BLS E-Services Ltd Management Discussions

Indian Economy Overview

FY 2024-25 emerged as a pivotal period for the Indian economy, characterised by its remarkable resilience amid global macroeconomic headwinds and significant political shifts in major democracies, including India and the United States. These developments are poised to influence international trade dynamics, tariff frameworks, and investment flows. Despite persistent global uncertainties, India stands out as a robust economic performer, with a estimated GDP growth of 6.5% for FY 2024-25, as indicated by the Second Revised Estimates released by the Ministry of Statistics and Programme Implementation (MOSPI). A key driver of this robust performance is the digital services sector, which continues to be a vital pillar of economic expansion. The Indian IT industry is projected to grow by 5.1% in FY 2024-25, reaching USD 282.6 Billion, propelled by a surge in demand for engineering research and development (ER&D) and generative AI solutions. The other sectors that have remarkably contributed to this growth momentum include the manufacturing sector, which has shown signs of revival, with increased production in automotive and consumer goods segments, while agriculture continues to maintain steady growth, bolstered by favourable monsoon conditions and government support programmes.

Key Metrics:

Indias Real GDP is projected to attain Rs.187.95 Lakhs

Crores in FY 2024-25, reflecting a growth rate of

6.5%, while the nominal GDP is anticipated to rise to Rs. 331.03 Lakhs Crores, marking a 9.9% increase from Rs. 301.23 Lakhs Crores in the previous fiscal year. The macroeconomic landscape has been bolstered by a sustained decline in inflation, creating a more conducive environment for economic growth and credit expansion. Notably, Consumer Price Index

(CPI) inflation eased to 3.16 % in April 2025, down from 3.34% in March 2025. The year-on-year inflation rate for transport and communication in April 2025 is 3.73%, compared to 3.36% in March 2025. Indias external sector demonstrated remarkable resilience in FY 2024-25. Foreign direct investment

(FDI) inflows surged by 17.9% year-on-year, reaching

USD 55.6 Billion, underscoring strong investor confidence in the Indian economy. Concurrently, foreign exchange reserves increased to USD 640.3 Billion, providing a substantial buffer with coverage for 10.9 months of imports and nearly 90% of external debt, reflecting robust macroeconomic stability.

Merchandise exports are estimated at USD 437.42 Billion, while imports grew by 6.2% to USD 720.24

Billion, widening the merchandise trade deficit to

USD 282.83 Billion. However, services exports rose by 12.45% to USD 383.51 Billion, partially offsetting the merchandise deficit and resulting in a services trade surplus of USD 188.57 Billion. Total exports, encompassing both merchandise and services, increased by 5.5%, reaching USD 820.93 Billion.

Outlook:

India has strengthened its position on the global economic stage, and become the worlds fourth-largest economy—surpassing Japan—and ranking after the United States, China, and Germany.

This landmark achievement reflects the nations growing economic might, driven by strong private consumption, escalating capital investments, and a dynamic labour force. In tandem with economic growth, Indias travel and hospitality industry is poised for a significant uplift, driven by increasing domestic and international tourism fuelled by rising incomes and improved infrastructure.

At the heart of Indias economic ascent is its technological evolution. In his address, V. Anantha Nageswaran, Chief Economic Adviser to the Government of India, underscored key priority areas for FY 2024-25, with a distinct emphasis on the transformative role of technology and artificial intelligence. Indias digital economy, which contributed nearly 12% of GDP in FY 2022–23, is projected to comprise

