The company’s Revenue from Operations grew by 21.4% YoY to INR 495.0 Crores in Q2FY25 as compared to INR 407.7 Crores in Q2FY24.
BLS International Services Limited, an Indian multinational corporation and a trusted global tech-enabled services partner for governments and citizens, announced its consolidated financial results for the quarter and half-year ended September 30, 2024.
The company’s Revenue from Operations grew by 21.4% YoY to INR 495.0 Cr. in Q2FY25, compared to INR 407.7 Cr. in Q2FY24. The growth was mainly driven by the Visa & Consular business, which witnessed a robust Revenue growth of 29.6% YoY. EBITDA of the company surged to INR 164.0 Cr. during the quarter from INR 86.7 Cr. in Q2FY24, registering a growth of 89.1% YoY. EBITDA Margin expanded by 1,186 bps to 33.1% in Q2FY25 from 21.3% in Q2FY24. Margin expansion was enhanced by the ongoing transition from a partner-run to a self-managed model and the acquisition of iDATA.
PAT for the quarter stood at INR 145.7 Cr. as compared to INR 82.0 Cr. in Q2FY24, a growth of 77.7% YoY. High taxes in Dubai impacted PAT growth vis-à-vis EBITDA growth. Post-iDATA acquisition of INR 720 Cr., the company’s net cash balance stood at INR 902 Cr. as of 30th September 2024.
The Visa & Consular business, which contributes approximately 84% of the total revenue, saw significant growth in Q2FY25. Revenue for this segment grew by 29.6% YoY, reaching INR 417.6 Cr., compared to INR 322.2 Cr. in Q2FY24. This increase was driven by strong performance in the Visa & Consular segment, including around INR 60 Cr. in revenue from iDATA. The transition from a partner-led to a self-managed business model, coupled with the acquisition of iDATA, also played a key role in driving growth. As a result, EBITDA for the Visa business surged by 106.9% YoY to INR 152.0 Cr., including approximately INR 23 Cr. in EBITDA from iDATA. This performance was further supported by a robust margin expansion of 1,360 bps, which reached 36.4% in Q2FY25, up from 22.8% in Q2FY24.
The number of visa applications increased by 41.1% during the quarter to 10.1 lakh, including 1.64 lakh applications processed by iDATA. Net revenue per application also saw a strong increase, rising to INR 2,883 for Q2FY25, compared to INR 1,988 for Q2FY24, reflecting a growth of 44.9% YoY.
The Digital Business, which contributes approximately 16% of the total revenue, saw a decline in revenue in Q2FY25. Revenue for the segment stood at INR 77.4 Cr., compared to INR 85.6 Cr. in Q2FY24. EBITDA for the digital business was INR 12.0 Cr. during the quarter, down from INR 13.3 Cr. in Q2FY24, while the margin remained flat at 15.5% in Q2FY25. The Business Correspondent business witnessed over 3.6 crore transactions, with a Gross Transaction Value of more than INR 20,000 Cr. during Q2FY25. At the end of the quarter, the business had more than 29,700 CSPs and over 121,000 touchpoints. Additionally, the business generated loan leads worth INR 1,400 Cr. in Q2FY25 for financial institutions, compared to INR 1,000 Cr. in Q1FY25.
BLS International reported strong financial performance in H1FY25. The company’s Revenue from Operations grew by 24.8% YoY, reaching INR 987.7 Cr., compared to INR 791.2 Cr. in H1FY24. EBITDA surged to INR 297.2 Cr., up from INR 166.8 Cr. in H1FY24, registering a growth of 78.2% YoY. EBITDA Margin expanded by 901 bps to 30.1% in H1FY25, compared to 21.1% in H1FY24. PAT stood at INR 266.5 Cr., a growth of 74.2% YoY, compared to INR 153.0 Cr. in H1FY24.
Speaking about the performance and recent updates, Shikhar Aggarwal, Joint Managing Director, BLS International Services Ltd. said, “We continue to witness strong growth momentum and achieved significant milestones with respect to financial and operational performance this quarter. We recorded highest ever revenue at INR 495.0 Cr., Operating Profit at INR 164.0 Cr. and Profit after Tax at INR 145.7 Cr. for the quarter. The growth was driven by increased volume of visa applications, the opening-up of new visa application centres in Colombia & Peru, and the acquisition of iDATA. The ongoing transition to a self-managed model from a partner-run model and the acquisition of iDATA enhanced the operating margins by 1,186 bps to a record all-time high of 33.1% in the quarter.”
He further added, “We have also expanded our operations by acquiring a 100% stake in Citizenship Invest, which was completed in Oct’24, and the definitive agreement to acquire a controlling stake of 57% in Aadifidelis Solutions Pvt. Ltd – one of the largest loan distribution & processing companies in India, is expected to complete soon. With an objective to acquire a larger share of the visa-outsourcing industry, along with expanding into untapped markets, the company is focused on offering its services across the globe. Operating on an asset-efficient and tech-driven model that prioritizes capital conservation, the company ensures strong cash flows. The strategic acquisitions will continue to drive sustainable growth for the company with a focus on maximizing stakeholder value.”
