The shares of BLS International Services Limited surged 6 percent today and are currently trading at Rs 209. The scrip hit its 52-week high at a price of Rs 214.30.
Keeping a time horizon of one year, the stock has delivered multibagger returns of around 105 percent. It means that if someone would have invested Rs 1 Lakh into the stock, it would have converted to Rs 2.05 Lakhs within a period of one year.
The movements in the stock prices are observed after Mr. Shikhar Aggarwal, Joint Managing Director of BLS International Services, commented about future plans pertaining to global expansions.
“We have plans to invest over Rs 2,000 crore in domestic and global markets to increase our presence. We will continue to tap business opportunities which come our way”, he commented.
Moreover, the funds will be utilised for entering into some strategic acquisitions with its main focus on India and some of the European nations for the purpose of increasing its presence.
According to a filing with the BSE dated 26th June 2023, the Board of ‘BLS E-Services Limited’, a subsidiary company of BLS International, approved fundraising by way of an Initial Public Offering (IPO) of its equity shares. The same is subject to receipt of requisite approvals.
The company’s financials, on a consolidated basis, have shown decent improvements with the basic parameters such as the operating revenues moving from Rs 849 crores during FY21-22 to Rs 1,516 crores in FY22-23. Moreover, the net profit figures of the company nearly doubled taking a shift from Rs 111 crores to Rs 204 crores.
As per the March 2023 quarter, the Promoters hold a 74.41 percent stake, and Foreign Institutional Investors (FIIs) hold a 7.57 percent stake in the company.
BLS International Services Limited is involved in providing miscellaneous business services in India such as passport & consular services, etc. The company generates a majority of its revenue from offerings that are rendered to the Middle East region.
Written by Amit Madnani
