BLS International, the world’s largest Indian specialist service provider for outsourcing of visa and consular services, has reported a net profit of INR 34.03 crore (USD 4.9 million) for Q1 FY19.
Their profits are up by 17.09%, as compared to INR 29.06 crore in the corresponding quarter of last fiscal. The company’s Q1 FY19 PAT margin stood at a strong 16.83%, as compared to 14.85% in Q1 FY18.
Total Income for the quarter ended June 2018 stood at INR 202.22 crore as compared to INR 195.76 crore in the same period last year. The company’s Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) in Q1 FY19 stood at INR 50.46 crore and improved by 14.77% from INR 43.96 crore in Q1 FY18.
Earnings per share (EPS) for the quarter ended Q1 FY19 stood at INR 3.32, as compared with INR 2.84 (adjusted for 10:1 split) for the quarter ended Q1 FY18.
“Showcasing our expansion in the European market”
Commenting on the financial performance of the company Shikhar Aggarwal, joint managing director, BLS International Services Limited said, “First quarter of FY19 has been remarkable for us with two major contracts – firstly a strategic partnership with Sopra Steria for contract with UK Government and secondly with the Ministry of Foreign Affairs Italy, showcasing our expansion in the European market.”
“Being the face of government across the globe and providing best-in-class services coupled with remarkable results, is a reflection of the pace at which the company is growing. Our partnership with finest global organisations has helped in strengthening customer experience, increased data security, manpower and organisation structuring, operational effectiveness and process improvements. We have seen that this focus has led to better profit realisation and we hope to sustain the momentum,” he added.
BLS International kickstarted the first quarter of FY19 by a strategic alliance with Sopra Steria for delivery of contract awarded by United Kingdom Visas & Immigration (UKVI) to enable visa renewals for individuals who are already in the UK. Under this alliance BLS International will be supporting Sopra Steria and UKVI by providing many of the key deliverables in the contract, as well as a suite of added value services. UKVI is a division of the UK Home Office responsible for deciding who can visit and stay within the UK.
BLS International, also signed a contract with Ministry of Foreign Affairs Italy and commenced operation of processing Italy visa applications in Singapore on 2 July 2018. These significant milestones were the major drivers of strong and sustainable growth for the company.
The Spain global contract that BLS International bagged in December 2016 yielded strong results for the first quarter of FY19 too, said the company. With a total of 124 BLS-operated Spain VACs in 49 countries, the count of applications processed increased by 10% since BLS International took over Spain Visa application processing. The centres have regularly been fortified with wide range of Value Added Services (VAS) for the applicant’s convenience.
The company has recently been awarded a new contract by the Punjab Government for a period of five years to operate 352 facilitation centres for providing 169 citizen centric services covering 16 districts of Punjab and working with 22 departments.
BLS is also under contract with Islamic Republic of Afghanistan in UAE representing the Afghanistan Mission in UAE, Qatar, Oman, Bahrain and Kuwait and Saudi Arabia. Under this partnership, the company is providing consular services through registration of Afghan citizens, etc.