BLS International Services, a specialist service
provider of Visa, Passport, Attestation and Citizen Services to the Governments
and diplomatic missions globally recently announced excellent consolidated
financial results for the First quarter ended on 30th June 2020.
An acknowledged leader in the provision of Government
to Citizen (G-to-C) services, BLS International Services Limited has earned
itself an impeccable reputation for setting benchmarks in its domain of
expertise. This quest for excellence has seen its growth exponentially, over
the last twelve years, to establish itself as a partner of choice for client
governments worldwide. Leveraging its dominant position and business
opportunities in rapid-growth markets, the organization is now poised to drive
a transformational developments in the G-to-C Business globally.
With client governments located in multiple political,
financial and economic systems and adhering to diverse regulations and cultural
practices, BLS International has been able to fulfill a wide range of dynamic
requirements. They have addressed these challenges effectively to ensure the
success of all engagements in the global marketplace. Some of their prestigious
clients include Ministry of External Affairs - Govt. of India, United Arab
Emirates – Ministry of Foreign Affairs, and Government of Spain.
For the Quarter from April to June FY21, Operational
Revenue stood at Rs 52.15 crores in Q1 FY21. Due to COVID 19 Pandemic the
Operations for Visa and Consular services were closed during the April and May
2020. Limited Operations with regards to Consular Services were resumed
partially during June 2020. The G2C
(Punjab Business) also resumed operations during month of May 2020 after Curfew
was lifted in the state of Punjab in phased manner. The Corporate Business
Correspondent Operations grew from ₹ 3.07 Cr to ₹ 5.24 Cr during Q1 FY 2021 in
comparison to Q1 FY 2020. Company realigned its expenses by rationalizing its
operating Costs in line with the scale of operations resulting in to
maintaining the positive EBITDA margins at 11%. Profit Before Tax (PBT) stood
at ₹ 3.91 crore in Q1 FY21.
Commenting on the future plans, Mr. Shikhar Aggarwal,
Joint Managing Director, said “With the phase wise lifting of lockdown, the
company has started reopening of its offices in a phase wise manner with
limited staff strength following the required social distancing norms and
various advisories by the Government and Health authorities.”
The Company expects to reach Pre-COVID 19 level of
operations by Q4 FY 2021 subject to resumption of international travel
operations. The Company expects to improve the EDITDA margin percentage by
adapting rationalization of cost. Company is actively bidding for various
tender of Visa Outsourcing Services and Tech enabled Govt. to Citizen (G2C)
Services to further grow the Revenues.
The Company has strengthened its Balance Sheet over the
previous years by making the Company Debt Free with healthy Cash and Balances.
Taking advantage of the strength of the Balance Sheet, The Company is looking
at opportunities for Inorganic growth in Tech-Enabled services to enhance the
EBIDTA substantially in future.
BLS International’s rapid growth trajectory has been
catalyzed by harnessing the infinite power of modern technology. As a strategic
partner to sensitive clients, it deploys best-in-class technology to provide
solutions to governments across the globe so that they can transform the way
they deliver services to citizens. They aim to leverage innovations in
technology to help their clients augment service improvements and
responsiveness to their citizens; maximize productivity and efficiency of their
service processes, and use the power of the digital revolution to empower their
citizens.
BLS International have created proprietary technology
platform especially for robustness and scalability while maintaining the utmost
security of client data. The strength of their technology deployment has
significantly enhanced their ability to manage complex workflows for huge
volumes of data and applications supported by state of the art security
measures. BLS International is also the Fortune Asia’s prestigious “Best Under
A Billion” Company award winner.
The company plans inorganic acquisitions of some
companies engaged in the similar line of business. Looking to the positive
developments and relaxations in Covid situations, the company would do
exceedingly well and according to market sources investors should keep an eye
for investments in this scrip at current attractive levels.
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