BLS op. revenue at Rs. 407 cr

BLS continues to witness growth in profits driven by improved business mix. Its operational revenue is at `407.7 cr in Q2FY24, with highest ever EBITDA in the company’s history.

TT Bureau

BLS International Services, a trusted global tech-enabled services partner for governments and citizens, announced its unaudited consolidated financial results for the quarter and six-month period ended 30 September 2023. Among several others, the company processes visa applications for Spain, Italy, Portugal, Germany, Thailand, Hungary, Morocco, India, Vietnam, Malaysia and Slovakia.

Shikhar Aggarwal, Joint Managing Director, BLS International Services, said, “We have continued our growth momentum into the second quarter of this fiscal. The company’s performance has been in line with the expectations. Despite revenue growth of 14.3 per cent year on year in the quarter, our EBITDA and PAT witnessed robust growth of 52.7 per cent and 60.8 per cent year on year, respectively. Favourable business mix resulted in the expansion of EBITDA margins, which sustained above the 20 per cent mark this quarter.”

Aggarwal added, “As key markets are opening up, we expect an increase in the number of visa applications. During the quarter, we signed up with the Government of Slovakia to offer outsourced visa services. Slovakia is becoming a hot spot for tourists. In addition, we rolled out visa outsourcing centres for Hungary and Italy in various countries. On the digital services front, we tied up with Kotak Mahindra Bank to offer banking correspondence services. Overall, we aim to continue focusing on spreading our reach far and wide with prudent emphasis on organic as well as inorganic growth while striving to maintain our internal rate of return threshold.”

For the quarter ended 30 September 2023, the company’s consolidated revenue rose 14.3 per cent YoY to `407.7 crore, while operating EBITDA witnessed a growth of 52.7 per cent to Rs. 86.7 crore.

Growth drivers

  • Opening up of key geographies for travel & tourism
  • Winning new contracts as well as tenders which are in the pipeline
  • Increasing demand for value-added services
  • Potential Inorganic opportunities in both Visa & Consular and Digital Services segments



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