Conference Call with BLS International Services Management and Analysts on Q3FY25 Performance and Outlook. Listen to the full earnings transcript.
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