BLS International Services Ltd Management Discussions

KEY METRICS

The World Bank anticipates that Brent crude prices will average USD 64 per barrel in 2025, down from USD 81 in 2024, reflecting weaker global oil demand and an oversupply of oil, which is expected to outpace demand by 7,00,000 barrels per day in 2025.

Despite an anticipated 0.2% contraction in merchandise trade volume in 2025, largely influenced by softer global demand and ongoing trade frictions, the outlook remains promising. As global demand stabilises in 2026, merchandise trade is projected to rebound, with growth expected to accelerate to 2.5%, propelled by gradual recovery in cross-border commerce. On the other hand, commercial services trade growth is expected to slightly improve to 4.1% as global supply chains are expected to remain steady, facilitating smoother cross-border service transactions, particularly in sectors like logistics, finance, and technology. On the financial markets front, equity markets globally are projected to experience continued volatility as central banks maintain a vigilant stance on monetary policy amid persistent inflationary pressures and geopolitical uncertainties.

OUTLOOK

The outlook for 2025 suggests that global economic recovery will remain fragile amid persistent trade tensions and tightening financial conditions. Central banks are expected to adopt cautious monetary policies, potentially moderating interest rate hikes to balance growth and inflation risks. Countries can effectively advance towards sustained global economic prosperity by easing trade restrictions and forging new trade agreements, which will be pivotal in mitigating economic volatility and unlocking growth opportunities globally.

Sources:

WEO update -IMF - April 2025

Deloitte Insights- Global Economic Outlook IMF Blogs- Global Economy Enters a New Era

Ecofinagency.comglobal-commodity-prices-set-to-fall-in-2025

WTO.org- World Trade Outlook apnews.com/article/recession-imf-economy-tariffs

KEY METRICS:

As per the Annual Estimates released by the Ministry of Statistics and Programme

Implementation (MOSPI) in May 2025, Indias GDP is estimated to have grown by 6.5%, while the nominal GDP increased by 9.8% in FY 2024–25. The trade, hotels, transport, and communication services segment is expected to register 7.5% growth, up from 6.1%, driven by recovery in mobility and tourism. The construction sector is projected to grow by 9.4%, reflecting a continued infrastructure push and real estate activity. The public administration, defence, and other services sector is expected to grow by 8.9%, maintaining its pace from the previous year. Financial, real estate, and professional services are estimated to grow at 7.2%, indicating healthy activity in banking, insurance, and consultancy. On the consumption side, Private Final

Consumption Expenditure (PFCE) is projected to grow at 7.2%, a marked improvement from 5.6% last year, signalling robust domestic demand.

Indias macroeconomic environment was further strengthened by a continued decline in inflation, fostering a more supportive atmosphere 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 rose slightly to 3.73%, from 3.36% in March 2025. The overall moderation in price pressures was largely attributable to a sharp fall in food inflation, with vegetable and pulse prices exhibiting deflationary trends.

Indias external sector displayed notable resilience in

FY 2024 25. Foreign direct investment (FDI) inflows rose by 17.9% year-on-year, reaching USD 55.6 Billion during the same period, underscoring investor confidence in the Indian economy. Meanwhile, foreign exchange reserves climbed to USD 640.3 Billion, providing a strong 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, with imports growing 6.2% to USD 720.24

Billion, widening the merchandise trade deficit to

USD 282.83 Billion. However, services exports rose 12.45% to USD 383.51 Billion, helping offset the deficit and resulting in a services trade surplus of

USD 188.57 Billion. Overall, combined merchandise and services exports grew 5.5%, reaching USD 820.93 Billion.

GLOBAL TRAVEL AND TOURISM INDUSTRY

OVERVIEW

The global travel and tourism industry has emerged as a key pillar of economic growth, demonstrating remarkable resilience and a strong recovery trajectory in the post-pandemic era. In 2024, the market was valued at approximately USD 2.3 Trillion and is projected to expand to USD 3.4 Trillion by

2029, reflecting a robust compound annual growth rate (CAGR) of 8%. This anticipated growth is driven by the resurgence of international travel, increasing disposable incomes, and the widespread adoption of online travel services, which have reshaped the sectors dynamics. The sectors overall contribution to the global economy (global GDP) surged to USD

11.3 Trillion. This growth trajectory is expected to continue, with a projected CAGR of 7.1%, elevating the sectors contribution to USD 15.9 Trillion by 2029. This consistent recovery underscores the sectors vital role as a catalyst for economic development, driven by sustained demand, evolving consumer preferences, and strategic investments in digital and infrastructure capabilities. Travel and Tourism continues to be a significant driver of global employment, contributing approximately 10.4% of total jobs worldwide in 2024, with the sector supporting 357 Million jobs, equivalent to one in every ten jobs globally.

Global air travel rebounded significantly from 1.7 Billion passengers in CY20 to 4.8 Billion in CY24, underscoring a robust post-pandemic recovery. This growth was fuelled by rising demand for travel, expanded airline capacity, and the resurgence of international tourism, supported by favourable government policies, visa relaxations, and enhanced connectivity.

*The degrowth was attributable to COVID-19-related lockdown restrictions.

TOTAL AIRLINE PASSENGERS- GLOBAL (IN BILLIONS)

Region wise, Asia-Pacific led the surge in Revenue Passenger-Kilometre (RPK) growth at 16.9%, driven by strong demand in China at 12.3% and India at 6.0%.

Africa and the Middle East also recorded substantial RPK gains of 13.2% and 9.5%, respectively, while Europe and Latin America maintained steady growth at 8.7% and 7.8%.

Particulars	2020	2021	2022	2023	2024
Revenue Passenger Kilometre (RPK, Mn)	28,94,700	35,31,364	58,05,563	79,47,815	87,74,388
Available Seats Kilometre (ASK, Mn)	44,67,130	52,55,006	73,76,827	96,57,127	1,04,97,297
Passenger Load Factor (PLF, %)	64.8%	67.2%	78.7%	82.3%	83.5%

The rebound in global RPK from 28.9 Billion in 2020 to 87.7 Billion in 2024 and international RPK from 12.8 Billion to 52.4 Billion signals a strong revival in cross-border travel, which directly fuels demand for visa application processing. The rise in PLF further suggests airlines are operating at near-full capacity, converting higher volumes of passport, visa, and document authentication services.

