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BLS International Services Reports 90% YoY Rise in Q3 Net Profit

13 Feb 2024 , 02:20 PM

Visa service provider BLS International Services reported a substantial 90% YoY increase in net profit, reaching 87.18 Crore for the quarter ending December 2023, attributed to an enhanced business mix.

The New Delhi-based company's consolidated revenue for Q3 FY24 stood at 437.9 Crore, with operating EBITDA experiencing a growth of 33.6% to 88.6 Crore, as per a regulatory filing.

BLS highlighted that the operating EBITDA margins remained above 20%, primarily due to an improved business mix, particularly in the visa and consular services segment.

The company maintains a robust balance sheet with cash and cash equivalents amounting to 754 Crore as of December 31, 2023.

For the nine months ending December 2023, BLS achieved operational revenue of 1,229.11 Crore, marking a 15.13% growth from1,067.56 Crore in the same period the previous year.

Shikhar Aggarwal, Joint Managing Director of BLS International Services Limited, expressed optimism for further growth in visa applications as key markets continue to open up.

BLS collaborates with over 46 client governments, including diplomatic missions, embassies, and consulates, employing technology and processes to ensure data security.

The company, founded in 2005, With a global network of more than 50,000 centers and over 60,000 employees and associates, BLS has processed over 220 million applications to date globally.

The company secured its first visa processing contract from the Portuguese Embassy in Delhi in 2005 and has expanded its operations globally, serving various embassies and missions.

In December 2016, BLS International signed a global visa outsourcing contract worth €175 million with Spain's MAEC (Ministry of Foreign Affairs and Cooperation).

The company's equity shares are listed on the National Stock Exchange (NSE), the Bombay Stock Exchange (BSE), and the Metropolitan Stock Exchange (MSEI).

For feedback and suggestions, write to us at editorial@iifl.com

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