20% of GVA by FY 2029-30, driven by AI, cloud computing, and digital services. The nations rapid digitalisation, driven by widespread smartphone penetration and robust investments in artificial intelligence, cloud computing, and local manufacturing, signals a new era of innovation. This shift is not only reshaping traditional business models but also fostering new opportunities for growth in IT, e-commerce, and digital services. Indias digital payments ecosystem sustained strong momentum in FY 2024-25, driven by the governments push for a cashless economy, robust infrastructure rollout, and growing merchant adoption. According to the Reserve Bank of Indias (RBI) latest annual report, Indias digital payments landscape continued its robust growth trajectory in FY 2024–25, marked by a significant surge in both transaction value and volume. Total digital transaction value stood at Rs. 2,862 Trillion (including wholesale digital transactions-RTGS & interbank transfers) in FY 2024-25, whereas in volume terms digital transactions reached 2,221.9 Crores, depicting a 34.8% YoY growth. In FY 2024–25, India witnessed a 91.5% YoY surge in UPI QR codes, growing to a total of 65.8 Crores QR codes deployed making them the fastest-growing component of digital payments infrastructure. The transaction value for UPI payments stood at Rs. 260.56 Trillion in FY 2024-25, reflecting a 30% YoY growth. UPIs share in retail digital transactions rose to 84%, underscoring its widespread acceptance. The convergence of economic and technological growth offers a unique opportunity to shape Indias global economic leadership in the coming years.

Business Correspondents

Overview:

To broaden banking access and foster comprehensive financial inclusion, the Reserve Bank of India has launched several strategic initiatives. A pivotal step in this direction was the introduction of guidelines in January 2006, permitting banks to deploy Business Correspondents (BCs) to deliver essential banking and financial services. Since then, the regulatory framework for the BC model has been consistently refined to optimise outreach while safeguarding consumer interests.

BCs have since emerged as vital enablers of financial inclusion, bridging the gap between formal banking institutions and remote or underserved populations. Acting as bank representatives, they facilitate transactions, provide basic banking services, and earn commissions for their efforts.

Key Metrics:

As per a recent report by PwC, Indias digital payments ecosystem continued its rapid expansion, with transaction volumes set to rise from 159 Billion in FY 2023-24 to 481 Billion by FY 2028-29. In terms of transaction value (only including retail digital transactions), the market is expected to nearly double during this period, expanding from Rs. 265

Trillion to Rs. 593 Trillion by FY 2028-29. Unified Payments

Interface (UPI) continues to anchor Indias digital payments growth, registering a robust 57% year-on-year increase in transaction volume, crossing 131 Billion transactions in FY 2023–24. According to PwC estimates, UPI is expected to account for 91% of all retail digital transactions by FY 2028–29, reaching 439 Billion transactions annually. With

Sources:

Reuters- Indian Tech sector Growth as per NASSCOM MOSPI.gov.in- CPI- April 2025 The print.in- Indian Economy is in Good Shape- CEA Nageswaran ET Times- Indias Economic Revolution PIB- Indias Total Exports (Merchandise & Services) Economic Survey ‘24-25 Business Standard - UPI QR Code Growth surge Asiannews- Indias digital transaction sees robust growth in volume deepening market penetration and ongoing technological advancements, daily UPI volumes are projected to touch

1 Billion by FY 2027–28, potentially rising to 1.4 Billion by FY 2028–29, underscoring its central role in Indias digital financial ecosystem.

The overall digital merchant payment segment is poised for an explosive 7x growth, with digital payments (non-cash) constituting 2 out of 3 payment transactions by 2026. Indias digital lending market is projected to expand significantly, with the book size of digital lending companies expected to grow from USD 38.2 Billion in 2021 to approximately USD 515 Billion by 2030. This represents a compounded annual growth rate (CAGR) of 33.5%. From 2019 to 2024, BCs consistently managed over 90% of rural banking outlets. As per recent data for 2024 (refer to the bar graph below), rural India had 1.648 Million banking outlets, with Business Correspondents managing 1.592 Million (97%), highlighting their growing significance in expanding financial access. This increasing reliance on BCs underscores their pivotal role in reaching underserved populations.