INTERNATIONAL AIR PASSENGER MARKET

Particulars	2020	2021	2022	2023	2024
Revenue Passenger Kilometre (RPK, Mn)	12,83,916	12,89,178	32,57,752	46,12,977	52,40,342
Available Seats Kilometre (ASK, Mn)	20,44,452	22,22,720	41,50,002	55,71,228	62,84,345
Passenger Load Factor (PLF, %)	62.8%	58.0%	78.5%	82.8%	83.2%

Note: Revenue Passenger Kilometers (RPK) is a measure of actual passenger traffic. It reflects demand. Higher RPK means more passengers are flying longer distances, which translates to more revenue-generating activity

Available Seat Kilometers (ASK) is a measure of total seat capacity offered by an airline. It shows supply. Airlines use ASK to plan capacity and compare how much service theyre offering across routes.

Passenger Load Factor (PLF) is a measure of how efficiently the airline fills its seats. Its a key efficiency metric. A higher PLF means better utilization of available seats, which usually correlates with profitability.

OPPORTUNITIES

The global travel and tourism sector stands at the cusp of unprecedented growth, driven by strategic investments in fleet expansion and the rising demand for air travel. According to Cirium Consultancy, approximately 45,900 aircraft are expected to be delivered globally over the next 20 years, representing a market value of

USD 3.3 Trillion. This extensive influx of newer, more sustainable aircraft presents substantial opportunities for airlines to enhance capacity, optimise seat utilisation, and cater to the escalating passenger demand.

Revenue Passenger-Kilometre (RPK) surged by 10.4%, surpassing pre-pandemic levels. The industry also saw significant network expansions and fleet optimisation efforts, as Available Seat-

Kilometre (ASK) increased by 8.7%, enhancing regional connectivity and capacity. This strategic expansion underscores the sectors readiness to capitalise on rising passenger volumes across emerging and established markets. Moreover, the Passenger Load Factor (PLF) reached a record high of 83.5%, reflecting optimal capacity utilisation and effective alignment between supply and demand. With strategic capacity expansion, optimised seat utilisation, and surging passenger demand, the sector is poised to capitalise on emerging opportunities, particularly in high-growth regions like Asia-Pacific and the Middle East, setting the stage for sustained momentum in the years ahead.

OUTLOOK

The global travel and tourism sector is poised for significant expansion, as highlighted in the World Travel & Tourism Council (WTTCs) 2025 Economic

Impact Research (EIR) report. International visitor spending is projected to reach a record USD 2.1 Trillion in 2025, exceeding the pre-pandemic peak of USD 1.9 Trillion in 2019 by USD 164 Billion. Over the next decade, the sector is expected to inject USD 16.5 Trillion into the global economy , contributing 11.5% to global GDP and maintaining an annual growth rate of 3.5% outpacing the wider economys 2.5% growth. Furthermore, travel and tourisms role as a major employment driver is set to strengthen, with jobs in the sector projected to reach over 460 Million, accounting for one in every eight jobs globally. Factors such as the re-prioritisation of travel, flexible work arrangements, and improved financial outlooks are driving this trend. The forecasted global passenger traffic of 9.9 Billion in

2025, with a 4.8% year-on-year (YoY) growth rate, indicates a robust recovery and expansion in the global travel and aviation sector. The anticipated growth in both economic contribution and employment highlights the sectors pivotal role in global development over the next decade.

Source:

WTTC.org- Economic Impact of Travel & Tourism sector. IATA Air passenger market analysis 2024 WTTC.Org- Global Travel & Tourism Stays Strong Cirium.com-Aviation industry to add 45,900 aircraft worth USD3.3 trillion Airports Council International -Global Air Travel Demand.

MARKET INSIGHTS

The global visa market is projected to expand from USD 5.4 Billion in 2024 to USD 7.7

Billion by 2029, reflecting a CAGR of 7.1%.

The consular services outsourced market is projected to grow from USD 156 Million in 2024 to USD 634 Million by 2029, at a

CAGR of 32%. The expansion is driven by technological advancements, personalised service offerings, and a rise in subscription-based travel services.

Leading players in the sector include BLS

International, VFS Global, TLScontact, CGI, and GDIT. BLS International holds a notable market share, accounting for over 10% by volume and 17% by value in the global visa outsourcing market in 2024 (excluding US).

Global Visa Applications-Outsourced vs In-house - In 2024, of the 121 Million visa applications processed globally, approximately 46 Million applications (38%) were outsourced, generating a market value of USD 1.7 Billion. This outsourcing trend is expected to rise, with projections indicating that by 2029, out of 140 million applications expected to be processed, about 70 million (50%)—valued at USD 3.2 billion—would be outsourced.

Surge in Air Travel Demand

Total global passenger traffic is projected to reach 9.9 Billion in 2025, reflecting a sustained recovery and a renewed appetite for international travel.

Growing Popularity of Investor & Long-Term Visas

Countries are expanding visa categories to attract entrepreneurs, professionals and high-net-worth individuals through residency-by-investment and long-term visa programmes.

Rise of Flexible Work

The shift towards remote work and digital nomad lifestyles has increased demand for cross-border mobility, with more individuals seeking streamlined visa access.

Momentum in Citizenship-by-Investment

Nations are increasingly offering citizenship and residency through investment, fuelling demand for specialised visa and documentation services.

The global outsourced visa market is experiencing substantial growth, driven by increasing international travel for tourism, business, and work, with a notable rise in digital nomad visas. Governments are embracing e-visa systems to streamline application processes and reduce administrative workloads, while advancements in biometric verification, real-time tracking, and AI-driven processing are further enhancing operational efficiency and service delivery. Companies that can integrate digital solutions, expand service offerings, and secure strategic partnerships with government agencies stand to gain a competitive edge in this rapidly evolving sector.

