BLS International Services Ltd continues to witness a growth trajectory

BLS International Services Ltd, a trusted global tech-enabled services partner for governments and citizens, announced its unaudited consolidated financial results for the quarter and nine-month period ended 31st December,2023.Q3FY24 versus Q3FY23:

- Operational Revenue stood at INR 437.88 crores in Q3 FY24, similar to the corresponding previous quarter and up 7.4% on a quarter-on-quarter basis. The growth is driven by growth in both Visa & Consular services and the digital business

- The company reported EBITDA at INR 88.58 crores in Q3FY24, witnessing a growth of 33.61% YoY. EBITDA Margins expanded to 20.23% for the quarter compared to 15.14% in Q3FY23

- Favorable business mix along with operational efficiencies resulted in expansion of EBITDA margins

- PBT before exceptional item stood at INR 90.99 crores in Q3 FY24 compared to INR69.30crores in Q3 FY23, witnessing a growth of 31.30%

- PAT for the quarter was at INR 87.18 crores, a growth of 90.15%YoY comparedtoINR45.85 crores in the same period of last financial year

9MFY24 versus 9MFY23:

- Operational Revenue stood at INR 1,229.11 crores in 9M FY24, a growth of 15.13%fromINR 1,067.56 crores in 9M FY23

- EBITDA stood at INR 255.38 crores in 9M FY24, up 65.33% from INR 154.47 crores in 9MFY23. EBITDA Margins for 9MFY24 expanded to 20.78% compared to 14.47% in 9MFY23

- PBT before exceptional item stood at INR 258.61 crores in 9M FY24 compared to INR157.93crores in 9M FY23, a growth of 63.75%

- Profit after Tax (PAT) for the period was INR 240.17 crores, 88.31% YoY higher compared to INR 127.54 crores in 9M FY23

Commenting on the company's performance, Mr. Shikhar Aggarwal, Joint Managing Director, BLS International Services Ltd., said, "We are glad to share that the company has performed in line with expectations, continuing its growth trajectory in the third quarter.

Our EBITDA and PAT witnessed strong growth of 33.6% and 90.2% year-on-year,respectively. Favourable business mix resulted in the expansion of EBITDA margins, which continued to be above the 20% mark this quarter as well. As key markets are opening up, we expect a further increase in the number of visa applications.

This quarter has been quite exciting in terms of key business developments. We recently announced the signing of definitive agreements for the acquisition of a 100% stake in iData, a Turkey-based visa outsourcing services provider. This would strengthen our Visa business and bring more geographies under our portfolio.

Furthermore, I am proud to say that we have successfully completed the IPO of our subsidiary BLS E-Services. This comprises our E-governance, Business Correspondent, and E-assisted services businesses. The proceeds raised would be utilized to expand this business, which we believe has immense potential for growth.

Overall, we aim to continue focusing on spreading our reach wider with prudent emphasis on organic as well as inorganic growth while striving to generate sustainable value for all stakeholders."

Shares of BLS International Services Limited was last trading in BSE at Rs. 363.70 as compared to the previous close of Rs. 384.90. The total number of shares traded during the day was 201729 in over 6080 trades.

The stock hit an intraday high of Rs. 388.35 and intraday low of 355.00. The net turnover during the day was Rs. 75666334.00.

Source : Equity Bulls

Keywords

BLSInternationalServices INE153T01027 Q3FY24 9MFY24 ResultUpdate