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BLS International Services Results: Latest Quarterly Results & Analysis

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BLS International Services Ltd. 05 Aug 2025 17:57 PM
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Q1FY26 Quarterly Result Announced for BLS International Services Ltd.

Travel Support Services company BLS International Services announced Q1FY26 results

  • Revenue from Operations stood at Rs 710.6 crore, marking an increase of 44.2%YoY, compared to Rs 492.7 crore in Q1FY25. The growth was led by the existing businessas well as due to consolidation of acquired businesses viz iDATA, Citizenship Invest and Aadifidelis Solutions during FY25.
  • EBITDA grew 53.4% YoY to Rs 204.2 crore, supported by improved operational efficiencies and the impact of recent acquisitions. EBITDA Margin expandedby171bps to 28.7% in Q1FY26, compared to 27.0% in Q1FY25.
  • PAT increased by 49.8% YoY to Rs 181.0 crore in Q1FY26, with PAT marginsexpanding by 95 bps to 25.5% during the quarter.
  • Following acquisitions completed in FY25, the company’s net cash balance stoodat Rs 1,126 crore as of 30th June 2025.

Shikhar Aggarwal, Joint Managing Director, BLSInternational Services, said: “As we step into Fiscal Year 2026, completing two decadesof purposeful growth, I am immensely proud of the impact we have created across borders. From a single-country presence to becoming a trusted partner for over 46 client governments, we have stayed rooted in our mission to simplify, scale, and secure citizen services worldwide. The next five years are about building on this legacy, with a sharp focus on AI &technological transformation, and deepening our role in the global visa and citizen services market. Weaimto be the first Indian-origin company to lead at scale in this space—redefining what global service delivery means.

Our robust performance in Q1FY26 reflects the strength of our diversified business model, supported by continued momentum across key markets and services. With Revenue increasingby 44% YoY and EBITDA by 53% YoY, we have yet again delivered highest ever quarterlyfinancials while maintaining a sharp focus on operational efficiencies and margin expansion, as EBITDA Margin expanded by 171 bps YoY to 28.7% in Q1FY26. This performanceunderscores the strength of our asset-light model, disciplined execution, and expandingglobal footprint. Our endeavour is to continue to focus on our strategic priorities—focusingontechnology-led global expansion to deliver sustainable value for all stakeholders.”

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Result PDF

Travel Support Services company BLS International Services announced Q3FY25 results

Financial Highlights:

  • The company’s Revenue from Operations expanded by 17.1% YoY to Rs 512.8 crore in Q3FY25 from Rs 437.9 crore in Q3FY24.
  • Company’s EBITDA surged by 78.5% YoY to Rs 158.1 crore during the quarter as compared to Rs 88.6 crore in Q3FY24.
  • EBITDA Margin increased to 30.8% in Q3FY25 from 20.2% in Q3FY24. Margin expansion was enhanced by the ongoing transition from partner run to self-managed model and integration of newly acquired businesses.
  • PAT for the quarter scaled to Rs 127.9 crore as compared to Rs 87.2 crore reported in Q3FY24, a growth of 46.7% YoY.
  • Post acquisitions done in FY25, the company’s net cash balance stood at Rs 690 crore as of 31st December 2024

Business Highlights:

Visa & Consular Business

  • Visa & Consular business revenue grew by 3.1% YoY in Q3FY25 to Rs 375.7 crore as compared to Rs 364.4 crore reported in Q3FY24.
  • EBITDA Margin witnessed a robust expansion of 1,564 bps to 37.4% in Q3FY25 from 21.7% registered in Q3FY24.
  • Net Revenue per application stood at Rs 2,837 for Q3FY25 vs. Rs 2,250 for Q3FY24, a robust growth of 26.2% YoY.

Digital Business

  • Revenue for the Digital business expanded by 86.7% YoY to Rs 137.2 crore in Q3FY25 from Rs 73.5 crore in Q3FY24. Q3FY25 revenue includes Aadifidelis Solutions’ revenue of Rs 52.7 crore consolidated from 26th Nov 2024 onwards.
  • EBITDA surged to Rs 17.7 crore (including Rs 2.3 crore EBITDA of Aadifidelis Solutions) during the quarter as compared to Rs 9.4 crore in Q3FY24, up by 88.1%. EBITDA Margin increased to 12.9% during Q3FY25 from 12.8% in Q3FY24.