Tourist visas will remain the dominant category at

70%, with expected growth of 15.2% CAGR, driven by a surge in leisure travel and easing visa norms.

Study visas, which grew rapidly at 12.1% CAGR during CY19 24, are expected to moderate to

10.3%, supported by continued overseas education demand. Business visas will see a notable uptick in growth from 9.5% to 13.5%, indicating a revival in global corporate travel. Work visas, which had contracted by 6.7% earlier, are projected to recover with a 4.6% CAGR, backed by skill-based migration trends. The travel support industry offers a range of services to assist individuals with immigration processes, particularly for those seeking permanent residency. These services complement visa outsourcing by addressing more complex and long-duration immigration needs. From eligibility assessments and document preparation to legal support and post-arrival orientation, immigration consultants enhance the end-to-end support ecosystem that global travellers increasingly demand. As international mobility rises, particularly for education, employment, and relocation, the convergence of visa processing and immigration consultancy is becoming more pronounced.

Source: Industry Research Reports

BUSINESS CORRESPONDENTS (BC)

To expand banking access and promote comprehensive financial inclusion, the Reserve Bank of India has undertaken several strategic initiatives. A key milestone was the issuance of guidelines in January 2006, allowing banks to engage Business

Correspondents (BCs) to deliver banking and financial services. Since then, the regulatory framework for the BC model has been continuously refined to extend banking outreach while maintaining strong consumer protection standards. This model has emerged as a critical enabler of financial inclusion in India, extending formal banking services to remote and underserved areas. Acting as banking representatives, BCs conduct transactions on behalf of banks, earning commissions for their services.

BLS International, through its step-down subsidiaries, Zero Mass and Starfin India, operates Indias largest Business Correspondent (BC) network, with over 41,500 Customer Service Points, enabling access to banking and essential public services in remote regions. In 2024, BCs managed 97% of rural banking outlets, reflecting their critical role in deepening financial access. As digital services expand across sectors like insurance, e-commerce, and healthcare, BLSs BC network serving both B2B and B2C clients is driving last-mile connectivity, revenue diversification, and inclusive growth.

As can be interpreted from the above graphs, the share of BCs in transaction value has increased steadily from 37.7% in FY 2018-19 to 50.1% in FY 2023-24, marking a significant transition towards BC channels. Increased focus on financial inclusion and DBT (Direct Benefit Transfer) schemes has pushed more users towards BCs. The share of BCs in transaction volume has also increased from 55.6% in FY 2028-19 to 60.5% in FY 2023-24, indicating a persistent rise in BC usage for frequent, lower-value transactions. The governments plan to add 30 Million underprivileged citizens to the existing pool of over 531 Million active bank accounts under the Pradhan Mantri Jan Dhan Yojana

(PMJDY) in FY 2024-25 has further expanded the customer base for BCs, especially in rural and semi-urban areas.

Source: PIB.gov.in- PMJDY Scheme Industry Research Report

GLOBAL E-GOVERNANCE OVERVIEW

The e-governance market is set to more than double, growing from USD 20.7 Billion in 2024 to USD 50.4 Billion by 2032, driven by a strong 11.7%

CAGR. This surge is fuelled by rising data volumes from digital transformation, smart tech adoption, and the emergence of new businesses. Government policies promoting digital infrastructure, cross-regional collaborations, and heightened cybersecurity concerns are further driving adoption. Additionally, economic growth and the rise of new enterprises are increasing demand for streamlined regulatory compliance and data management solutions.

INDIAN E-GOVERNANCE OVERVIEW

Indias e-governance market is projected to reach

USD 1.5 Billion in 2024, with a CAGR of 17.93% driving it to USD 9.2 Billion by 2035. Digital platforms such as

DigiLocker, UPI, and Aarogya Setu have significantly enhanced G2C service delivery. UPI transaction values surged to Rs. 23.24 Lakhs Crores in December 2024, reflecting exponential growth from just Rs. 707.93 Crores in December 2016 and Rs. 4.16 Lakhs Crores in December 2020, underscoring the rapid adoption of digital payments and Indias transformation into a cashless economy.

In 2024, governance and utility services led digital service adoption with 6,173 e-services, followed by social welfare (4,472), financial (2,630), and employment services (2,189). Education, tourism, and environment services are emerging areas of digital focus. This aligns with Indias broader Digital India initiative. The e-governance framework is supported by Common Service Centres (CSCs), offering services like Aadhaar enrolment, PAN card issuance, and utility bill payments. The National e-Governance Plan (NeGP) and the National e-Governance Service Delivery Assessment (NeSDA) continue to strengthen citizen-centric, transparent, and inclusive digital governance.

Industry Research Report – Global Travel & Tourism Market Research Future- Indias E-governance market Pib.gov.in/PressRelease

E-SERVICE SECTOR

E-service Sector	Number of Services (CY24)
Governance & Utility	6,173
Services
Social Welfare	4,472
Finance	2,630
Employment	2,189
Education	1,785
Tourism	1,199
Environment	729

KEY TRENDS SHAPING THE MARKET LANDSCAPE

India has made significant strides in the global digital landscape, as evidenced by its improved ranking in the

Network Readiness Index (NRI) 2024. The country now stands at the 49th position, up from 60th in the 2023 report. Some of the key trends and drivers shaping the E-governance framework in India are:

Technological Advancements

The integration of advanced technologies like Artificial Intelligence (AI), blockchain, and cloud computing is redefining the e-governance landscape, enabling more efficient, secure, and citizen-centric service delivery. The rapid expansion of 5G networks and AI capabilities is further accelerating digital transformation in governance, facilitating real-time data processing, seamless digital interactions, and enhanced public service delivery.

The National Informatics Centre (NIC) has implemented cloud services across over 300 government departments, enhancing e-governance capabilities.

