BLS International Services (BLS) Q3 24/25 earnings summary

Executive summary

• Achieved record financial performance in Q3 FY25 with consolidated revenue of INR 513 crores (up 17% YoY) and PAT of INR 128 crores (up 50% YoY), with 9M FY25 revenue at INR 1,500 crores and PAT at INR 394 crores.

• Surpassed full-year FY24 EBITDA and PAT within 9M FY25, with EBITDA at INR 455 crores.

• Major acquisitions in FY25 included iDATA, Citizenship Invest, Aadifidelis, SLW Media, and BLS UK Hotels, strengthening core and digital businesses.

• Integration of acquisitions and a shift to a self-managed model significantly improved margins.

• Visa application volumes increased 27% YoY in Q3 FY25, with net revenue per application up 26%.

Financial highlights

• Q3 FY25 revenue: INR 513 crores (up 17% YoY); 9M FY25 revenue: INR 1,501 crores (up 22% YoY).

• Q3 FY25 EBITDA: INR 158 crores (up 79% YoY); 9M FY25 EBITDA: INR 455 crores (up 78% YoY).

• Q3 FY25 PAT: INR 128 crores (up 47% YoY); 9M FY25 PAT: INR 394 crores (up 64% YoY).

• Q3 FY25 EPS: INR 2.93 vs INR 2.05 in Q3 FY24.

• Net cash position as of Dec 31, 2024: INR 690 crores.

Outlook and guidance

• Management aims to maintain current margin levels, focusing on organic and inorganic growth, with aggressive bidding and geographic expansion.

• No specific FY26 PAT guidance, but FY25 is set as the new base with strong growth levers ahead.

• Only 50% of the market is currently outsourced, with billions in contracts up for renewal, providing significant growth potential.

• IPO proceeds from BLS E-Services Limited are earmarked for technology, growth, and general corporate purposes.