BLS International spurts after Q3 PAT jumps 80% YoY

BLS International Services surged 6.42% to Rs 192.35 after the company's consolidated net profit jumped 79.7% to Rs 50.70 crore on 92.9% increase in net sales to Rs 437.90 crore in Q3 December 2022 over Q3 December 2023.

Consolidated revenues rose 22.7% QoQ and EBITDA rose 16.73% QoQ. The increase in revenue was mainly driven by strong recovery in visa application volumes.

EBITDA stood at Rs 66.30 crore in Q3 FY23, up 159.69% from Rs 25.53 crore in Q3 FY22.

EBITDA margin improved 390 bps YoY to 15.14% in Q3 FY23 as against 11.24% in Q3 FY22, supported by improved operational efficiencies.

Shikhar Aggarwal, joint managing director, BLS International, said, "Our third quarter performance has been above expectations. The Company has reported its highest ever quarterly revenue as well as highest ever quarterly EBITDA, making this our best quarter yet financially.

We are seeing robust growth coming in from our visa & consular services, coupled with Digital Services businesses. Our Q3 FY23 revenue grew 92.86% year-on-year to Rs. 437.90 cr, while EBITDA and PAT grew 159.73% and 62.06% to Rs. 66.30 cr and Rs. 45.85 cr, respectively.

Based on the ongoing and anticipated growth in our banking correspondence and e-Governance businesses, we consolidated these two lines of business into a Digital Services segment, which would be operated through our subsidiary BLS E-Services Pvt. Ltd. The Digital Services business has been growing well, especially from the value added services we offer therein.

We shall 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."

The board declared an interim dividend at Rs 0.50 per share for the FY 2022-23.

BLS International Services is global tech-enabled services partner for governments and citizens. It operates in the domain of visa, passport, consular, citizen, e-governance, attestation, biometric, e-visa, and retail services since 2005. The company works with over 46 client governments including Diplomatic Missions, Embassies & Consulates and leverages technology and processes that ensure data security.

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