The shares visa consultancy service provider declined 3.5 percent to Rs 260.80 a share on Thursday after India suspended visas for Canadians.
At 3:25 p.m., On the National stock exchange, BLS International Services Ltd shares were trading at Rs 263.10 per share, down 2.5 percent from the previous close price. The company has a market capitalization of Rs 10,812 crore.
As per reports, India has suspended visa services for Canadian citizens amid an intensifying conflict against the backdrop of an escalating diplomatic row between India and Canada over the assassination of a Khalistani separatist leader.
The decision comes a day after India issued an alert advising its people traveling to or living in Canada to “exercise utmost caution” due to “growing anti-India activities and politically-condoned hate crimes and criminal violence in Canada.”
According to the company’s exchange filing, the impact of the suspension of visa service is insignificant for the company’s financials because the Canadian visa issuance business provides less than 2 percent of BLS International’s total annual revenue.
Canada is home to a significant Indian community, According to the 2021 Canadian census, people of Indian origin make up around 3.7 percent of the country’s population. Sikh Canadians account for around 2 percent of the population. According to Immigration, Refugees and Citizenship Canada data, there are around 800,000 international students in Canada, with India accounting for 40 percent of the total.
BLS International Services shares have delivered a return of 68 percent in the previous six months, and a return of 83 percent in a year.
The Company’s return on equity increased from 19.52 percent in FY22 to 25 percent in FY23, while the return on capital employed rose from 19.79 percent to 26.47 percent during the same period.
The company’s revenue has increased by 41 percent year on year, from Rs 272 crore in Q1FY23 to Rs 383 crore in Q1FY24. During the same period, Net profit has significantly increased by 130 percent from Rs 30 crore to Rs 70 crore.
BLS International outsources visa, passport, and attestation services to client countries. It oversees all administrative and non-judgmental aspects of the visa application procedure for Diplomatic Missions.
Written by Omkar Chitnis
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