The shares of visa consultancy services providers gained up to 5 percent after the company’s net profit and revenue increased 89 percent YoY and 7 percent QoQ, respectively in the third quarter.
With a market capitalization of Rs 15,234.41 crore, the shares of BLS International Services Ltd closed at Rs 370.00 per share, increasing around 1.73 percent as compared to the previous closing of Rs 363.70 apiece.
Looking into the company’s Performance, BLS International Services Ltd’s revenue increased by 7 percent on a quarter-on-quarter basis from Rs. 408 crores in Q2FY24 to Rs. 438 crores in Q3 FY24. Furthermore, revenue is stable year on year at Rs 438 crore in Q3FY24 as compared to the previous year’s same quarter.
BLS International Services Ltd’s net profit increased by 6 percent on a quarter-on-quarter basis from Rs.82 crores in Q2FY24 to Rs. 87 crores in Q3FY24. Further, net profit increased by 89 percent yearly from Rs. 46 crores in Q3FY23 to Rs.87 crores in Q3FY24.
According to the company filing, the board approved 1st interim dividend at the rate of 50% on face value i.e. Rs 0.50 per equity share of Face Value of Rs. 1 each.
In January 2024, BLS announced the signing of definitive documents for the acquisition of a 100% stake in iDATA, a Turkey-based Visa & Consular Services company, for a purchase consideration of Euro 50 Million (~INR 450 Crores).
With more than 18 years of expertise and 78 million applications handled, the firm is a global leader in visa outsourcing services. In Karnataka, the organization operates approximately 4300 locations throughout 15 districts as part of the Grama 1 initiative, which provides 700 G2C services.
The stock gave a 49.80 percent return in six months and a 112.90 percent return in a year. If an investor invests Rs 1 lakh in the company would be worth Rs 2.12 lakhs in a year.
As of FY22-23, BLS International consistently achieved significant revenue and profit growth. In the three-year period ending FY 2022- 23, the company achieved a revenue CAGR of 78 percent, an EBITDA CAGR of 136 percent, and a profit after tax CAGR of 141 percent.
BLS International Services Limited (BLS), a member of the four-decade-old BLS Group with a global presence and diverse range of services, is one of the largest global participants in visa application outsourcing.
Written by:- Abhishek Singh
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