BLS International Services (BLS) Q4 22/23 earnings summary

Executive summary

• FY23 delivered rapid, profitable growth as travel-related visa services recovered and digital services expanded; revenue rose 78.40% YoY and PAT increased 83.72%.

• Diversification advanced through the Zero Mass acquisition, new government and visa contracts, and a larger digital-services contribution; year-end net worth was ₹837.1 crore with no long-term debt.

Financial highlights

• Consolidated revenue from operations was ₹1,516.19 crore, up 78.40% YoY; total income including other income was ₹1,537.44 crore.

• EBITDA was ₹221.00 crore, up 106.70% YoY, and PAT was ₹204.27 crore, up 83.72%; PBT reached ₹220.49 crore.

• Consolidated EPS was ₹4.89 versus ₹2.71, restated for two 1:1 bonus issues during FY23.

• Operating cash flow was ₹260.53 crore; cash and cash equivalents totaled ₹66.94 crore, with other bank balances of ₹408.99 crore at year-end.

Outlook and guidance

• Target is to double the scale of each business segment in coming financial years, using additional customer touchpoints and higher yield per engagement.

• E-governance revenue is targeted to double in coming years; multiyear state contracts provide annuity visibility, including Punjab, Rajasthan, Karnataka and Uttar Pradesh.

• Visa contract wins are expected to contribute more visibly from FY24; planned growth combines organic expansion with potential complementary acquisitions.