Shikhar Aggarwal, Joint Managing Director, BLS International Services said: “The company continues to report remarkable performance during this quarter as well, outlined by a robust growth across all key financial and operational metrics. In line with the company’s focus on improving EBITDA, we reported a 78.5% YoY growth in Q3FY25 and 78.3% YoY growth in 9MFY25. This growth was driven by strong operational efficiencies and supported by the transition to self-managed model from the partner-run model, along with the integration of new businesses.

During the quarter, we completed the acquisition of a controlling stake of 57% in AadifidelisSolutions Pvt. Ltd and its affiliates. With the total investment of over Rs 1,000 crore done in FY25 for the new acquisitions, which were primarily funded through internal accruals, the company still has a robust balance sheet with net cash of Rs 690 crore as of 31 December 2024.

The company is strategically positioning itself to increase its share in the industry by penetrating newer markets worldwide, by leveraging the asset-efficient and tech-driven business model. We endeavour to continue to focus on delivering strong performances in future and maintaining our strong balance sheet, through a balanced mix of organic and inorganic growth routes.

Result PDF

Travel Support Services company BLS International Services announced Q2FY25 results

  • The company’s Revenue from Operations grew by 21.4% YoY to Rs 495.0 crore in Q2FY25 as compared to Rs 407.7 crore in Q2FY24. The growth was mainly drivenbythe Visa & Consular business which witnessed a robust Revenue growth of 29.6%YoY.
  • EBITDA of the company surged to Rs 164.0 crore during the quarter from Rs 86.7crore in Q2FY24, registering a growth of 89.1% YoY.
  • EBITDA Margin expanded by 1,186 bps to 33.1% in Q2FY25 from 21.3% in Q2FY24. Margin expansion was enhanced by the ongoing transition frompartner runtoself- managed model and the acquisition of iDATA.
  • PAT for the quarter stood at Rs 145.7 crore as compared to Rs 82.0 crore in Q2FY24, a growth of 77.7% YoY. High taxes in Dubai impacted PAT growth vis-a-vis EBITDA growth.
  • Post iDATA acquisition of Rs 720 crore, the company’s net cash balance stoodat Rs 902 crore as of Q2FY25.

Shikhar Aggarwal, Joint ManagingDirector, BLS International Services, said: “We continue to witness strong growth momentum and achieved significant milestones with respect to financial and operational performance this quarter. We recorded highest ever revenue at Rs 495.0 crore, Operating Profit at Rs 164.0 crore and Profit after Tax at Rs 145.7 crore, for the quarter. The growth was driven by increased volume of visa applications, opening-up of new visa application centres in Columbia & Peru, and the acquisition of iDATA.

The ongoing transition to a self-managed model from partner-run model and the acquisitionof iDATA enhanced the operating margins by 1,186 bps to record all-time high of 33.1% in the quarter.

We have also expanded our operations by acquiring 100% stake in Citizenship Invest whichwas completed in Oct’24 and the definitive agreement to acquire controlling stake of 57% in Aadifidelis Solutions Pvt. Ltd – one of the largest loan distribution & processing companies in India, is expected to complete soon.

With an objective to acquire a larger pie of the visa-outsourcing industry, along with expanding into untapped markets, the company is focussed on offering its services across the globe. Operating on an asset-efficient and tech-driven model that prioritizes capital conservation, the company ensures strong cash flows. The strategic acquisitions will continueto drive sustainable growth for the company with a focus on maximizing stakeholders value.”

Result PDF

Travel Support Services company BLS International Services announced Q1FY25 results:

Financial Highlights: 

  • The company’s Revenue from Operations grew by 28.5% YoY to Rs 492.7 crore in Q1FY25 as compared to Rs 383.5 crore in Q1FY24. The growth was mainly driven by the Visa & Consular business which witnessed a robust growth of 35.9% YoY in Revenue to reach to Rs 414.1 crore.
  • EBITDA of the company surged to Rs 133.2 crore during the quarter from Rs 80.1 crore in Q1FY24, registering a growth of 66.3% YoY.
  • EBITDA Margin expanded by 615 bps to 27.0% in Q1FY25 from 20.9% in Q1FY24.
  • PAT for the quarter stood at Rs 120.8 crore as compared to Rs 71.0 crore in Q1FY24, a growth of 70.1% YoY.