Public-Private Partnerships (PPPs)

Collaborations between the government and private sector entities are fostering innovation, expanding digital infrastructure, and enhancing service delivery mechanisms. Enhanced collaboration between the government and private sector has significantly accelerated the development, maintenance, and expansion of Digital Public Infrastructures (DPIs) like Aadhaar, UPI, and the Data Empowerment and Protection Architecture (DEPA). This synergy not only strengthens this critical infrastructure but also fosters greater trust and adoption among citizens by ensuring robust, reliable, and secure digital services.

Digital Literacy & Inclusion

Initiatives focused on enhancing digital literacy are helping to bridge the digital divide, enabling citizens from diverse backgrounds to access and benefit from e-governance services. One such initiative, named "The Pradhan Mantri Gramin Digital Saksharta Abhiyan (PMGDISHA)," focuses on enhancing digital literacy among rural citizens, ensuring that they have access to real-time information on government programmes and digital services. Under "Digital India," the government has undertaken numerous initiatives to connect not only metros but also tier-2 and tier-3 cities in rural and remote areas.

Rise in global digital identities

The global adoption of digital identity documents continues to accelerate, with projections estimating over 6.5 Billion users by 2026. In India, initiatives like Aadhaar have been instrumental in providing unique digital identities to residents, facilitating seamless access to a multitude of government services and subsidies. The widespread adoption of such digital IDs is foundational to the countrys e-governance infrastructure.

Outsourcing for Cost-Effective Solutions

Outsourcing has emerged as a strategic driver for the growth of e-governance in India, particularly in addressing the challenges of resource constraints and IT skill shortages. By engaging specialised IT service providers, governments can access advanced digital infrastructure and technical expertise without investing heavily in in-house capabilities. Outsourcing allows government agencies to rapidly scale digital services, implement new technologies, and maintain existing e-governance platforms effectively.

Sources:

Cdpp.in- Indias Digital transformation

Cyberpeace.org- Digital transformation empowering e-governance PIB.org- India shines in Network Readiness Index Juniper Research- Global Digital Identity by 2026 reaches 6.5 Billion PIB.gov.in- Press Release

ASSISTED E-SERVICES

Assisted e-services play a vital role in bridging Indias digital divide by enabling access to online services for digitally underserved populations, particularly in rural areas. With many rural consumers using 2G feature phones and lacking digital literacy, complex platforms like UPI, QR codes, and BHIM remain underutilised without guided support.

India has made notable strides in advancing assisted e-services. The governments Digital Saksham programme has reached nearly 300,000 micro and small enterprises and trained over 70,000 businesses across 13 states. Platforms like eSanjeevani have scaled with the help of community health workers delivering teleconsultations in rural clinics, while NDEAR supported assisted e-learning for over 4 Million students in 2024. These initiatives underscore the growing potential of assisted e-services to facilitate inclusive access to financial services, government schemes, healthcare, education, and citizen services especially in underserved regions.

Source:

Mastercard.com- Digitals saksham

India.gov.in- E-Sanjeevani national telemedicine Intellecap.com- Digitizing Rural value chains

OUTLOOK

Assisted e-services in India have immense potential to bridge service delivery gaps across diverse sectors, particularly in underserved areas. By facilitating access to financial services, government schemes, healthcare, education, agriculture, employment, and citizen services through trained intermediaries, these services can significantly enhance inclusivity and foster socio-economic development.

COMPANY OVERVIEW

ABOUT BLS INTERNATIONAL SERVICES LTD.

Established in 2005, BLS International Services Ltd. is a globally recognised, tech-enabled outsourcing partner to governments, specialising in visa, passport, consular, and citizen services. As the second-largest global provider in this domain, the Company has processed over 360

Million applications, with operations spanning 70+ countries and 46+ government partnerships. Its footprint extends across Europe, Asia, Africa, the Americas, and the Middle East, offering seamless, secure, and compliant public interface solutions at scale. The Company plays a central role in delivering end-to-end visa processing, biometric enrolment, passport renewals, document attestation, and citizenship and residency by investment (CBI/

RBI) facilitation, making it a preferred partner for governments seeking to modernise and outsource cross-border citizen services.

BLS International, through its subsidiary BLS E-Services, has strategically expanded into Indias digital services landscape by offering Business

Correspondent, E-Governance, and Assisted

E-Services at the grassroots level. Leveraging a robust network of touchpoints across urban and rural regions, the Company empowers citizens with access to essential financial, governmental, and digital services—bridging the digital divide and driving inclusive growth.

STRENGTHS

BLS International Services Ltd. continues to leverage its extensive global footprint and established government partnerships to strengthen its position as a leading provider of consular, biometric, and e-governance services.

The Companys competitive positioning is further reinforced by its eligibility for major global government tenders, driven by a consistent track record of large-scale project execution and adherence to regulatory standards.

Tender Eligibility and Proven Track Record

The Companys extensive experience in executing large-scale projects across diverse geographies enhances its eligibility for major government tenders, fortifying its credibility and competitive standing.

Strategic Diversification and

Business Expansion

BLS International has strategically expanded its service portfolio to include consular, e-governance, and citizen services, reducing dependency on visa outsourcing and ensuring long-term business sustainability. The Companys entry into diverse geographies underscores its ability to adapt to varied regulatory landscapes and demographic needs. Notably, the expansion of attestation services in Russia marks a focused effort to capture ancillary service demand in CIS and Eastern European regions.

Operational Excellence and Execution Speed

The Companys expertise in rapid centre deployment, coupled with its technology-driven approach, ensures efficient service delivery, robust security measures, and a superior customer experience, solidifying its position as a preferred partner for governments worldwide.

Providing an end-to-end service hub

The Value-added services (VAS) offerings transform BLSs visa centres into end-to-end service hubs, enhancing user satisfaction and reducing dependency on external vendors. Premium lounges, biometric home visits, and translation services improve processing ease for high-value clients, including business travellers and high-net-worth individuals, boosting customer retention and up-sell potential.

