should be monitored for potential impact on financial leverage. 

• Total Liabilities: Total liabilities also increased significantly from ₹631.98 million in FY 2022 to ₹1,047.03 million in FY 2024, reflecting a growth of approximately 66%. This increase aligns with the growth in assets and borrowings, suggesting that the company has taken on more obligations as part of its expansion. 

Other Financial Details 

• Direct Expenses: Increased from ₹321.02 million in FY 2023 to ₹2,324.99 million in FY 2024, in line with revenue growth. For Q1 FY 2024, direct expenses were ₹1,116.88 million. 

• Employee Benefit Expense: Grew from ₹1,662.33 million in FY 2022 to ₹2,503.81 million in FY 2024, indicating workforce expansion or higher compensation. For Q1 FY 2024, employee expenses were ₹719.18 million. 

• Finance Cost: Increased from ₹35.10 million in FY 2022 to ₹69.50 million in FY 2024, reflecting higher borrowings. For Q1 FY 2024, finance costs were ₹20.52 million. 

• Depreciation and Amortisation: Rose from ₹7.69 million in FY 2022 to ₹17.47 million in FY 2024, in line with increased capital investments. For Q1 FY 2024, depreciation was ₹5.61 million. 

• Other Expenses: Grew from ₹46.39 million in FY 2022 to ₹95.87 million in FY 2024, possibly due to operational or administrative costs. For Q1 FY 2024, other expenses were ₹32.31 million. 

Key Strategies for Innovision Limited 

• Leveraging Existing Capabilities for Growth

The company is strategically positioned to capitalise on the private security and facility management services industry’s growth. With consistent revenue growth from ₹2,097.74 million in FY 2022 to ₹5,103.26 million in FY 2024, a CAGR of 55.97%, the company plans to broaden its service range to both new and existing clients, reinforcing its market position. 

• Expansion into International Markets

The company plans to expand internationally, with Dubai being a key target. A wholly-owned subsidiary will be established, enabling access to the growing demand for integrated facility management solutions. Additionally, Innovision International has secured the Regulated Canadian Immigration Consultant (RCIC) certification to offer recruitment, consultancy, and visa services globally. 

• Bidding for More Toll Plaza Operations

Currently managing six toll plazas, the company intends to bid for more, leveraging the government’s infrastructure development push. The toll management market, growing at a 21% CAGR between FY21-FY29, presents opportunities for expansion. The company also aims to venture into consultancy services and develop wayside amenities, expanding its infrastructure footprint. 

• Targeting New Clients in Manpower Services

With the staffing services industry expanding, the company is focusing on increasing its client base. The industry is projected to grow from ₹1,032 billion in 2023 to ₹2,503 billion by 2029. By targeting sectors like logistics, e-commerce, and pharmaceuticals, the company plans to meet the rising demand for flexible, cost-effective staffing solutions. 

• Adoption of Technology to Enhance Service Portfolio

The company plans to integrate advanced technologies into its manned private security services, combining physical security with tools like cameras, GPS, and remote monitoring. This will improve efficiency, reduce costs, and enhance customer service, creating a more effective security solution. 

• Strengthening Client Relationships for Integrated Facility Management

The company aims to strengthen long-term relationships with clients by offering integrated facility management services, consolidating maintenance, cleaning, and security under one provider. With increasing demand in IT, real estate, and healthcare, this approach will ensure a steady revenue stream. 

• Expansion into Drone Training and Manufacturing

Through its subsidiary Aerodrone, the company is entering the rapidly expanding drone industry. Certified by DGCA, Aerodrone offers remote pilot training courses. With the Indian drone market projected to reach ₹750 billion by 2025, the company aims to meet the growing demand for trained professionals. 

Competitor Analysis of Innovision Limited 

 1. SIS India

SIS India and Innovision are both key players in the security and facilities management sector. While Innovision offers a broader range of services, including HR solutions and skill development with over 100,000 trained candidates, SIS India focuses more on security solutions, including cash logistics and alarm monitoring. Innovision’s diverse service offering, including manpower sourcing and HR compliance, provides a competitive edge over SIS’s specialised services in security. 

 2. Quess Corp

Quess Corp is a much larger entity compared to Innovision, with a global presence and over 567,000 employees across nine countries. While Innovision is heavily focused on India and specific services like manpower sourcing and HR solutions, Quess Corp operates in a more diverse array of business services driven by technology-enabled solutions and a larger workforce. Innovision’s more specialised services in security and training give it a niche advantage, while Quess’s scale and market reach are key differentiators. 

 3. Updater Services (UDS)

Both Innovision and UDS provide integrated facility management services, but Innovision stands out with its additional focus on HR compliance, recruitment, and large-scale manpower sourcing. UDS focuses on housekeeping, security, and office support, while Innovision offers a broader spectrum of services, including toll management and workforce training. Innovision’s national presence and focus on customised HR solutions give it an advantage over UDS in terms of versatility.