BLS International Services (BLS) Q4 15/16 earnings summary

Executive summary

• FY16 delivered consolidated revenue growth of 12.22% and PAT growth of 30.95%; expansion into e-governance began with the Punjab Sewa Kendra project.

• Operations spanned 25 countries and 8 client governments, processing 1.7 million applications annually and 16 million cumulatively.

Financial highlights

• Consolidated income was ₹5,054.59 million, up 12.22% YoY; PBT was ₹313.65 million versus ₹239.21 million.

• Consolidated EBITDA was ₹372.35 million versus ₹291.17 million, up 27.88%; PAT after minority interest was ₹308.94 million versus ₹235.92 million, up 30.95%.

• EPS was ₹30.17 versus ₹23.02; standalone revenue rose 26.02% to ₹175.04 million and PAT increased 73.77% to ₹12.09 million.

Outlook and guidance

• FY17 began with NSE listing; the outlook targets expansion of consular services and client governments, alongside domestic e-governance and diversification.

• Punjab Sewa Kendra rollout covers 2,147 centers, 243 services and 22 districts; management sees potential to bid for similar state projects and expand into Southeast Asia.

• Management sees international visa outsourcing demand expanding, citing 70% of the market as not yet outsourced and continued growth in tourism.