Based on the above graphs, it can be inferred that there is a notable shift towards Business Correspondent channels, with their share of transaction value rising steadily from 37.7% in FY 2019-20 to 50.1% in FY 2024-25. This growth reflects the increasing reliance on BCs, driven by a stronger focus on financial inclusion and Direct Benefit Transfer

(DBT) schemes. Similarly, BCs share of transaction volume grew from 55.6% in FY 2019-20 to 60.5% in FY 2024-25, underscoring the continued preference for BCs in handling frequent, lower-value transactions. Additionally, the government plans to integrate 30 Million underprivileged citizens into the existing network of over 531 Million active bank accounts under the Pradhan Mantri Jan Dhan Yojana (PMJDY) in FY 2024-25.

Outlook:

Indias Business Correspondent ecosystem is undergoing a structural transformation, driven by a convergence of digital enablement, policy support, and rising rural demand. Digital platforms and mobile banking solutions have become critical enablers, allowing BCs to bridge the gap between formal financial services and underserved populations.

The adoption of biometric authentication, digital wallets,

Aadhaar-enabled payment systems (AEPS), and micro-

ATM infrastructure has significantly improved service accessibility, speed, and transparency, ushering in a new era of tech-enabled, last-mile banking. On the policy front, the Pradhan Mantri Jan Dhan Yojana

(PMJDY) has played a pivotal role in expanding financial inclusion, enabling Millions of unbanked individuals to access formal banking. The number of Basic Savings Bank Deposit Accounts (BSBDAs) is expected to exceed 550 Million by FY 2024-2025, up from 380 Million in 2020.

Simultaneously, the Direct Benefit Transfer (DBT) ecosystem has created a sustained pipeline of financial transactions, further deepening the role of BCs in rural and semi-urban economies. Supported by these strong enablers, the BC market is projected to surpass Rs. 147 Billion by FY 2024–25, growing at a CAGR of 19%. With a national network of over 1.35 Million BC agents, the sector is now evolving from basic cash-in/ cash-out services to offering comprehensive, digitally driven financial solutions, poised to play a central role in Indias . inclusive and sustainable financial architecture.

Sources for All BC Data :

PR Newswire.com- Digital payments in India

BFSI. ET Times- Digital Lending MarketLIndustry report- Global Travel & Tourism Industry ET Times - BC sector to cross USD 147 Billion by FY 25 ET Times- Digital payments in India to grow threefold from 159 bn in FY24 to 481 bn by FY29: PwC

Indias Loan Distribution Market

Indias loan distribution market, encompassing banking and non-banking financial companies (NBFCs), plays a pivotal role in fueling economic growth through credit disbursement across retail, MSME, housing, and other segments. As of FY 2024-25, the overall systemic credit market stands at approximately USD 2.8 Trillion, with retail credit comprising USD 0.99 Trillion. This market has demonstrated robust expansion, driven by digital transformation, financial inclusion initiatives, and rising consumer demand. The future outlook remains positive, with projected CAGR of 13-15% for systemic credit through FY 2027-28, supported by technological advancements and policy reforms.

Market Overview and Distribution:

The loan distribution landscape in India is diversified across key segments, with NBFCs holding a 21% market share (USD 0.58

Trillion) and focusing on underserved areas. Retail credit, valued at USD 937 Billion in FY 2024-25, dominates growth. Key segments include:

Segment	Market Size (FY25, USD Bn)	Share of Total Retail Credit	Recent CAGR (FY20-25)
MSME Loans	510	52%	19.6%
Housing Loans	459	46%	11.3%
Auto Loans	145	15%	14%
Personal Loans	176	18%	30%
Gold Loans	149	15%	54%
Microfinance	46	5%	16%

Distribution channels have shifted toward digital platforms, with fintech enabling 65% of payments by 2026 and enhancing loan accessibility.

