Global tech-enabled services partner for governments and citizens, BLS International Services Limited, has announced its audited consolidated financial results for the quarter and financial year ended 31st March 2024.
Speaking about the performance and recent updates, Shikhar Aggarwal, Joint Managing Director, 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, BLS E- Services Limited., raising over Rs. 300 Crore to fuel its continued growth and expansion.
The year also saw us signing a definitive share purchase agreement to acquire a 100% stake in iDATA, a Turkey-based Visa & Consular service provider and manages over 37 Visa Application Centres (VAC) across 15+ countries. We believe this move will significantly enhance ourbusiness and extend our reach across additional geographies. The acquisition is expected to be completed by 30th June 2024, subject to necessary approvals.
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.”
Consolidated Financial highlights:
*PAT includes Exceptional Income
FY24
· Revenue from Operations at Rs. 1,676.8 Crores, up by 10.6%, as compared to Rs. 1,516.2 Crores in FY23
· EBITDA grew strongly by 56.4% to Rs. 345.7 Crores as against Rs. 221.1 Crores in FY23
· EBITDA margin at 20.6% in FY24 as against 14.6% in FY23, expanded significantly by
603 bps · PBT before exceptional items in FY24 recorded a robust growth of 57.8%, at Rs. 352.1
Crores, as compared to Rs. 223.1 Crores
Q4FY24
· Revenue from Operations at Rs. 447.7 Crores, remained almost flat, as compared to
Rs. 448.6 Crores in Q4FY23. The moderation in revenue growth was due to lower
volumes in some key regions, attributed to the Ramadan festival from March 10, 2024
to April 9, 2024. · EBITDA grew to Rs. 90.3 Crores from Rs. 66.5 Crores in Q4FY23, a growth of 35.7%;
despite an increase in Employee Costs and Other Expenses occurring due to structural
changes in the business model · EBITDA Margin saw an expansion of 534 bps to 20.2% in Q4FY24
· PBT before exceptional items at Rs. 93.5 Crores, as against Rs. 65.2 Crores in Q4FY23, up by 43.4%
Other Highlights
· 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
· Secured renewal of global contract from Spain and contract for India operations in
Canada with the inclusion of additional services to enhance our offerings · Secured global contract from Slovakia and Visa outsourcing contracts from Germany,
Italy, Poland, Thailand, Malaysia, Hungary, Czech Republic, and Portugal · New appointment system, featuring a state-of-the-art facial recognition system to
increase efficiency and security · Introduction of a dedicated mobile app for Italy enhances accessibility and
convenience for customers
Particulars (Rs Crores) Q4FY24 Q4FY23 YoY Q3FY24 QoQ FY24 FY23 YoY
Revenue from Operations 447.7 448.6 (0.2%) 437.9 2.2% 1,676.8 1,516.2 10.6%
EBITDA 90.3 66.5 35.7% 88.6 1.9% 345.7 221.1 56.4%
EBITDA Margin (%) 20.2% 14.8% 534 bps 20.2% (6 bps) 20.6% 14.6% 603 bps PBT (before exceptional items) 93.5 65.2 43.4% 91.0 2.7% 352.1 223.1 57.8%
PBT Margin (%) 20.9% 14.5% 635 bps 20.8% 10 bps 21.0% 14.7% 628 bps PAT* 85.5 76.7 11.4% 87.2 (2.0%) 325.6 204.3 59.4%
PAT Margin (%) 19.1% 17.1% 199 bps 19.9% (82 bps) 19.4% 13.5% 595 bps