BLS International Services Limited, an Indian multi-national 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 30th September 2024.
Q2FY25 Performance Highlights
BLS International’s Revenue from Operations increased by 21.4% year-on-year (YoY), reaching Rs. 495.0 Crores in Q2FY25, compared to Rs. 407.7 Crores in Q2FY24. This growth was primarily driven by a strong performance in the Visa & Consular segment, which saw a 29.6% YoY revenue increase. The company’s EBITDA surged by 89.1% YoY to Rs. 164.0 Crores, up from Rs. 86.7 Crores in Q2FY24, with the EBITDA Margin improving by 1,186 basis points to 33.1%, compared to 21.3% in Q2FY24. This margin expansion was supported by a shift from a partner-run to a self-managed model and the strategic acquisition of iDATA. The Profit After Tax (PAT) rose by 77.7% YoY to Rs. 145.7 Crores, compared to Rs. 82.0 Crores in Q2FY24, though high tax rates in Dubai affected PAT growth relative to EBITDA. Visa & Consular Business reports 29.6% Revenue growth and 106.9% EBITDA growth. Following the iDATA acquisition worth Rs. 720 Crores, BLS International’s net cash balance stood at Rs. 902 Crores as of September 30, 2024.
Mr. 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 Rs. 495.0 Crores, Operating Profit at Rs. 164.0 Crores and Profit after Tax at Rs. 145.7 Crores, for the quarter. The growth was driven by increased volume of visa applications, opening-up of new visa application centres in Columbia & Peru, and the acquisition of iDATA.”