Key Growth Drivers:

Economic Expansion and Rising Incomes: Indias GDP growth at 6.3-6.4% for FY 2025-27 boosts disposable incomes and consumerism, driving demand for personal and housing loans Financial Inclusion Initiatives: Programmes like Pradhan Mantri Jan Dhan Yojana (PMJDY) have opened 541 Million accounts, facilitating credit access in rural/semi-urban areas (67% of accounts)

Digitalisation and Fintech Boom: The fintech market, valued at

USD 111 Billion, is projected to reach USD 421 Billion by 2029, with digital lending improving efficiency and inclusion via UPI (15 Billion transactions in July 2024) Policy Support and Regulatory Reforms: RBIs repo rate cuts to 6.25% and streamlined KYC processes enhance credit flow, while NBFC focus on MSMEs and unsecured loans accelerates growth

Urbanisation and Sector-Specific Demand: Increasing urbanisation fuels housing and auto loans, while gold loans surge due to cultural affinity and economic volatility

Outlook:

The market is poised for sustained expansion, with systemic credit expected to grow at 13-15% CAGR through FY 2027-28, reaching ~USD 4.5 Trillion. Retail segments will lead, with personal loans at 22-24% CAGR and gold loans at 17-18%. Fintech integration will drive digital loan distribution to 32% CAGR in consumer finance by 2029. Challenges like regulatory tightening on unsecured lending may moderate growth, but opportunities in MSMEs and rural credit underscore a resilient outlook. By 2030, Indias lending market could contribute significantly to a USD 5 Trillion economy, emphasising inclusive and tech-driven strategies.

E-Governance

Overview:

Indias e-governance market is anticipated to grow from USD 1.5 Billion in 2024 to USD 9.2 Billion by 2035, with an expected CAGR growth of 17.93%. The country has made substantial progress in Government-to-Citizen (G2C) service delivery by utilising digital platforms such as DigiLocker,

UPI, and Aarogya Setu, significantly improving accessibility, efficiency, and transparency in public administration. Indias e-governance landscape in 2024 is marked by a strong emphasis on digitising public services, with governance and utility services accounting for 6,173 e-services. Social welfare sectors—comprising healthcare, agriculture, and security—collectively offer 4,472 digitised services, reflecting the governments strong push toward inclusive digital delivery. Financial and employment services have also made significant strides, with 2,630 and 2,189 digital services available, respectively, underscoring the deepening integration of technology across citizen-centric domains.

Key Metrics:

As per the United Nations E-Government Survey 2024, Indias E-Government Development Index (EGDI) value for 2024 is 0.6678, ranking 97th out of 193 countries.

This marks a significant improvement from

2018, when Indias EGDI value was 0.5669, with a rank of 96. The EGDI is a composite measure assessing a countrys readiness and capacity in utilising e-government for public service delivery. It comprises three components, namely the Online Service Index (OSI), the Telecommunication Infrastructure Index (TII), and the Human Capital Index (HCI). Navigating region- wise, Europe was ranked highest with an E-government development index (EGDI) rating of 0.8493, followed by Asia at 0.69 and America at 0.67. The OSI and EGDI as per United Nations e-government survey 2024 for BRICS countries, are as follows:

Advantages:

E-governance in India has brought forth a multitude of advantages, fundamentally reshaping public service delivery and governance through digital transformation.

The adoption of automation and digital workflows has led to substantial cost savings in administrative operations. In rural areas, initiatives like Common Service Centres (CSCs) have successfully bridged the digital divide, extending essential services to underserved communities. Moreover, the integration of advanced technologies such as AI and blockchain has not only spurred innovation but also attracted investments, contributing to economic growth and reinforcing Indias digital governance framework. It has significantly enhanced service delivery by streamlining processes, reducing transaction times, and elevating user experiences through digital platforms.

Outlook:

Indias e-governance landscape is entering a transformative phase, driven by government initiatives, rapid technological advancements, and growing digital adoption nationwide.

The India E-Governance Market is poised for significant growth, with projections indicating an increase from USD

1.5 Billion in 2024 to USD 9.2 Billion by 2035, reflecting a

CAGR of approximately 17.9%. Programmes like Digital India and the National e-Governance Plan (NeGP) have been instrumental in promoting digital services across the country. The integration of emerging technologies such as artificial intelligence (AI), blockchain, and cloud computing into e-governance platforms is enhancing efficiency, transparency, and security.