Global Reach and Government Trust

With a presence in 70+ countries and partnerships with 46 government clients, BLS has established a strong reputation for compliance and reliability, reinforcing its status as a trusted service provider in the global outsourcing market. The re-winning of key contracts underscores the Companys proven service delivery and established client relationships.

Scalability and Rapid Expansion

The Companys agility in swiftly launching new centres and expanding existing operations enables it to effectively execute contracts, a critical advantage in securing new government tenders. Globally, securing contracts with high-profile government clients such as Spain, Germany, Italy, Slovakia, US, and India has further expanded its market reach and diversified its client base. BLS International has strategically expanded its service portfolio by introducing new visa categories, including long-term visas, thereby catering to evolving client requirements and capturing additional revenue streams.

Market Leadership and Competitive Edge

As a leading visa outsourcing provider, BLS International Services Ltd. leverages its established client relationships, operational efficiencies, and proven service quality to maintain a strong market position and drive sustained business growth. The establishment of new centres in emerging markets like Peru, Colombia, Sri Lanka, Botswana, Spain, Gambia, and the United States signifies the Companys proactive approach to tapping into high-growth regions and aligning with increasing demand for consular and visa services.

Technological Prowess and Digital Excellence

BLS Internationals competitive strength lies in its robust, tech-enabled service delivery model. The

Company leverages proprietary platforms for biometric capture, appointment scheduling, real-time application tracking, and data security ensuring seamless, transparent, and secure interactions for both clients and end-users. Its investments in automation, AI-driven analytics, and omnichannel customer interfaces have enhanced operational efficiency and reduced turnaround times across services.

OPPORTUNITIES

Capitalising on a Niche Market

The visa outsourcing industry, worth USD 1.7 Billion, presents high entry barriers, and BLS International Services Ltd. being a key player in this industry can capitalise on this highly niche industry through new contract wins, leveraging its strong brand positioning and competitive advantage.

Growing Outsourcing Trend in Visa Processing

Embassies are increasingly outsourcing visa processing to specialised service providers to overcome budget constraints while enhancing efficiency and service quality. BLS International, with its proven track record and established credibility, stands poised to leverage this growing trend, emerging as a trusted partner for embassies seeking reliable and cost-effective visa processing solutions.

High-Growth Potential in Digital Services

Tapping on the emerging digital services landscape, BLS International has consolidated its e-governance and Business Correspondent (BC) services into a comprehensive digital services segment, targeting

G2C services in states with low tech penetration. The Company is strategically positioned to capitalise on the surge in government outsourcing of citizen services under the Digital India initiative, including eHospital, BHIM-UPI, DigiLocker, and more. The

BC business, bolstered by the acquisition of Zero

Mass Pvt Ltd, has rapidly expanded its touchpoints, enhancing service delivery across urban, semi-urban, rural, and remote area. The acquisition of

Aadifidelis Solutions has significantly strengthened BLS Internationals digital services, enhancing its BC network and financial inclusion reach. Aadifidelis alone enables Rs. 15,000+ Crores in total loan disbursements, driving scale for BLS E- Services.

Capitalising on the Growing Demand for Global Mobility

For decades, individuals seeking greater global mobility faced complex and often lengthy journeys navigating through layers of student visas, work permits, and permanent residency applications that could take over a decade before finally achieving citizenship. Citizenship by Investment (CBI) and

Residency by Investment (RBI) programmes have simplified this pathway, offering faster routes to residency and citizenship. However, despite these advancements, the processes remain highly intricate, demanding extensive documentation, strict regulatory compliance, and meticulous legal oversight. In a significant move to broaden its footprint in long-term visa and consular services,

BLS International acquired 100% of Citizenship

Invest in October 2024, a Dubai-based company specialising in fast-track investor programmes for residency and citizenship across more than

15 countries. By leveraging Citizenship Invests capabilities, BLS can offer a seamless, end-to-end service that simplifies and expedites the journey from residency to full citizenship across key geographies with a high proportion of HNIs and UHNIs.

Tender-Based Business and Susceptibility to Regulatory Changes

Risk: The visa processing and outsourcing industry Mitigation: To mitigate this risk, operates predominantly on a tender-based model, BLS has been diversifying its making it particularly vulnerable to regulatory shifts service portfolio, expanding its across different countries. Changes in immigration global footprint, and investing in policies, data protection laws, or outsourcing compliance readiness to ensure regulations can significantly disrupt operational resilience and agility. stability, requiring companies to rapidly adapt to new compliance standards.

Slowdown in Global Travel

Risk: The visa processing and outsourcing industry Mitigation: Backed by strategic is inherently sensitive to fluctuations in global travel acquisitions, digital innovation, and trends. A significant slowdown in international a growing global footprint, BLS tourism, driven by economic recessions, geopolitical International is well-positioned conflicts, pandemics, or natural disasters, can to sustain momentum and lead substantially reduce the demand for visa services. the evolution of citizen services During such downturns, the volume of visa worldwide. applications typically declines, directly affecting transaction-based revenue streams for service providers.

Geopolitical and Economic Instability

Risk: Geopolitical tensions, trade restrictions, or Mitigation: BLS has built a well-sanctions can disrupt visa processing operations, diversified global business, serving particularly in conflict-prone regions. Economic 46 client governments across 70 recessions or global crises such as pandemics can countries, ensuring that regional reduce international travel, leading to a decline in geopolitical tensions or sanctions visa applications and transaction volumes. have a limited impact on its overall operations.

Operational and Technological Risks

Risk: Visa outsourcing firms handle sensitive Mitigation: To mitigate this personal data, making them prime targets risk, BLS has invested in robust for cyberattacks. Data breaches can lead to cybersecurity, disaster recovery severe financial and reputational consequences. systems, and process automation—Additionally, system outages or technological ensuring secure, seamless, and disruptions can delay the visa processing. resilient service delivery across geographies.

