BLS International Services (BLS) Q1 24/25 earnings summary

Executive summary

• Achieved consolidated total income of INR 510 crores in Q1 FY25, a 31% year-on-year increase, marking the first time surpassing INR 500 crores in a quarter.

• Recorded highest ever quarterly profit after tax at INR 121 crores, up 70% year-on-year.

• Growth driven by strong performance in visa consular segment and successful transition to a self-run business model.

• Completed 100% acquisition of iDATA, a Turkey-based visa services company, to be consolidated from Q2 FY25.

• Signed SPA to acquire 55% stake in Aadifidelis Solutions, a major loan distribution company in India.

Financial highlights

• Revenue from operations grew 28.5% year-on-year to INR 492.7 crores in Q1 FY25.

• EBITDA surged 66% to INR 133.2 crores, with margin improving to 27% from 21% in Q1 FY24.

• PAT increased 70% to INR 120.8 crores, with margin up to 24.5%.

• Cash and cash equivalents stood at INR 1,290 crores as of June 30, 2024.

• Visa applications processed grew by 18% year-on-year in Q1 FY25.

Outlook and guidance

• Management anticipates continued growth momentum, supported by global travel tailwinds and new contract wins.

• Expect further margin expansion and synergies from iDATA acquisition, with benefits visible from Q2 FY25.

• Ongoing focus on both organic and inorganic growth, with additional acquisitions under consideration.

• Aggressive bidding for new tenders and expansion into new geographies planned.

• Continued investment in technology infrastructure and expansion initiatives, supported by IPO proceeds.