Source to all information on E-Governance:

Statista.com _ E-government Development Index

Market Research Report, Industry report- Global Travel & Tourism Industry Market Research Future- Indias E-governance market Pib.gov.in/PressRelease UN Digital Library

Assisted E-Services

Assisted E-services play a critical role in overcoming technological barriers by providing personalised guidance for activities such as accessing government benefits, making digital payments, seeking healthcare, and engaging in e-commerce for those with limited digital skills or access. Rural consumers, who often have lower literacy levels and primarily use basic 2G feature phones, face challenges in adopting sophisticated digital payment methods such as UPI, QR codes, and BHIM, particularly in the absence of adequate digital literacy training or assisted payment options. Assisted e-services, wherein trained agents support individuals unfamiliar with technology in navigating online platforms ranging from applying for government benefits and making digital payments to accessing healthcare and completing e-commerce transactions, play a crucial role in bridging this gap. India has made notable progress in expanding assisted e-services to ensure inclusive digital governance, exemplified by initiatives like the "Digital Saksham" programme, which has raised digital awareness among nearly 300,000 micro and small enterprises and trained over 70,000 small businesses across 13 states. Similarly, telemedicine services such as eSanjeevani have grown through community health workers facilitating assisted consultations in rural clinics, while the National Digital Education Architecture (NDEAR) has supported assisted e-learning for over 4 Million students in remote areas as of 2024.

Outlook & Opportunities in Assisted E-Services:

Assisted e-services hold transformative potential across key sectors in India. In agriculture, these platforms can connect farmers to digital marketplaces, weather updates, and government subsidies, driving economic empowerment in rural areas. Some of the key opportunities that lie ahead for this sector are:

Threats:

The digital services are vulnerable to a range of risks that can compromise their security, functionality, and credibility.

Cybersecurity risks in digital services involve unauthorised access to sensitive government data and cyber-attacks, such as hacking, ransomware, and malware, which can disrupt services and compromise system integrity Technical risks arise from potential hardware or software failures that could affect service availability, as well as data corruption due to errors in data entry, processing, or storage. Additionally, the rapid pace of technological advancements necessitates continuous upgrades, demanding significant investments

Operational risks are linked to inadequate IT infrastructure, particularly in rural or remote areas, as well as interoperability challenges between government systems and bureaucratic inefficiencies that hinder the adoption of new technologies

Human resource risks stem from a lack of skilled personnel capable of effectively managing digital systems, increasing vulnerability to cyber threats due to insufficient training and awareness, and the misuse or unauthorised access to government data by employees or citizens

Compliance and legal risks involve potential violations of laws and regulations, such as data protection and privacy laws, leading to legal penalties and a loss of public trust Financial risks are associated with inadequate financial resources for developing and maintaining robust digital systems, as well as unforeseen complexities causing budget overruns and project delays Political and social risks include the impact of political instability or shifting government priorities on e-governance projects and the risk of exacerbating the digital divide, particularly for underserved populations

Company Overview

About BLS E-Services

Founded in 2016, BLS E-Services, a subsidiary of BLS International Services limited, has emerged as a prominent player in delivering tech-enabled digital and physical solutions across G2C, B2C, and B2B segments, reaching grassroots levels across India. With a robust integrated business model, the Company has positioned itself as a leader in Business Correspondent (BC) services, e-governance and assisted e-services. BLS E-Services offer more than 700 G2C & B2C services, further expanding its digital footprint. In February 2024, the Company made a remarkable debut on both NSE and BSE, with its IPO being oversubscribed by over 162 times across all investor categories, underscoring strong market confidence in its growth trajectory. BLS E-Services works with 120+ financial institutions, including NBFCs, private sector banks, and public sector undertakings (PSUs) which enables the Company to offer a broad spectrum of digital and financial services, effectively reaching underserved populations and delivering impact at the grassroots level. Through these collaborations, the Company aims to provide fundamental services, including account opening, fund transfers, PAN issuance, and passport facilitation, thereby enhancing financial inclusion. BLS E-Services has strategically consolidated its digital services portfolio through its subsidiaries under its umbrella, namely Starfin India, Zero Mass (ZMPL), BLS E-Kendra, and Aadifidelis Solutions.