Competitive Pressure

Risk: The visa and consular outsourcing services Mitigation: To address this market is dominated by a few large players with challenge, BLS focuses on value-extensive global networks and technological driven differentiation—leveraging capabilities. In pursuit of large government contracts, its global presence, strong client service providers often engage in aggressive pricing relationships, and tech-enabled strategies to undercut competitors. This can trigger service delivery to maintain margins price wars, leading to compressed profit margins and and win contracts based on quality a decline in overall profitability. and reliability instead of price alone.

BLS INTERNATIONAL SERVICES LTD.- GROWTH STRATEGY

Global Visa & Outsourced Consular Services

BLS International, a leading global player in

Government-to-Citizen (G2C) services with over 20 years of industry expertise, has established a robust network spanning 70+ countries through trusted partnerships with embassies and governments. As several major contracts approach renewal over the next two years, presenting opportunities valued at over USD 1 Billion, BLS is strategically positioned to capitalise on this momentum. BLS continues to evaluate selective M&A opportunities within the

Visa and Consular domain to accelerate growth and consolidate its competitive position. With a high asset turnover ratio of approximately 9.7x in FY 2024-25 and all visa application centres on leased premises, BLS maintains operational flexibility and efficiency. The evolving consular landscape, driven by growth in passport applications, an expanding service portfolios beyond visas, and rising demand for emergency and legal consular services, aligns with BLSs strategic focus on digital transformation, integrating biometric technology, AI, and automation to enhance customer experience. Additionally, BLS aims to diversify into emerging markets, expand value-added service offerings, and collaborate with technology partners while prioritising data security to uphold trust and regulatory compliance, thereby reinforcing its pathway for sustained global growth. As part of its diversification and long-term growth agenda,

BLS International has strategically expanded into the high-potential segment of citizenship and residency services. This move is anchored by the acquisition of Citizenship Invest in October 2024, a Dubai-based company specialising in fast-track investor programmes across over 15 countries.

This acquisition is a pivotal step in BLSs strategy to evolve from a traditional visa outsourcing provider into a comprehensive global mobility solutions partner. The expansion allows BLS to broaden its service portfolio beyond short-term and long-term visas to include end-to-end residency and citizenship pathways. It further enables the

Company to capitalise on rising global demand for alternative citizenship among high-net-worth individuals (HNWIs).

Digital Services

BLS International is strategically advancing its digital services business through a unified Digital

Services vertical that consolidates its e-Governance and Business Correspondent offerings. Anchored by an asset-light model and a growing network of

BLS Touchpoints, the Company is driving revenue diversification by cross-selling a broad portfolio of services, including fintech solutions, travel bookings, e-commerce, and insurance, particularly across semi-urban and rural India. Through BLS E-Services, it is positioning itself as a "Go-to Market Platform" aligned with the Digital India mission. Our delivery model is powered by an advanced tech ecosystem

AI-driven platforms for process efficiency, biometric and blockchain-enabled identity verification, NLP chatbots for seamless engagement, OCR-based e-visa processing for faster turnaround, and robust end-to-end data security. These tech-enabled solutions not only enhance user experience and scalability but also provide a critical edge in competitive bidding.

FINANCIAL PERFORMANCE

In FY 2024-25, BLS International delivered strong and broad-based growth across the consolidated operations, reflecting the strength of our business model and strategic focus. Revenue from operations grew by 30.8% year-on-year to Rs. 2,193.3 Crores.

This topline growth was led by strong traction in

Visa & Consular services and steady contributions from recently acquired entities. Margin accretion was driven by operational leverage and disciplined cost control, as Operating EBITDA surged 82.1% to Rs. 629.3 Crores. This translated into an 808 basis point improvement in EBITDA margin to

28.7%, reflecting enhanced efficiency across the business. Profitability also remained strong, with PAT increasing 65.7% to Rs. 539.6 Crores and PAT margin expanding by 519 basis points to 24.6%. Our focus on high-margin verticals and strategic acquisitions has further strengthened the financial foundation, positioning the Company for sustained and scalable growth.

Key Metrics (Rs. Crore)	FY 2023-24	FY 2024-25	YoY Change %
Revenue from operations	1676.8	2,193.3	30.8%
Operating EBITDA	345.7	629.3	82.1%
Operating EBITDA margin (%)	20.6	28.7	808 Bps
PBT	352.1	605.5	72%
PAT	325.6	539.6	65.7%
PAT Margin (%)	19.4	24.6	519 Bps

VISA AND CONSULAR BUSINESS

During the year under review, BLS Internationals

Visa and Consular business demonstrated strong year-on-year growth across all key financial metrics, reaffirming the segments position as the Companys core revenue driver. In FY 2024-25, revenue from operations increased by 21% to Rs. 1,653.3 Crores from Rs. 1,361.8 Crores in FY 2023-24, supported by a 31% rise in application volumes to 37.5 Lakhs and a 35% surge in net revenue per application to Rs. 2,903.

Net revenue grew significantly by 77% to Rs. 1,089.1 Crores, reflecting improved operational efficiency and service mix. EBITDA nearly doubled, rising by 90% year-on-year to Rs. 569.7 Crores, with the

EBITDA margin expanding from 22.1% to a robust 34.5%, indicating strong cost leverage and enhanced profitability. The transition from a partner-led structure to a self-managed framework allowed BLS to capture a higher share of service revenues while enhancing cost efficiency through greater operational control.

Key Metrics (Rs. Crore)	FY 2023-24	FY 2024-25	YoY Change (%)
Revenue	1,361.8	1,653.3	21%
EBITDA	300.5	569.7	90%
EBITDA margin (%)	22.1	34.5	1,240 Bps

Key highlights of visa and consular business

BLS Internationals Digital Services business, led by

BLS E-Services Ltd., delivers essential financial and citizen services across semi-urban and rural India through a tech-enabled phygital model. It comprises three core segments: Business Correspondent

Services, tied to 16+ major banks; E-Governance Services, facilitating Aadhaar, PAN, Ayushman Bharat, and land records across key states; and Assisted E-Services (BLS E-Stores), offering utility payments, insurance, PoS, and e-commerce support.

