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Shikhar Aggarwal, Joint Managing Director
Shikhar Aggarwal, Joint Managing Director

BLS International Services Ltd posts growth in business correspondent operations

ANI | Updated: Jul 30, 2020 12:57 IST

New Delhi [India] July 30 (ANI/NewsVoir): BSE and NSE listed BLS International Services Ltd, a specialist service provider of visa, passport, attestation, and citizen services to the governments and diplomatic missions globally today announced consolidated financial results for the First quarter ended on June 30th, 2020.
An acknowledged leader in the provision of Government to Citizen (G2C) services, BLS International Services Limited has earned itself an impeccable reputation for setting benchmarks in its domain of expertise.
This quest for excellence has seen its growth exponentially, over the last twelve years, to establish itself as a partner of choice for client governments worldwide.
Leveraging its dominant position and business opportunities in rapid-growth markets, the organization is now poised to drive transformational developments in the G2C Business globally.
With client governments located in multiple political, financial, and economic systems and adhering to diverse regulations and cultural practices, BLS International has been able to fulfill a wide range of dynamic requirements.
They have addressed these challenges effectively to ensure the success of all engagements in the global marketplace. Some of their prestigious clients include the Ministry of External Affairs - Govt of India, United Arab Emirates - Ministry of Foreign Affairs, and Government of Spain.
For the quarter from April to June FY21, operational revenue stood at Rs 52.15 crores in Q1 FY21. Due to the COVID-19 pandemic, the operations for visa and consular services were closed during April and May 2020.
Limited operations with regards to consular services were resumed partially during June 2020. The G2C (Punjab Business) also resumed operations during the month of May 2020 after curfew was lifted in the state of Punjab in a phased manner.
The corporate business correspondent operations grew from Rs 3.07 crores to Rs 5.24 crores during Q1 FY 2021 in comparison to Q1 FY 2020.
Earnings before interest, tax, depreciation, and amortization (EBIDTA) of Rs 6.30 crores in Q1 FY21 compared to Rs 25.83 crores in Q1 FY20 for the corresponding period.
The company realigned its expenses by rationalizing its operating costs in line with the scale of operations resulting in maintaining the positive EBITDA margins at 11 per cent. Profit Before Tax (PBT) stood at Rs 3.91 crores in Q1 FY21 compared to Rs 25.83 crores in Q1 FY20.

"With the phase-wise lifting of lockdown, the company has started reopening of its offices in a phase-wise manner with limited staff strength following the required social distancing norms and various advisories by the Government and Health authorities," said Shikhar Aggarwal, Joint Managing Director on the future plans.
The company expects to reach the Pre-COVID-19 level of operations by Q4 FY 2021 subject to the resumption of international travel operations.
The company expects to improve the EBITDA margin percentage by adapting the rationalization of cost. The company is actively bidding for various tender of visa outsourcing services and tech-enabled Govt to Citizen (G2C) services to further grow the revenues.
The company has strengthened its Balance Sheet over the previous years by making the company debt-free with healthy cash and balances.
Taking advantage of the strength of the balance sheet, the company is looking at opportunities for inorganic growth in tech-enabled services to enhance the EBIDTA substantially in the future.
BLS International's rapid growth trajectory has been catalyzed by harnessing the infinite power of modern technology. As a strategic partner to sensitive clients, it deploys best-in-class technology to provide solutions to governments across the globe so that they can transform the way they deliver services to citizens.
They aim to leverage innovations in technology to help their clients augment service improvements and responsiveness to their citizens; maximize productivity and efficiency of their service processes, and use the power of the digital revolution to empower their citizens.
The company plans inorganic acquisitions of some companies engaged in a similar line of business. Looking at the positive developments and relaxations in COVID situations, the company would do exceedingly well and investors should keep an eye for investments in this scrip at current attractive levels.
BLS International has created a proprietary technology platform especially for robustness and scalability while maintaining the utmost security of client data.
The strength of their technology deployment has significantly enhanced their ability to manage complex workflows for huge volumes of data and applications supported by state-of-the-art security measures. BLS International is also the Fortune Asia's prestigious "Best Under A Billion" company award winner.
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