356.1000 -2.35 (-0.66%)
NSE Jun 23, 2025 15:31 PM
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BLS International Services Ltd.
23 May 2018, 11:26PM
356.10
-0.66%
HDFC Securities
We increase our revenue estimate by 28/54% and PAT est. by 11/30% for FY19/20E. We expect Rev/EBITDA/PAT CAGR of 15/7/13% for FY18-20E. BLS International posted muted set of numbers in 4QFY18, but the new contract win from United Kingdom Visas & Immigration (UKVI) with strategic alliance with Sopra Steria (French IT company) is a game changer. The total contract value for BLS is GBP 110mn (Rs 10bn) over three year period with margin of ~22%. The UK contract is bigger than Spain and will start contributing from Oct-18. BLS will open 60 offices (capex of GBP 1mn) in UK and process ~0.5mn visa (renewals) at average realization of GBP 80/application. We have assumed Rs 1.64/3.37bn revenue from UK in FY19/20E.
BLS International Se.. has an average target of 604.00 from 1 broker.
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