BLS International posts strong Q3 as profits soar, bags big visa and Aadhaar deals

BLS International Services Ltd. reported a strong set of numbers for the third quarter, with net profit rising 34.8% year-on-year to ₹162.7 crore, compared with ₹120.7 crore in the corresponding period last year.

Revenue for the quarter surged 43.6% YoY to ₹736.5 crore, up from ₹513 crore. EBITDA increased 25% YoY to ₹198 crore from ₹158 crore a year ago.

However, operating performance saw some pressure, with the EBITDA margin slipping to 26.9%, from 30.8% in the year-ago quarter, reflecting a contraction

of 390 basis points.

During the quarter, the company secured several significant domestic and international contracts. These included a global visa contract with the Slovak Republic to establish and operate visa application centres in over 80 countries.

BLS International also won a visa outsourcing contract from the High Commission of the Republic of Cyprus, extending services across multiple African nations, including South Africa, Lesotho, Eswatini, Mauritius, Botswana, Zimbabwe, Zambia, Namibia, Madagascar, Malawi and Mozambique.

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In addition, the company secured another Cyprus contract covering countries such as China, Mongolia, Cambodia, Laos and Kazakhstan.

On the domestic front, BLS International was awarded a three-year contract by the government's Ministry of External Affairs to establish and operate Indian Visa Application Centres across China. The company also renewed its MEA contract for attestation and apostille services across 17 major centres in India.

Further strengthening its order book, the company secured a ₹100 crore project from the Bihar government to establish Permanent Enrolment Centres for Aadhaar, along with an additional order from UIDAI worth ₹2,055.35 crore to establish and operate district-level Aadhaar Seva Kendras.

Shares of the company closed at ₹291 apiece on Friday, down 3.03% for the day.