BLS International Services (BLS) Q4 21/22 earnings summary

Executive summary

• FY2022 consolidated revenue from operations rose 77.7% YoY to ₹849.9 crore; PAT increased 120.9% to ₹111.2 crore.

• Recovery in travel lifted visa volumes to 63% of pre-COVID levels; consular services exceeded pre-COVID levels, while citizen services outperformed.

Financial highlights

• Consolidated total revenue increased 74% YoY to ₹864.8 crore; EBITDA including other income rose 109% to ₹121.9 crore.

• Adjusted EBITDA, excluding other income, was ₹107 crore, up 169%; PAT was ₹111 crore, up 121%.

• Consolidated EPS was ₹10.86 versus ₹4.90 in FY2021; reported weighted-average shares preceded the subsequent 1:1 bonus issue.

• Standalone revenue increased 15% to ₹57.6 crore, while PAT fell 23% to ₹16.1 crore and EBITDA including other income declined 25% to ₹19.4 crore.

Outlook and guidance

• Annualized growth of 25–30% projected across visa services, e-governance and Business Correspondent services, supported by organic and inorganic expansion.

• Management expects visa, consular, passport and citizen-services growth as borders reopen; it cited US$1.5–2 billion of contracts coming up for renewal.

• A seven-year Germany visa-processing contract covers North America and Mexico; ten centers were planned to launch within six months.

• Outlook depends on sustained travel recovery, new contract wins and execution of tenders, while management expects market conditions to remain volatile.