BLS International Services Limited (BLS), a specialist provider of Visa, Passport, Attestation, Consular and Citizen Services to the Governments across the world, declared its financial results today for the third quarter ending December 31, 2017.
The company reported Net Profit of ₹20.61 crore for Q3 FY18, up by 24% as 3compared to Rs. 16.67 crore in the corresponding quarter of last fiscal. The company’s Q3 FY18 PAT margin stood same as 10% which is similar to Q3 FY17.
Total Income for the quarter ended December 2017 stood at Rs. 202.80 crore, up by 25%, as compared to Rs. 162.80 crore in the same period last year. The company’s earnings before Interest, Tax, Depreciation and Amortization (EBITDA) in Q3 FY18 stood at Rs. 37.99 crore and improved by 35% from Rs. 28.09 crore in Q3 FY17.
Earnings per share (EPS) for the quarter ended Q3 FY18 stood at Rs. 2.01, as compared with Rs. 1.63 (adjusted for 10:1 split) for the quarter ended Q3 FY17.
Commenting on the financial performance of the company Mr. Shikhar Aggarwal, Joint Managing Director, BLS International Services Limited said, “We are glad to end this quarter with exponential results much like we began. Q3FY18 Results are a testament to dedication and efforts of the entire company. These results are indicative of the next quarter as well as the general upward growth of BLS International. We look forward to further expansion of business in FY19 with new projects in domestic as well as international market. We aspire to be the quintessential service provider for all Governments and Diplomatic Missions in India & overseas with our specialized domain expertise.”
The top line growth is led by Spain project coupled with expanding reach of the company in domestic market with front-end and citizen service project. So far, BLS International has opened 124 offices in 49 countries for the Spain project with rolling out 5 new centres in third quarter and processing approximately 1.4 Million applications until the end of third quarter.
In the domestic market with front-end and citizen service project in Punjab, BLS is successfully operating 2147 Sewa Kendras covering 22 districts of the state of Punjab. In the third quarter ending Dec’17, 35 new services were added as compared to 22 new services that were added in Q2 FY18, ensuing a total of 169 citizen-centric services of the proposed 223. On January 30th 2018, we received an official communication from Govt. of Punjab terminating the agreement even though no deficiency in service has been reported for termination of the contract. We are in discussion with Punjab Government to see the possibility of continuing the contract at a reduced scale. In addition, we are also looking at an alternative delivery mechanism for various non Govt. services for other States, to continue along our growth path.
BLS International serves client governments via visa & passport application centers across Asia, Africa, Europe, South America, North America and the Middle East for over 36 client governments across 61 countries.
BLS is also under contract with Islamic Republic of Afghanistan in UAE representing the Afghanistan Mission in UAE, Qatar, Oman, Bahrain and Kuwait. Under this partnership, the company will be commencing eight offices providing consular services through registration of Afghan citizens, etc.
During this quarter, BLS was also convened with a significant award – ‘India’s Most Ethical Company in Visa Outsourcing” category in Mumbai at ‘India’s Most Ethical Company Awards’ recognized by the World CSR Congress.
BLS is an authorized Service Provider for attestation of documents by the Ministry of External Affairs, India. It also serves the Embassy of the State of Kuwait and High Commission of Malaysia and several others in the field of Visa/ Attestation of Documents/ Apostille in India.
The company supports the consular framework with streamlined processes and work flows. It has the necessary skilled human resources and technical capabilities (including complete biometric solutions) and financial capabilities to deliver efficient and optimal outsourcing solutions. Moreover, to ensure highly efficient project management, it assigns dedicated teams of skilled and experienced persons with relevant project management experience for each project.
