Small-cap stock that has a dominant position in providing visa-related services and consular services to governments, clients, and others all over the world jumped 7 percent in the day’s trade after it won a contract from the High Commission of India in Canada for outsourcing its services.
At 12:14 p.m. the shares of BLS International Services Limited were trading at Rs. 317.40, up 7.12 percent from its previous day’s close price of Rs. 296.30 and its market capitalization is Rs. 13,062 Crores.
BLS International Services Limited has once again been awarded the contract for outsourcing Consular, Passport, and Visa services by the High Commission of India (HCI) in Canada. This contract encompasses operations at HCI in Ottawa and Consulate Generals of India (CGIs) in Toronto and Vancouver.
As per the contract, BLS International will continue to provide a range of services, including consular support, passport processing, and visa facilitation. The company’s expertise in leveraging technology to enhance the application process and streamline operations has been a key factor in its successful partnership with the High Commission of India.
The renewed contract reaffirms BLS International’s commitment to delivering efficient and seamless services to the Indian diaspora and visa applicants in Canada.
In Q2FY24 it generated 79 percent of its revenue from Visa and consular Services which consist of Visa Processing, Value added services, and Consular services, and 21 percent from Digital services which consist of E-Governance services, Banking correspondent, and Assisted E-commerce. Its operational revenue in Q2FY24 was up 14.3 percent YoY driven by continuous traction in Visa & Consular business and strong momentum in Digital Services.
The company’s revenue from operations grew 78.4 percent from Rs. 849.89 Crores in FY22 to Rs. 1,516.19 Crores in FY23, accompanied by increasing profits of Rs. 111.27 Crores to Rs. 200.76 Crores.
BLS International is a tech-enabled services provider that offers services related to Visa, consular, and citizen services to partnered government bodies, clients, and citizens all over the globe with a presence in more than 66 countries, with a network of 50,000 application centers globally.
Written by: Bharath K.S
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