BLS International Services Ltd announces Q1 FY22 results

BLS International Services Limited (BLS), a trusted global tech-enabled services partner for governments and citizens, today announced financial performance for the first quarter of financial year 2021-22 (Q1FY22). BLS International is a preferred partner for governments globally, having an impeccable reputation for setting benchmarks in the domain of visa, passport, consular, citizen, egovernance, attestation, biometric, e-visa and retail services since 2005.

Financial Performance

Consolidated Q1FY22 review (YoY)

- Total operating revenue was Rs.182.3 Cr. as compared to Rs. 55.3 Cr. during Q1FY21, registering a growth of 230% YoY.

- EBITDA stood at Rs.18.8 Cr. as compared to Rs. 3.2 Cr. during Q1 FY21, growth of 488% YoY.

- Profit Before Tax stood at Rs.20.8 Cr. for Q1FY22 as compared to profit before tax of Rs. 3.9 Cr. in Q1 FY21, registering a growth of 433% YoY.

- Net Profit stood at Rs.20.3 Cr. for Q1 FY22 as compared to loss of Rs.0.8 Cr. in Q1FY21.

Consolidated Q1FY22 review (QoQ)

- Total operating revenue was Rs.182.3 Cr. as compared to Rs. 152.7 Cr. during Q4FY21, registering a growth of 19% QoQ.

- EBITDA stood at Rs.18.8 Cr. as compared to Rs. 10.1 Cr. during Q4FY21, growth of 86% QoQ.

- Profit Before Tax stood at Rs.20.8 Cr. for Q1FY22 as compared to profit before tax of Rs.15.6 Cr. in Q4FY21, registering a growth of 33% QoQ.

- Net Profit stood at Rs.20.3 Cr. for Q1FY22 as compared to Rs. 23.0 Cr. in Q4FY21.

Operational Highlights

- There have been couple of accomplishments during this quarter which includes the citizen services project, e-Mitra, with Rajasthan government in 5 districts including Jaipur, Alwar, Ajmer, Jodhpur and Nagaur. Also, the company partnered with Knowledge Catalyst (Singapore-based company) to provide Digital Health Certificates for passengers travelling to and from Singapore. In the domestic business, the company partnered with e-commerce giants like Flipkart to provide last mile delivery in semi-urban and rural areas of India.

- In this quarter, our consular services vertical and the domestic projects in Punjab & Starfin have performed way better than pre-covid levels. While during the 1st and 2nd wave, the revenue from the visa business were adversely impacted, but due to aggressive vaccination drives from all the major countries, it has started showing traction with opening of US, Europe, Russia, China, UK, Canada, etc. markets in a phased manner with specified Covid norms.

Commenting on the Company's performance for Q1FY22, Mr. Shikhar Aggarwal, Joint MD - BLS, said, "I am happy that our company has delivered robust financial results despite facing a highly challenging global scenario caused by the pandemic. The results of first quarter clearly shows that company's diversified portfolio of businesses have performed extremely well and compensated the shortfall of our visa business. As most of the countries globally are opening their borders and welcoming tourist, we expect visa business to start contributing to our revenues and profitability in coming quarters. This will significantly improve our financial performance for FY22."

Shares of BLS International Services Ltd was last trading in BSE at Rs. 136.8 as compared to the previous close of Rs. 133.4. The total number of shares traded during the day was 141175 in over 3193 trades.

The stock hit an intraday high of Rs. 140.6 and intraday low of 133.55. The net turnover during the day was Rs. 19438495.

Source : Equity Bulls

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