BLS International Services Limited — PPTs, 11-11-2024: Investor Presentation

**Financial Highlights:**

BLS International reported strong results for Q2 FY25, with revenue reaching Rs. 495.0 Cr, reflecting a 21.4% YoY increase. EBITDA surged by 89.1% YoY to Rs. 164.0 Cr, representing an expanded margin of 33.1%. Profit After Tax (PAT) also saw significant growth, rising 77.7% YoY to Rs. 145.7 Cr. For the half-year, total revenue grew by 24.8% YoY to Rs. 987.7 Cr, with PAT increasing by 74.2%.

**Strategic Initiatives and Growth Drivers:**

BLS continues its transition from a partner-run model to a self-managed approach, contributing to margin expansion in its Visa & Consular business, which saw a revenue increase of 29.6% YoY. Key acquisitions, including a 100% stake in Citizenship Invest and majority stakes in SLW Media, position BLS strongly within lifestyle and visa processing sectors.

**Business Developments:**

BLS expanded its operations through two notable acquisitions and is benefiting from increased volume in visa applications, up 41.1% YoY, enhancing revenue per application by 44.9%. The Digital business, however, reported a slight revenue decline, which warrants monitoring.

**Market Position and Competitive Advantage:**

BLS International is one of the largest players in the visa outsourcing space, serving over 46 government clients globally with a presence in more than 66 countries. Its established partnerships and recent expansions position it well for sustained growth amid increasing airline traffic and visa application demand.

**Investor Implications:**

The company’s robust financial performance, strategic initiatives, and positive growth outlook suggest significant potential for investor returns. However, monitoring the Digital segment’s performance remains crucial as BLS navigates a competitive landscape.