Through these subsidiaries, the Company has effectively expanded its operational reach in business correspondence, e-governance, citizen services, and financial products distribution. In FY 2024 25, BLS E-Services Limited significantly expanded its digital services portfolio through the strategic acquisition of a controlling stake in

Aadifidelis Solutions Pvt. Ltd. (ASPL), a prominent loan distribution and processing company in India. This acquisition aligns with BLS E-Services strategy to enhance its Business Correspondent-led, citizen-centric last-mile banking services.

Our Services Portfolio

BLS E-Services offers a comprehensive range of services under three key categories, effectively catering to diverse customer needs across financial, governmental, and digital domains:

Business Correspondent Services

BLS E-Services facilitates essential banking services through its

BC network, delivering financial inclusion at the grassroots level. Its offerings encompass banking transactions, public utility services, social welfare schemes, and financial services, including domestic money transfers, AEPS (Aadhaar Enabled Payment Systems) and loan distribution. Additionally, it enables cash withdrawals at POS terminals and Micro ATMs, making basic banking accessible to underserved communities. The Company has a network of 44,800+ business correspondent centre spread across India as of 31st March, 2025.

E-Governance Services

As a key enabler of Indias digital governance mission, BLS E-Services collaborates with six state governments to deliver a wide array of

Government-to-Citizen (G2C) services enhancing last-mile service delivery. These include essential offerings such as birth and death certificates, PAN card issuance, property registrations, caste and income certificates, utility bill payments, and more. Through its digitally enabled infrastructure, the Company ensures greater convenience for citizens fostering inclusive access to public services.

Assisted E-Services

With a focus on digital empowerment, BLS E-Services delivers a wide array of assisted e-services, including bill payments, mobile recharges, and insurance services. The platform also facilitates e-learning, video consultations with doctors, and access to an e-commerce platform. Moreover, it extends banking services, Ayushman Bharat health insurance enrolment, IRCTC train ticket booking, and passport and visa applications. Additionally, it offers PAN card services, healthcare services, educational services, and travel ticket booking, positioning itself as a comprehensive service provider in the digital economy.

Financial Overview

Analysis of the consolidated profit and loss statement

In FY 2024-25, the Company delivered exceptional financial performance with consolidated total income surging by 76% YoY to Rs. 545 Crores, driven primarily by the consolidation of ASPL acquired in November 2024. EBITDA increased significantly by 72.5% to Rs. 86.1 Crores from Rs.49.9 Crores in the previous fiscal year, reflecting improved operational efficiency despite marginal decline in EBITDA margin from 16.1% to 15.8%. Profit After Tax (PAT) grew robustly by 75.4% to Rs. 58.8 Crores, up from Rs. 33.5 Crores in FY 2023-24, maintaining a stable PAT margin of 10.8%.

(In Rs. Crores)

Particulars	FY 2024-25	FY 2023-24	YoY (%)
Total income	545.0	309.6	76.0%
EBITDA	86.1	49.9	72.5%
EBITDA margin (%)	15.8%	16.1%	-
PBT before exceptional items	79.1	45.7	73.1%
PBT margin (%)	14.5%	14.8%	-
PAT	58.8	33.5	75.4%

Other Key Highlights

D uring FY 2024-25, BLSe facilitated approximately

14 Crores transactions translating into a Gross Transaction Value of over Rs. 87,000 Crores, as compared to 13.4 Crores transactions with a Gross Transaction Value of over Rs. 72,000 Crores in FY 2023-24 Th e Gross Transaction Value of over Rs. 87,000 Crores includes approximately Rs. 12,000 Crores in loan disbursements by BLSe and ASPL for various banks & financial institutions during FY 2024-25

