BLS International Services Reports Impressive Q1 Profit Doubling to Rs 71 Crore

10 Aug 2023 , 11:12 AM

BLS International Services achieved an impressive performance in the first quarter ending June, with its consolidated net profit more than doubling to Rs 71 crore.

This significant growth was attributed to higher income and effective operational strategies. In comparison, the company had recorded a net profit of Rs 30.70 crore during the same quarter last year.

Total income for the quarter witnessed a substantial increase, reaching Rs 390.51 crore, compared to Rs 276.58 crore in the corresponding period of the previous year. The company highlighted its ability to generate Rs 77 crore in cash from operations during the quarter, maintaining its debt-free status.

With cash and cash equivalents amounting to Rs 642 crore, BLS International Services showcased its robust financial position. The company’s Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) also displayed remarkable growth, rising to Rs 80.05 crore in the June quarter from Rs 31.50 crore in the same period last year.

BLS International Services’ Joint Managing Director, Shikhar Aggarwal, expressed positivity about the new fiscal year’s outset, driven by strong financial performance. The company is strategically positioned to sustain growth in visa and consular services, along with increasing contributions from the digital services segment.

Notably, the government of Spain continued its partnership with BLS International Services for visa applications, marking the second consecutive term. Similarly, the Italian government renewed its contract with the company for visa services for the sixth time, a testament to its reliability.

Specializing in tech-enabled services for governments and individuals globally, BLS International Services continues to strengthen its market presence.

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