In view of the large UK contract win and growth visibility in the visa business, we maintain our BUY rating with a TP of Rs 265, based on 20x FY20 EPS. BLS International posted mixed set of numbers in 1QFY19, with muted revenue growth but strong operational performance. Revenue stood at Rs 2.01bn, down 1.6% QoQ lower than our est. of Rs 2.12bn. EBITDA margin expanded 792bps QoQ (highest ever) to 24.6% (our est. was 17.0%) due to higher revenue contribution from VAS services (Spain) which is higher margin.