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

Executive summary

• Achieved consolidated revenue of INR 492.7 crores in Q1 FY25, up 28.5% year-over-year, with PAT of INR 120.8 crores, a 70.1% increase year-over-year, driven by strong visa and consular business growth and margin expansion.

• Completed 100% acquisition of iDATA, a Turkey-based visa services company, for INR 720 crores, expanding European market presence; integration and benefits expected from Q2 FY25.

• Signed SPA to acquire 55% stake in Aadifidelis Solutions, strengthening digital and last-mile banking services.

• Digital business maintained stable revenue at INR 78.5 crores, with improved EBITDA margin at 15.2%.

• Earnings per share (EPS) for Q1 FY25 was INR 2.77, up from INR 1.68 in Q1 FY24.

Financial highlights

• EBITDA surged 66% to INR 133.2 crores in Q1 FY25, with margin improving to 27% from 21% in Q1 FY24.

• PAT margin rose to 24.5% from 18.5% YoY.

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

• Profit before tax for Q1 FY25 was INR 134.7 crores, up from INR 80.4 crores in Q1 FY24.

• Total expenses for Q1 FY25 were INR 375.5 crores.

Outlook and guidance

• Management expects continued growth momentum, supported by global travel tailwinds, new contracts, and synergies from acquisitions.

• Financial benefit from iDATA acquisition to be visible from Q2 FY25.

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

• Focus on diversifying service offerings and inorganic growth opportunities.

• Continued investment in technology infrastructure and organic/inorganic growth using IPO proceeds.