The Fact Maker

BLS International registers Operational Revenue of Rs 190.5 Crores and growth of 45% as compared to Q2 FY 2020-21; Profit after tax of Rs 27.5 Crores grew by 97.8% compared to Q2 FY 2020-21

New Delhi:  BLS International,a specialist service provider of Visa, Passport, Attestation and Citizen Services to the Governments and diplomatic missions globally today released the consolidated financial results for the second quarter and six monthended September 30, 2021.

Consolidated (Rs Cr)Q2FY22Q2FY21% ChangeH1FY22H1FY21% Change
Operational Revenue190.5131.245.2%369.0183.4101.2%
EBIDTA %14.4%10.0% 12.6%8.9% 
PBT %15.0%11.0% 13.4%10.0% 
PAT %14.4%10.6% 13.0%7.1% 

For the six months comparative from April to September FY22 viz FY21:

  • Operational Revenue stood at₹ 369.0crores in H1 FY22, up by 102% from ₹ 183.4crores in H1 FY20
  • Earnings before Interest, Tax, Depreciation and Amortization (EBIDTA) of ₹ 46.4crores in H1 FY22 compared to ₹ 23.2 crores in H1 FY21 for the corresponding period
  • Profit Before Tax (PBT)is of₹ 49.3crore in H1 FY22 compared to ₹ 18.3 crore in H1 FY21
  • Profit After Tax (PAT)of ₹44.1 crore in H1 FY22 compared to ₹13.1 crore in H1 FY21
  • EPS for H1 FY22 stood at ₹ 4.66, as compared to ₹ 1.28 for H1 FY21

 For the quarter comparative from July to September FY22 viz FY21:

  • Operational Revenue stood at ₹ 190.5crores in Q2 FY22, up by 45.2% from ₹131.2 crores in Q2FY21
  • EBITDAstood at ₹27.5crores in Q2 FY22, up from ₹ 13.1crores in Q2FY21
  • PBT is ₹28.5crores (excluding exceptional items) compared to ₹ 14.4crores in Q2FY21
  • Profit After Tax (PAT) for the quarter ended September 30, 2021 is ₹27.5crores compared to ₹13.9 crores in the same period of last financial year

Total debt as on September 30, 2021 stood at Nil, with cash and bank balance of ₹ 310.3crores

Updates during the quarter:

Ø  Expansion & New Centers:

§  Won contract for Italy Visa Processing Services in Russia

§  Signed renewal contract with Royal Thai Embassy for visa services in India

§  Signed contract with Republic of Philippines Department of Foreign Affairs to provide e-Passport renewal services in Italy, Qatar and Malaysia

§  Launched Immigration Consultancy services for Canada

§  Wins the National Identity Management Project for Nigerian citizens in London, UK to enrol them into National Identity Database

Ø  Partnership:

§  Partnered with National Health Authority as service provider to process Ayushman Bharat Cards across India.

§  Partnered with e-commerce companies to provide last mile services.

§  Partnered with UTIITSL to undertake the verification, registration and e-card printing services across India. With this partnership, we are officially a PMJAY service agent

§  Becomes the official service provider to support ICCR’s protocol services to VVIP Foreign & Indian delegations in India and Overseas

§  Becomes the Authorised Ticket Reseller for EXPO 2020 Dubai

Ø  Other Businesses:

§  Empaneled with Bank of Baroda for National Business Correspondent (NBC) in addition to NBC for India’s largest bank, State Bank of India (SBI)

Mr. Shikhar Aggarwal, Joint Managing Director of BLS International commented,

“We are pleased to report that in Q2 2021-22, we continued to deliver strong performance, with revenues of 190.5crores, a year-on-year growth of 45%. Our operations have stabilized, as reflected with improved margins.We have surpassed the profits generated in FY21 in the first two quarters of FY22 itself, this serves as a testimony of our capabilities. Some of our major wins this quarter are forItaly visa processing services in Russia and passport renewal services for the Republic of Philippines, Department of Foreign Affairs. We take pride that our tech-enabled services and seamless operations enables faster, convenient and simplified processing of applications (visa, consular and citizen services) for governments globally”.