BLS International Reports Strong Q1 Results
BLS International Services Limited, a leading visa and immigration services provider in India, reported strong financial results for the first quarter of the financial year 2023-24 (FY23).
The company’s consolidated net profit more than doubled to Rs 71 crore in Q1 FY23, from Rs 30.70 crore in the corresponding quarter of the previous year. This was a growth of 135.2%.
The company’s revenue from operations increased by 30.7% to Rs 390.51 crore in Q1 FY23, from Rs 276.58 crore in Q1 FY22. This was driven by the strong growth in the visa and immigration services segment, as well as the digital services segment.
The visa and immigration services segment grew by 35.1% in Q1 FY23, while the digital services segment grew by 24.9%. The company’s other segments, such as travel and tourism, and consultancy services, also grew in Q1 FY23.
The company’s operating profit (EBITDA) stood at Rs 80.05 crore in Q1 FY23, up from Rs 31.50 crore in Q1 FY22. This was a margin of 20.5%, which was higher than the margin of 11.5% in Q1 FY22.
The company’s cash and cash equivalents stood at Rs 642 crore as of March 31, 2023. The company generated Rs 77 crore as cash from operations during the quarter.
BLS International’s joint managing director, Shikhar Aggarwal, said, “We are pleased to report strong financial results for the first quarter of FY23. We have begun the new fiscal on a positive note with strong numbers. The growth in our visa and immigration services segment was driven by the increasing demand for travel and tourism in India. The growth in our digital services segment was driven by the increasing adoption of e-visas and e-passports.”
Aggarwal added, “We are confident of maintaining the strong growth momentum in the coming quarters. We are also looking to expand our footprint in new markets, both in India and overseas.”
The strong financial results of BLS International are a reflection of the company’s strong business model and its focus on customer service and innovation. The company is well-positioned to continue to grow in the coming years, both in India and overseas
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