BLS International Q1 Results: Revenue Grew 28.5% To Rs. 492.7 Cr On Higher Visa Business Growth

For the quarter that ended on June 30, 2024, BLS International Services Limited, a reputable worldwide tech-enabled services partner for governments and individuals, released its consolidated financial results.
From Rs. 383.5 Crores in Q1FY24 to Rs. 492.7 Crores in Q1FY25, the company's revenue from operations climbed by 28.5% YoY. The Visa and Consular business, whose revenue climbed by 35.9% YoY to Rs. 414.1 Crores, was the primary driver of the rise.

The firm's EBITDA grew by 66.3% YoY during the quarter, reaching Rs. 133.2 Crores from Rs. 80.1 Crores in Q1FY24. From 20.9% in Q1FY24 to 27.0% in Q1FY25, the EBITDA margin went up by 615 basis points.
The company's net profit for the quarter was Rs. 120.8 Crores, up from Rs. 71.0 Crores in Q1FY24, or a gain of 70.1% YoY.

In Q1FY25, the Visa and Consular business's revenue jumped by 35.9% YoY to Rs. 414.1 crore, up from Rs. 304.8 crore in Q1FY24. The company had more than 110,000 touchpoints and 27,000 CSPs at the end of the quarter.
Mr. Shikhar Aggarwal, Joint ManagingDirector, BLS International Services Ltd. said: "The company registered a strong start to the year and delivered a robust performance with consolidated Revenue and EBITDA growth of 28.5% & 66.3% YoY, respectively, during the quarter. The growth was driven by the Visa & Consular business which witnessed a revenue growth of 35.9% YoY and EBITDA growth of 70.9% YoY in Q1FY25. Our focused approach to increase market share globally, coupled with strong industry tailwinds, have contributed to the segment's growth."

"Our ongoing efforts to make our visa business operations more efficient by transitioning from the partner-run to self-managed centers at various locations enabled us to achieve higher EBITDA Margin. The EBITDA margin of the Visa & Consular business witnessed an expansion of 600 bps YoY and 850 bps QoQ to 29.3% from 23.3% in Q1FY24 and 20.8% in Q4FY24," he added.

"Recently, we have achieved a major milestone with the completion of the acquisition of 100%stake in iDATA and we are working on integrating iDATA's business operations with BLS. During Q1FY25, we also entered into a definitive Share Purchase Agreement to acquire55%controlling interest in Aadifidelis Solutions Pvt. Ltd - one of the largest loan distribution and processing companies in India. The acquisition is expected to close during the current quarter, and we believe it will reinforce our last mile banking coverage and provide ample cross-selling opportunities under our Digital business," Shikhar Aggarwal stated.

"The international travel industry continues to witness growth, bolstered by increased business confidence and measures that facilitate travel, as well as improved air connectivity and higher capacity. Consequently, this will drive a rise in visa application demand and present us with an opportunity to obtain additional new contracts and penetrate additional markets. In addition, we continue to focus on inorganic growth initiatives wherein we would be targeting synergistic tech-enabled businesses," he further commented.