BLS International registers exponential growth for FY 2018

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 year ending March 31, 2018.

The company reported Net Profit of Rs. 96.5 crore for FY18, up by 93% as compared to Rs. 50.1 crore in the corresponding quarter of last fiscal. The company’s FY18 PAT margin stood at 12.2% which was 7.9% in FY17.

Total Income for the year ended March 2018 stood at Rs. 793.1 crore, up by 24.4%, as compared to Rs. 637.4 crore in the last year. The company’s earnings before Interest, Tax, Depreciation and Amortization (EBITDA) in FY18 stood at Rs. 162.7 crore and improved by 91.9% from Rs. 84.8 crore in FY17.

Earnings per share (EPS) for the year ended FY18 stood at Rs. 9.4, as compared with Rs. 4.9 (adjusted for 10:1 split) for the year ended FY17.

Commenting on the financial performance of the company Shikhar Aggarwal, Joint Managing Director, BLS International Services Limited said, “Q4 FY17-18 has shown some remarkable growth in the business. The same owning to the several additions in the global contract and their timely deliverables. Being the face of the government across globe and providing the best and quality services to the citizens, coupled with remarkable results reflect the pace at which the company is growing and that is likely to continue for the next quarters as well.

He further added, “We started this business with the purpose of offering tailor-made services to our citizens in the field of visa process outsourcing. Our unflinching commitment towards this vision has led us to be adjudged as ‘India’s Best Visa Outsourcing Services Company’, in Mumbai on 10th March, 2018. This award projects our healthy association with governments across the globe and further strengthens the visa outsource industry and allied services.”

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 2325 offices in 62 countries, including India and processed more than 11 Million applications for the period ended March FY18.

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 fourth quarter ending Mar’18, a total of 169 citizen-centric services were being offered 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 62 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 providing consular services through registration of Afghan citizens, etc.

During this quarter, BLS was also convened with a significant award – ‘India’s Best Visa Outsourcing Services Company ‘category in Mumbai recognized by the Media Research Group (MRG).

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.

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