BLS International Services (BLS) Q2 24/25 earnings summary

Executive summary

• Achieved record financial performance in Q2 and H1 FY25, with strong growth in revenue, EBITDA, and profit after tax year-over-year.

• Significant margin expansion driven by operational improvements, strategic acquisitions, and transition to self-managed centers.

• Growth fueled by surge in visa applications, expansion into new markets, and major acquisitions including iDATA, Citizenship Invest, and SLW Media.

Financial highlights

• Q2 FY25 consolidated revenue rose 21.4% YoY to INR 495 crore; H1 FY25 revenue up 25% YoY to INR 988 crore.

• Q2 EBITDA increased 89% YoY to INR 164 crore; H1 EBITDA up 78% YoY to INR 297 crore.

• Q2 profit after tax surged 78% YoY to INR 146 crore; H1 PAT up 74% YoY to INR 267 crore.

• EBITDA margin expanded to 33.1% in Q2 FY25, up 1,186 bps YoY; H1 margin at 30.1%.

• Earnings per share for H1 FY25 was INR 6.13, up from INR 3.59 in H1 FY24.

Outlook and guidance

• Positive outlook for the fiscal year, with expectations to maintain or exceed current growth and margin levels.

• Focus on organic growth in visa/consular and digital services, and continued inorganic expansion through acquisitions.

• Guidance to maintain 25%-30% revenue growth, with potential for higher growth from acquisitions.

• Continued investment in technology and brand building to sustain competitive advantage.