Speaking about the performance and recent updates, Shikhar Aggarwal, Joint ManagingDirector, BLS International Services said: “The company registered a strong start totheyear and delivered a robust performance with consolidated Revenue and EBITDA growth of 28.5% & 66.3% YoY, respectively, during the quarter. The growth was driven by the Visa&Consular business which witnessed a revenue growth of 35.9% YoY and EBITDAgrowthof 70.9% YoY in Q1FY25. Our focused approach to increase market share globally, coupled with strong industry tailwinds, have contributed to the segment’s growth.

Our on-going efforts to make our visa business operations more efficient by transitioning from the partner-run to self-managed centers at various locations enabled us to achieve higher EBITDA Margin. The EBITDA margin of the Visa & Consular business witnessed an expansion of 600 bps YoY and 850 bps QoQ to 29.3% from 23.3% in Q1FY24 and 20.8% in Q4FY24.

Recently, we have achieved a major milestone with the completion of the acquisition of 100% stake in iDATA and we are working on integrating iDATA's business operations with BLS. During Q1FY25, we also entered into a definitive Share Purchase Agreement to acquire 55% controlling interest in Aadifidelis Solutions Pvt. Ltd - one of the largest loan distribution & processing companies in India. The acquisition is expected to close during the current quarter, and we believe it will reinforce our last mile banking coverage and provide ample cross-selling opportunities under our Digital business.

The international travel industry continues to witness growth, bolstered by increased business confidence and measures that facilitate travel, as well as improved air connectivity and higher capacity. Consequently, this will drive a rise in visa application demand and presents us an opportunity to obtain additional new contracts and penetrate additional markets. In addition, we continue to focus on inorganic growth initiatives wherein we would be targeting synergistic tech-enabled businesses."

Result PDF

Travel Support Services company BLS International Services announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Revenue from Operations at Rs 447.7 crore, remained almost flat, as compared to Rs 448.6 crore in Q4FY23. The moderation in revenue growth was due to lower volumes in some key regions, attributed to the Ramadan festival from March 10, 2024 to April 9, 2024.
  • EBITDA grew to Rs 90.3 crore from Rs 66.5 crore in Q4FY23, a growth of 35.7%; despite an increase in Employee Costs and Other Expenses occurring due to structural changes in the business model
  • EBITDA Margin saw an expansion of 534 bps to 20.2% in Q4FY24
  • PBT before exceptional items at Rs 93.5 crore, as against Rs 65.2 crore inQ4FY23, up by 43.4%

FY24 Financial Highlights:

  • Revenue from Operations at Rs 1,676.8 crore, up by 10.6%, as compared to Rs 1,516.2 crore in FY23
  • EBITDA grew strongly by 56.4% to Rs 345.7 crore as against Rs 221.1 crore in FY23
  • EBITDA margin at 20.6% in FY24 as against 14.6% in FY23, expanded significantly by 603 bps
  • PBT before exceptional items in FY24 recorded a robust growth of 57.8%, at Rs 352.1 crore, as compared to Rs 223.1 crore

Speaking about the performance and recent updates, Shikhar Aggarwal, Joint Managing Director, BLS International Services said: “I am delighted to share that we have continuedour robust growth trajectory and achieved a revenue growth of 10.6% in FY24, withtheEBITDA and PAT surging by 56.4% and 59.4% respectively. Our EBITDA margin expanded significantly by 603 basis points (bps) to 20.6%, a testament to our strategic initiatives, including the renewal of contracts, the addition of new agreements, a favorable business mix, and structural modifications to our business model from partner model to now managing our own operations.