Th e Companys vast network stands at 1,42,000+ touchpoints, along with 44,800+ Customer Service Points (CSP) under the Business Correspondent segment, at the end of FY 2024-25 Th e Company established key partnerships with Canara Bank, Central Bank of India, SBI (for Home Loan Counsellor services), MeraDoc (for Healthcare services), SBI General Insurance, Aditya Birla Health Insurance, and Bajaj Finserv (for EMI Card distribution)

Key Ratios

S. No.	Ratio	As of March 31, 2025	As of March 31, 2024	Reason for variation for more than 25%
1	Current Ratio	2.06	4.69	Due to increase in current liabilities
2	Debt Equity Ratio	0.01	0.02	NA*
3	Debt Service Coverage Ratio	1.79	3.76	Decrease in outstanding debt
4	Return on Equity Ratio	12.87%	20.11%	Increase in shareholders fund
5	Trade Receivables Turnover Ratio	8.76	13.89	Increase in revenue and trade receivables
6	Trade Payables Turnover Ratio	8.58	10.68	NA*
7	Net Capital Turnover Ratio	2.60	2.42	NA*
8	Net Profit Ratio	11.32%	11.12%	NA*
9	Return on Capital Employed	16.34%	27.25%	Increase in shareholders fund
10	Inventory Turnover Ratio	27.99	23.97	NA*

Key Risks and Mitigation Strategies

BLS E-Services operates in a dynamic and highly regulated ecosystem encompassing government services, digital financial transactions, and assisted e-commerce. In navigating this complex environment, the Company recognises the following key risks and has instituted robust mitigation mechanisms to ensure sustained performance and resilience.

Human Resources

A strong and agile workforce underpins the Companys ability to deliver efficient, technology-led services across its national network. As on March 31, 2025, the Company employs 67 individuals, comprising skilled professionals across key functional areas. On a consolidated basis, the employee strength stood at 1,200+. The Company continues to nurture a culture of accountability, innovation, and service excellence through regular training, digital enablement, and performance-driven practices. This lean team structure ensures agility, enhances responsiveness, and supports the organisations long-term growth trajectory.

In line with our mission to deliver last-mile digital services with speed, trust, and innovation, we are committed to building a future-ready, inclusive, and empowered workforce. Our nationwide presence supported by a network of thousands of facilitators, demands a cohesive yet flexible culture, one that enables ownership and accountability at every level. Inclusion, fairness, and performance meritocracy remain central to our people philosophy. We continue to strengthen our diverse talent pipeline, promote internal mobility, and ensure equitable growth across our operations. Regular town halls, wellness programmes, and engagement platforms create a space where employees feel heard, valued, and inspired. The Company prioritises continuous learning and professional development, offering training programmes that equip employees with the necessary skills to thrive in a rapidly evolving business landscape. Our people are at the core of our strategy—driving innovation, ensuring service excellence, and advancing digital reach across the country.

Internal Control Systems and Their Adequacy

BLS E-Services upholds stringent internal control mechanisms to safeguard assets, enhance operational efficiency, and mitigate potential risks. The Companys internal control framework is aligned with its corporate governance principles, ensuring comprehensive risk management and adherence to standard operating procedures. The control system is an integral part of the organisational structure, encompassing multiple levels of management to maintain accountability and transparency. Oversight and strategic guidance are provided by the Board of Directors, who work closely with the Executive Directors and management teams. The control and risk committee, supported by the head of the audit department, ensures robust monitoring and reporting processes under the supervision of the Statutory Auditors appointed by the Board. Regular audits and assessments are conducted to identify potential risks and implement corrective measures promptly.

Cautionary Statement

Certain statements made in this section describes the Companys objectives, projections, expectation and estimations, which may be ‘forward-looking statements within the meaning of applicable securities laws and regulations. Forward - looking statements are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realised by the Company. Actual result could differ materially from those expressed in the statement or implied due to the influence of external factors which are beyond the control of the Company. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements on the basis of any subsequent development, information or events.