In FY 2024-25, our digital business delivered robust performance, underscoring its expanding scale and strategic relevance. Revenue from operations surged by 71% year-on-year to Rs. 540 Crores, up from Rs. 315.0 Crores in FY 2023-24, driven by accelerated digital adoption and deepening service penetration. EBITDA rose by 32% YoY to Rs. 59.7

Crores, reflecting strong operational momentum, despite ongoing investments in technology and infrastructure. While the EBITDA margin moderated to 11.0% compared to 14.3% in FY 2023-24, this was a result of planned expansion initiatives aimed at long-term value creation. The business achieved a significant milestone by processing over 14 Crore transactions, with a Gross Transaction Value of approximately Rs. 87,000 Crores highlighting the growing trust and scale of the platform.

Digital Services

Key Metrics (Rs. Crore)	FY 2023-24	FY 2024-25	YoY Change %
Revenue	315.0	540	71%
EBITDA	45.1	59.7	32%
EBITDA Margin (%)	14.3	11.0	-

Significant Changes in Key Financial Ratios (Consolidated Business)

Pursuant to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), details of significant changes in key financial ratios, along with explanations for such changes including any variation in the Companys Return on Net Worth are provided below.

Ratios	As of March 31, 2024	As of March 31, 2025	Percentage Change	Reason for variance
Current Ratio	7.70	2.34	-70%	Due to increase in current liability (due to new loan for iDATA Acquisition, Renewal of lease,
				Increase in Trade Payables) ratio has decreased
Debt to Equity ratio	0.03	0.21	719%	Due to increase in debt and Renewal of lease contracts
Debt Service Coverage Ratio	27.16	11.22	-59%	Due to increase in debt and Renewal of lease contracts
Return on equity	26.96%	31.18%	422 BPS	-
Trade Receivable turnover ratio	45.86	27.04	-41%	Due to recent acquisitions and increase in sales
Trade Payable Turnover ratio	31.68	15.20	-52%	Due to recent acquisitions and increase in sales
Net capital turnover ratio	1.39	1.27	-9%	-
Net profit ratio	19.42%	24.60%	519 BPS	Profit margins improved due to gross margins increased
Return on Capital employed	29.60%	22.04%		Decreased due to goodwill arising from recent acquisitions
Return on Investment	4.84%	5.85%	101 BPS
Inventory turnover ratio	896.41	946.87	6%	-

HUMAN RESOURCES

People & Culture: Empowering through Purpose, Values and Growth

At BLS International, our values-driven culture forms the cornerstone of our organisational ethos. With a diverse workforce of over 60,000 professionals across geographies, we foster a cohesive environment of trust, accountability, and excellence. We nurture a values-driven environment anchored on Customer Orientation, Entrepreneurship, Result

Orientation, Integrity & Respect, Passion, and Process-Driven Excellence—principles that guide our every interaction, decision, and transformation. These principles guide our decisions, shape our global operations, and define our identity as a purpose-led, service-focused enterprise. Our HR strategy is anchored in aligning employee potential with business goals through a well-defined competency framework that identifies critical skills and behaviours essential for success. At BLS International, we dont just build careers— we build experiences. Our focus on employee well-being and engagement is reflected in our regular town halls, global engagement activities, and comprehensive wellness programmes. Through Culture Building

Workshops, we ensure sustainability of these values, not just enforce them. These sessions offer immersive experiences, encouraging employees to integrate these principles into their everyday interactions, drive collaboration, and strengthen alignment with the organisations mission. At BLS International Services Ltd, inclusion is not just a principle—it is a conscious commitment to fairness, opportunity, and representation. Our structured hiring practices, transparent performance systems, and equitable growth initiatives create an environment where every employee, regardless of background or role, has the opportunity to thrive. This commitment is reflected in our diverse workforce, with 31% female representation and employees from over 70 nationalities, reinforcing our belief in equal opportunity and global inclusion. By embedding fairness across every stage of the employee lifecycle, we are shaping a workplace that values diversity, empowers every voice, and fosters a culture of belonging.

LEADERSHIP DEVELOPMENT AND CONTINUOUS LEARNING

As a future-ready organisation, BLS International places strong emphasis on continuous learning and leadership development. Comprehensive training programmes are conducted through visa service centres, utilising structured manuals and interactive sessions to maintain operational efficiency and service excellence. The training staff plays a pivotal role in onboarding new employees, equipping them with essential skills to enhance customer satisfaction and boost productivity across visa service centres.

The onboarding process has also been refined to ensure seamless integration of new hires into the organisation.

Learning and development are prioritised through comprehensive behavioural and functional training, reinforced by self-paced, on-demand courses via LinkedIn Learning. Initiatives such as Project ELUVATE and our Learning Management System (LMS) with access to over 21,000 curated courses, empower employees to drive their own growth in a dynamic environment. Structured programmes like LEAP for first-time managers and LEAD for mid-level leaders are designed to build capability, foster engagement, and cultivate a pipeline of high-impact leaders. To strengthen our leadership pipeline and enhance organizational capability, we run a development centre that aligns individual potential with business goals, ensuring employees are equipped for future challenges.

Personnel

The Company adopts a polycentric staffing approach for its global operations, strategically prioritising the recruitment of local managers to lead visa service centres. By recruiting locally, starting with visa service centre managers, the Company effectively minimises the need for extensive staff assimilation while fostering cultural empathy and operational flexibility. This approach not only enhances productivity but also facilitates a smoother onboarding process, as local managers are well-versed in regional dynamics and responsibilities. Additionally, emphasising customer service in the recruitment process ensures that staff members are adept at managing applicant interactions, further optimising the operational efficiency of visa service centres.

