Maintain BUY with a TP of Rs 270, based on 25x FY19E EPS. BLS International reported a strong set of numbers in 1QFY18. Strong beat on margins (+453bps QoQ to 22.2%) was led by integration of the higher-margin Spanish visa business and absence of one-time costs incurred last quarter. Revenue was Rs 1.95bn, up 0.4% QoQ and 57.1% YoY. The Spain visa revenue stood at ~Rs 270mn (considering only 50%). The company processed ~0.45mn visas, with an average realisation of Rs ~1,200/visa.