BLS International Services Q4 Results: Net Profit Up 11.4% To Rs 85.5 Cr; Final Dividend Declared

The certified worldwide tech-enabled services partner for governments and individuals, BLS International Services Limited, has released its audited consolidated financial results for the quarter and year-end period that ended on March 31, 2024.

At Rs. 447.7 crores, the company's revenue from operations decreased slightly from Rs. 448.6 crores in Q4FY23. EBITDA climbed by 35.7% to Rs. 90.3 Crores from Rs. 66.5 Crores in Q4FY23, and the EBITDA Margin climbed by 534 basis points to 20.2% in Q4FY24. In the quarter that ended in March 2024, the firm recorded a net profit of Rs 85.5 Cr, up 11.4% YoY from Rs 76.7 Cr in Q4FY23. PBT before exceptional items jumped by 43.4% to Rs. 93.5 crores from Rs. 65.2 crores in Q4FY23.

B

Revenue from operations increased by 10.6% to Rs. 1,676.8 crores from Rs. 1,516.2 crores in FY23. EBITDA climbed by 56.4% to Rs. 345.7 crores from Rs. 221.1 crores in FY23, while the EBITDA margin climbed by 603 basis points to 20.6% in FY24 from 14.6% in FY23. In FY24, the company's PBT surged significantly by 57.8% to Rs. 352.1 crores from Rs. 223.1 crores in the previous financial year. In the entire financial year ended 31st March 2024 reached Rs 325.6 Cr up by 59.4% YoY from Rs 204.3 Cr in FY23.

"The board has recommended a final dividend of Rs. 0.50 per equity share (subject to shareholders approval). With an interim dividend of Rs. 0.50 per share already paid, the total dividend for the financial year 2024 stood at Rs 1.00 per share," said BLS International Services in a report.

Mr. Shikhar Aggarwal, Joint ManagingDirector, BLS International Services Ltd. said: "I am delighted to share that we have continued our robust growth trajectory and achieved a revenue growth of 10.6% in FY24, with the EBITDA and PAT surging by 56.4% and 59.4% respectively. Our EBITDA margin expanded significantly by 603 basis points (bps) to 20.6%, a testament to our strategic initiatives, including the renewal of contracts, the addition of new agreements, a favorable business mix, and structural modifications to our business model from partner model to now managing our own operations."

"The fiscal year 2023-24 heralded a series of accomplishments and milestones. We successfully renewed our pivotal global contract from Spain, renewed our contract of India Operations in Canada, secured another vital global contract from Slovakia, and won a comprehensive Visa outsourcing agreement covering Germany, Italy, Poland, Thailand, Hungary, the Czech republic, and Portugal. Additionally, we celebrated the successful IPO of our subsidiary, BLSE- Services Limited., raising over Rs. 300 Crore to fuel its continued growth and expansion," said Shikhar Aggarwal.

"The year also saw us signing a definitive share purchase agreement to acquire a 100%stakeiniDATA, a Turkey-based Visa & Consular service provider and manages over 37 Visa ApplicationCentres (VAC) across 15+ countries. We believe this move will significantly enhance our business and extend our reach across additional geographies. The acquisition is expected to be completed by 30th June 2024, subject to necessary approvals," he further added.

"Looking ahead, we are poised for continued profitability, driven by the new contracts secured last year and anticipated increases in application volumes from key regions. Our profitability will further be bolstered by our ongoing efforts to transform our business model, reducing dependency on partners, and taking greater control of our operations. As we usher in the new financial year, our focus remains steadfast on expanding our market share through organic growth initiatives and strategic acquisitions, steadfast in our commitment to generating sustainable value for all stakeholders," Mr. Shikhar Aggarwal further commented.