BLS International Services (BLS) Q4 18/19 earnings summary

Executive summary

• FY2018-19 consolidated revenue rose 6.72% YoY to ₹846.39cr and PAT increased 8.93% to ₹105.17cr; EBITDA fell 7.25% to ₹150.98cr amid competition and project ramp costs.

• Expanded client work included Italian visa processing in Singapore, France services in Jordan, Vietnam services in India and a renewed five-year Punjab e-governance contract.

Financial highlights

• Consolidated revenue from operations reached ₹803.83cr, up from ₹789.05cr; total revenue including other income was ₹846.39cr, versus ₹793.10cr in FY2017-18.

• Consolidated EBITDA was ₹150.98cr, down 7.25% YoY; PAT was ₹105.17cr, up 8.93%; EPS increased to ₹10.27 from ₹9.42.

• Operating cash flow rose to ₹135.81cr from ₹55.70cr; consolidated cash and cash equivalents were ₹870.38cr at year-end.

Outlook and guidance

• FY2019-20 priorities include scaling nascent B2G work, entering residence permits and e-visas, expanding cross-sell/up-sell and investing in technology and productivity.

• Management expected maturing and newly launched contracts to lift revenue and surpluses; the Spain contract extension was a priority ahead of its December 2019 expiry.

• Planned to scale call-centre revenue and broaden sales and marketing teams; no numeric FY2019-20 revenue or earnings target was stated.