BLS International reports highest-ever financial performance in Q2FY25

Revenue up by 21.4% YoY to Rs. 495.0 Crores

EBITDA up by 89.1% YoY to Rs. 164.0 Crores, 

PAT up by 77.7% YoY to Rs. 145.7 Crores

Visa & Consular Business reports 29.6% Revenue growth and 106.9% EBITDA growth

New Delhi, November 2024: 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:

The company’s Revenue from Operations grew by 21.4% YoY to Rs. 495.0 Crores in

Q2FY25 as compared to Rs. 407.7 Crores in Q2FY24. The growth was mainly driven by

the Visa & Consular business which witnessed a robust Revenue growth of 29.6% YoY.

EBITDA of the company surged to Rs. 164.0 Crores during the quarter from Rs. 86.7

Crores in Q2FY24, registering a growth of 89.1% YoY.

EBITDA Margin expanded by 1,186 bps to 33.1% in Q2FY25 from 21.3% in Q2FY24.

Margin expansion was enhanced by the ongoing transition from partner run to self-

managed model and the acquisition of iDATA

PAT for the quarter stood at Rs. 145.7 Crores as compared to Rs. 82.0 Crores in Q2FY24, a growth of 77.7% YoY. High taxes in Dubai impacted PAT growth vis-a-vis

EBITDA growth.

Post iDATA acquisition of Rs. 720 Crores, the company’s net cash balance stood at Rs.

902 Crores as of 30th September 2024.

Segmental Performance:

1) Visa & Consular Business (Contributing ~84% of the total revenue)

Revenue of the Visa & Consular business grew by 29.6% YoY in Q2FY25 to Rs.

417.6 Crores (including ~Rs. 60 Crores Revenue from iDATA) as compared to

Rs. 322.2 Crores in Q2FY24.

Transition from partner-led to self-managed business model and iDATA acquisition, led EBITDA of the Visa business to grow by 106.9% YoY to Rs. 152.0 Crores in Q2FY25, (including ~Rs. 23 Crores EBITDA from iDATA)

Margin witnessed a robust expansion of 1,360 bps to 36.4% in Q2FY25 from 22.8% in Q2FY24.

No. 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.

Net Revenue per application stood at Rs.2,883 for Q2FY25 vs. Rs. 1,988 for Q2FY24, a robust growth of 44.9% YoY.

2) Digital Business (Contributing ~16% of the total revenue)

Revenue stood at Rs. 77.4 Crores in Q2FY25 as compared to Rs. 85.6 Crores in Q2FY24.

EBITDA of the digital business was at Rs. 12.0 Crores during the quarter as compared to Rs. 13.3 Crores in Q2FY24 while margin remained flat at 15.5% during Q2FY25.

The Business Correspondent business witnessed over 3.6 Crore transactions

with Gross Transaction Value of more than Rs. 20,000 Crores during Q2FY25.

At the end of the quarter, the business had 29,700+ CSPs and 121,000+ touchpoints.

Generated loan leads worth Rs. 1,400 Crores in Q2FY25 for financial institutions compared to Rs. 1,000 Crores in Q1FY25.

H1FY25 Performance Highlights:

The company’s Revenue from Operations grew by 24.8% YoY to Rs. 987.7 Crores in

H1FY25 as compared to Rs. 791.2 Crores in H1FY24.

EBITDA of the company surged to Rs. 297.2 Crores from Rs. 166.8 Crores in H1FY24,

registering a growth of 78.2% YoY.

EBITDA Margin expanded by 901 bps to 30.1% in H1FY25 from 21.1% in H1FY24.

PAT stood at Rs. 266.5 Crores as compared to Rs. 153.0 Crores in H1FY24, a growth of 74.2% YoY.

Speaking about the performance and recent updates, 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.

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 Oct’24 and the definitive agreement to acquire controlling stake of 57% in

Aadifidelis Solutions Pvt. Ltd – 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 focussed 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.