Internal control systems & Quality Compliance

BLS International has established a robust internal control framework to safeguard its assets, ensure operational efficiency, and maintain regulatory compliance. The Companys quality team is responsible for monitoring and enforcing these controls across visa service centres and corporate offices. Key components include risk assessment, control activities, information and communication, internal auditing, and ongoing monitoring. Internal audits are conducted regularly to evaluate the effectiveness of operational processes, data security, and compliance with ISO standards such as ISO 9001:2015, ISO 27001:2013, ISO 14001:2015, and CMMI. These audits cover critical areas such as customer service, application processing, data protection, safety measures, and IT infrastructure. BLS International also employs comprehensive quality checks, customer service evaluations, and targeted training to address non-conformities, assess service delivery, and implement corrective actions promptly. Through these measures, the Company ensures alignment with regulatory requirements and the highest standards of operational integrity.

Risk management is a strategic cornerstone of BLS Internationals operations and a key enabler of its long-term objectives. Our success is built on the ability to harness emerging opportunities across our service portfolio, driven by dynamic market conditions. We adopt a comprehensive and integrated approach to risk management, ensuring that risk and opportunity assessments remain central to Board-level deliberations. Guided by the principles of competitive, sustainable, and responsible growth, our risk appetite is clearly defined. Strategic decisions across visa processing, e-commerce, and B2C citizen services are driven by a need for agility and responsiveness in an ever-evolving digital and geopolitical environment. All our actions are aligned with our Code of Conduct, reflecting a steadfast commitment to ethics, integrity, and transparency.

With the acceleration of e-business and digital trade, BLS International is strategically expanding its e-commerce and B2C citizen service capabilities. As digital transactions increase and customer expectations evolve, we have reinforced our risk management framework to align with emerging business realities. Operational efficiency and effectiveness remain central to BLSs risk management strategy, with a strong emphasis on safeguarding assets, assessing risks, and ensuring transparency in information disclosure. The risk management committee oversees risk identification, assessment, and mitigation, focusing on key areas such as visa services, digital platforms, and financial management.

Liquidity risk management constitutes a fundamental element of our risk framework. BLS

International maintains adequate cash reserves and ensures consistent operational cash flow to meet all financial obligations, including lease liabilities. This disciplined financial approach safeguards business continuity and underpins the

Companys long-term stability. Material risks are prioritised and managed through comprehensive mitigation measures and ongoing evaluation. We adopt a forward-looking and proactive stance toward risk identification, continuously monitoring both existing and emerging threats. Our response strategy encompasses macroeconomic volatility, regulatory shifts, technological disruptions, and geopolitical uncertainties Through our unwavering commitment to sound risk governance, BLS International fortifies stakeholder trust, ensures operational continuity, and sustains value creation across its global footprint.

PRINCIPAL RISK & MITIGATION STRATEGIES

Currency Risk

Given its international operations, BLS Mitigation: BLS International employs a currency hedging International is exposed to fluctuations in policy aligned with industry best practices to mitigate foreign exchange rates. Foreign exchange the impact of exchange rate fluctuations on receivables, fluctuations can significantly impact the projected revenue, and other current assets and liabilities. Companys financial performance, affecting The hedging strategy is periodically reviewed and receivables, revenues, and financial assets. adjusted to align with market conditions.

Employee Attrition Risk

High turnover rates can disrupt service Mitigation: The Company addresses the attrition risk delivery, increase recruitment costs, and through well-structured retention strategies, including potentially impact customer satisfaction, regular training, competitive compensation, and employee necessitating effective mitigation measures. engagement programmes to foster a stable workforce and reduce attrition rates.

IT and Data Security Risk

In an increasingly digital operational Mitigation: BLS International enforces stringent landscape, the security of IT infrastructure cybersecurity protocols, regular IT audits, and data and data management has become protection measures aligned with ISO 27001 standards paramount for BLS International. As a to mitigate risks of data breaches and cyber threats. service provider handling sensitive visa Additionally, the Company has implemented data application data, the Company is exposed encryption, multi-factor authentication, and secure data to potential cybersecurity threats, data transfer protocols to safeguard information integrity breaches, and system vulnerabilities. and prevent unauthorised access. Frequent vulnerability assessments and penetration testing are conducted to identify potential security gaps and reinforce data protection strategies.

Operational Risk

Operational risk arises from potential Mitigation: To minimise this risk, BLS International disruptions in business processes, system has established standard operating procedures, risk failures, or unforeseen events that can assessment frameworks, and contingency plans for critical adversely impact service delivery and functions, ensuring business continuity. operational continuity.

Compliance and Regulatory Risk

Operating in multiple jurisdictions, BLS Mitigation: The Company conducts regular International is subject to a wide range of compliance audits, adheres to ISO standards, regulatory requirements, including visa and implements continuous monitoring to ensure processing guidelines, data protection laws, adherence to regulatory requirements. and international standards.

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.

SOURCE BANK

WEO update -IMF - April 2025	IATA- Air passenger market analysis 2024
Deloitte Insights- Global Economic Outlook	WTTC.Org- Global Travel & Tourism Stays Strong
IMF Blogs- Global Economy Enters a New Era
Ecofinagency.comglobal-commodity-prices-set-to- fall-in-2025	Cirium.com-Aviation industry to add 45,900 aircraft worth USD3.3 trillion
WTO.org- World Trade Outlook	Airports Council International -Global Air Travel Demand.
apnews.com/article/recession-imf-economy-tariffs Mospi.gov.in Moneycontrol.com- Economic Indicators	PIB.gov.in- PMJDY Scheme Industry Research Report
Mospi.gov.in- Press Release	Market Research Future - Global E-governance Market
Economic Survey ‘24-25 KPMG-Deciphering Economic Survey	Market Research Future- Indias E-governance market
Indian Economic Outlook-PIB	Pib.gov.in/PressRelease
PIB- Indias Total Exports (Merchandise & Services) economictimes.indiatimes.com -India to be 3rd largest economy	Mastercard.com- Digitals saksham India.gov.in- E-Sanjeevani national telemedicine
PIB.gov.in- Press Release .	Intellecap.com- Digitizing Rural value chains
WTTC.org- Economic Impact of Travel & Tourism sector.