Recorded the highest ever EBITDA at INR 133 Crores, 66.3 % YoY growth
BLS International Services Limited, a global tech-enabled services partner for governments and citizens, announced its consolidated financial results for the quarter ended June 30, 2024.
The company’s Revenue from Operations grew by 28.5% YoY to INR 492.7 Crores in Q1FY25 as compared to INR 383.5 Crores in Q1FY24. The growth was mainly driven by the Visa & Consular business which witnessed a robust growth of 35.9% YoY in Revenue to reach to INR 414.1 Crores.
The EBITDA of the company surged to INR 133.2 Crores during the quarter from INR 80.1 Crores in Q1FY24, registering a growth of 66.3% YoY. EBITDA Margin expanded by 615 bps to 27.0% in Q1FY25 from 20.9% in Q1FY24.
Additionally, the PAT for the quarter stood at INR 120.8 Crores as compared to INR 71.0 Crores in Q1FY24, a growth of 70.1% YoY.
Speaking about the performance and recent updates, Shikhar Aggarwal, Joint Managing Director, BLS International Services Ltd. said, “Our on-going efforts to make our visa business operations more efficient by transitioning from the partner-run to self-managed centers at various locations enabled us to achieve higher EBITDA Margin. The EBITDA margin of the Visa & Consular business witnessed an expansion of 600 bps YoY and 850 bps QoQ to 29.3% from 23.3% in Q1FY24 and 20.8% in Q4FY24.
Recently, we have achieved a major milestone with the completion of the acquisition of 100% stake in iDATA and we are working on integrating iDATA’s business operations with BLS. During Q1FY25, we also entered into a definitive Share Purchase Agreement to acquire 55% controlling interest in Aadifidelis Solutions Pvt. Ltd – one of the largest loan distribution & processing companies in India. The acquisition is expected to close during the current quarter, and we believe it will reinforce our last mile banking coverage and provide ample cross-selling opportunities under our Digital business.
The international travel industry continues to witness growth, bolstered by increased business confidence and measures that facilitate travel, as well as improved air connectivity and higher capacity. Consequently, this will drive a rise in visa application demand and presents us an opportunity to obtain additional new contracts and penetrate additional markets. In addition, we continue to focus on inorganic growth initiatives wherein we would be targeting synergistic tech-enabled businesses.”
