BLS International Services reported 75.53% surge in consolidated net profit to Rs 138.23 crore in Q2 FY25 as against Rs 78.75 crore reported in Q2 FY24.
Revenue from operations jumped 21.40% YoY to Rs 495.01 crore during the quarter. The growth was mainly driven by the Visa & Consular business which witnessed a robust revenue growth of 29.6%YoY.Profit before tax (PBT) for Q2 FY25 stood at Rs 163.96 crore, registering an 88.07% increase compared to Rs 87.18 crore in Q2 FY24.
EBITDA jumped 89.1% to Rs 164 crore in Q2 FY25 as against Rs 86.7 crore recorded in the second quarter of FY24. EBITDA margin expanded by 1,186 bps to 33.1% during the quarter as compared with 21.3% in Q2 FY24.
Revenue of the Visa & Consular business grew by 29.6% YoY to Rs 417.6 crore in Q2 FY25 (including around Rs 60 crore revenue from iDATA).
During the quarter, number of visa applications increased by 41.1% during the quarter to 10.1 lakhs. This includes 1.64 lakhs of visa applications processed by iDATA.
Revenue from digital business fell 6.05 YoY to Rs 84.62 crore during the quarter. EBITDA of the digital business was at Rs 12 crore during the quarter as compared to Rs 13.3 crore in Q2 FY24 while margin remained flat at 15.5% during Q2 FY25. The said business contributes approximately 16% of the total revenue.
Shikhar Aggarwal, joint managing director, BLS International Services, 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 crore, Operating Profit at Rs 164 crore and Profit after Tax at Rs 145.7 crore, for the quarter. The growth was driven by increased volume of visa applications, opening-up of new visa application centers in Columbia & Peru, and the acquisition of iDATA.
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The ongoing transition to a self-managed model from partner-run model and the acquisition of iDATA enhanced the operating margins by 1,186 bps to record all-time high of 33.1% in the quarter.
We have also expanded our operations by acquiring 100% stake in Citizenship Invest which was completed in Oct24 and the definitive agreement to acquire controlling stake of 57% in Aadifidelis Solutions, one of the largest loan distribution & processing companies in India, is expected to complete soon.
With an objective to acquire a larger pie 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 stakeholders value.
BLS International Services is global tech-enabled services partner for governments and citizens. It operates in the domain of visa, passport, consular, citizen, e-governance, attestation, biometric, e-visa, and retail services since 2005. The company works with over 46 client governments including diplomatic missions, embassies & consulates and leverages technology and processes that ensure data security.
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