The fiscal year 2023-24 heralded a series of accomplishments and milestones. We successfullyrenewed our pivotal global contract from Spain, renewed our contract of India Operations in Canada, secured another vital global contract from Slovakia, and won a comprehensive Visa outsourcing agreement covering Germany, Italy, Poland, Thailand, Hungary, the Czech Republic, and Portugal. Additionally, we celebrated the successful IPO of our subsidiary, BLSE- Services Limited., raising over Rs 300 Crore to fuel its continued growth and expansion.

The year also saw us signing a definitive share purchase agreement to acquire a 100% stake in iDATA, a Turkey-based Visa & Consular service provider and manages over 37 Visa Application Centres (VAC) across 15 countries. We believe this move will significantly enhanceourbusiness and extend our reach across additional geographies. The acquisition is expected to be completed by 30th June 2024, subject to necessary approvals.

Looking ahead, we are poised for continued profitability, driven by the new contracts securedlast year and anticipated increases in application volumes from key regions. Our profitability will further be bolstered by our ongoing efforts to transform our business model, reducing dependency on partners, and taking greater control of our operations. As we usher in the new financial year, our focus remains steadfast on expanding our market share through organic growth initiatives and strategic acquisitions, steadfast in our commitment to generating sustainable value for all stakeholders.”

Result PDF

Travel Support Services company BLS International Services announced Q4FY23 & FY23 results:

  • Q4FY23:
    • Operational Revenue stood at Rs 448.63 crore in Q4FY23, up by 76.73% from Rs 253.84 crore in Q4FY22
    • EBITDA stood at Rs 66.53 crore in Q4FY23, up 89.9% from Rs 35.04 crore in Q4 FY22. Improvement in operational efficiencies offset the rise in the cost of services and employee costs
    • PBT is Rs 87.16 crore in Q4FY23 compared to Rs 37.26 crore in Q4FY22
    • PAT for Q4FY23 is Rs 76.73 crore, 118.0% YoY higher compared to Rs 35.20 crore in Q4FY22
       
  • FY23:
    • Operational Revenue stood at Rs 1,516.19 crore in FY23, up by 78.40% from Rs 849.89 crore in FY22
    • EBITDA stood at Rs 221.00 crore in FY23, up 106.69% YoY from Rs 106.93 crore in FY22. EBITDA margin improved by 200 bps mainly due to higher volumes.
    • PBT is Rs 220.49 crore in FY23 compared to Rs 113.96 crore in FY22
    • Profit After Tax (PAT) for FY23 is Rs 204.27 crore, 83.69% YoY higher compared to Rs 111.20 crore in FY22

Commenting on the company’s performance, Shikhar Aggarwal, Joint Managing Director, BLS International, said, “Our fourth quarter performance has been in line with expectations. The Company has reported its highest-ever quarterly revenue while maintaining EBITDA levels.

We are seeing robust growth from our visa & consular services, coupled with Digital Services businesses. Our Q4FY23 revenue grew 76.7% year-on-year to Rs 448.6 crore, while EBITDA and PAT grew 89.9% and 118.0% to Rs 66.5 crore and Rs. 76.7 crore, respectively. Geographical areas such as China have opened up, and we expect to increase the number of visa applications.

We recently consolidated our banking correspondence and e-Governance businesses into a Digital Services segment, which is operated through our subsidiary BLS E-Services. The Digital Services business has been growing well, as we continue to expand our network of touchpoints across India.

We shall continue focusing on spreading our reach far and wide with prudent emphasis on organic as well as inorganic growth while striving to maintain our internal rate of return threshold”.
 

 

 

Result PDF

Travel Support Services BLS International Services declares Q3FY22 result:

  • BLS International registers Operational Revenue of Rs 227.1 Crores for Q3 FY 2021-22, growth of 51% compared to Q3 FY 2020-21; Profit after tax at Rs 28.3 Crores grew by 97.8% compared to Q3 FY 2020-21
  • Operational Revenue stood at Rs 227.1 crores in Q3 FY22, up by 51.0% from Rs 150.4 crores in Q3 FY21
  • EBITDA stood at Rs 25.5 crores in Q3 FY22, up from Rs 13.3 crores in Q3 FY21
  • PBT is Rs 27.4 crores (excluding exceptional items) in Q3 FY22 compared to Rs 14.5 crores in Q3 FY21
  • Profit After Tax (PAT) for the quarter ended December 31, 2021 is Rs 28.3 crores compared to Rs 14.3 crores in the same period of last financial year
  • Operational Revenue stood at Rs 596.0 crores in 9M FY22, up by 78.6% from Rs 333.8 crores in 9M FY21
  • Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) of Rs 71.9 crores in 9M FY22 compared to Rs 29.6 crores in 9M FY21 for the corresponding period
  • Profit Before Tax (PBT) is of Rs 76.7 crore in 9M FY22 compared to Rs 32.7 crore in 9M FY21
  • There was a net adjustment amounting of Rs 6.95 crores (included in other expenses) in Q3 FY22 from final settlement of Punjab old contract; thus EBITDA and PBT were impacted to that extent for Q3 and 9M FY22
  • Profit After Tax (PAT) of Rs 76.0 crore in 9M FY22 compared to Rs 27.4 crore in 9M FY21
  • EPS for 9M FY22 stood at Rs 7.42, as compared to Rs 2.67 for 9M FY21
  • Total debt as on December 31, 2021 stood at Nil, with cash and bank balance of Rs 371.8 crores

Shikhar Aggarwal, Joint Managing Director of BLS International commented, “We are pleased to report that in Q3 2021-22, we continued to deliver strong performance, with revenues of Rs 227.1 crores, registering a year on year growth of 51.0%. As the economies are opening up, we are seeing good pickup in travel. Though the last few months were impacted by the Omicron variant, we are hopeful of things looking up from here. With some good contracts won during Covid times, we are optimistic that they will start to perform full-fledged from now onwards and optimize our top line and bottom line.

We are also extremely happy to announce that the company has received the full & final settlement amount from the Punjab government, thereby completely settling the books of accounts. Our Balance Sheet is now very strong which will give us enough room to grow exponentially from here”.

Result PDF

Financial Highlights:

For the six months comparative from April to September FY22 viz FY21:

  • Operational Revenue stood at Rs. 369.0 crores in H1 FY22, up by 102% from Rs. 183.4 crores in H1 FY20 
  • Earnings before Interest, Tax, Depreciation and Amortization (EBIDTA) of Rs. 46.4 crores in H1 FY22 compared to Rs. 23.2 crores in H1 FY21 for the corresponding period
  • Profit Before Tax (PBT) is of Rs. 49.3 crore in H1 FY22 compared to Rs. 18.3 crore in H1 FY21
  • Profit After Tax (PAT) of Rs. 44.1 crore in H1 FY22 compared to Rs. 13.1 crore in H1 FY21
  • EPS for H1 FY22 stood at Rs. 4.66, as compared to Rs. 1.28 for H1 FY21 

For the quarter comparative from July to September FY22 viz FY21:

  • Operational Revenue stood at Rs. 190.5 crores in Q2 FY22, up by 45.2% from Rs. 131.2 crores in Q2 FY21 
  • EBITDA stood at Rs. 27.5 crores in Q2 FY22, up from Rs. 13.1 crores in Q2 FY21 
  • PBT is Rs. 28.5 crores (excluding exceptional items) compared to Rs. 14.4 crores in Q2 FY21 
  • Profit After Tax (PAT) for the quarter ended September 30, 2021 is Rs. 27.5 crores compared to Rs. 13.9 crores in the same period of last financial year 
  • Total debt as on September 30, 2021 stood at Nil, with cash and bank balance of Rs. 310.3 crores 
Shikhar Aggarwal, Joint Managing Director of BLS International commented, “We are pleased to report that in Q2 2021-22, we continued to deliver strong performance, with revenues of Rs. 190.5 crores, a year-on-year growth of 45%. Our operations have stabilized, as reflected with improved margins. We have surpassed the profits generated in FY21 in the first two quarters of FY22 itself, this serves as a testimony of our capabilities. Some of our major wins this quarter are for Italy visa processing services in Russia and passport renewal services for the Republic of Philippines, Department of Foreign Affairs. We take pride that our tech-enabled services and seamless operations enables faster, convenient and simplified processing of applications (visa, consular and citizen services) for governments globally”. 

 

 

Result PDF

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