BLS International Services Limited, a global partner offering tech-enabled services to governments and citizens, has released its audited consolidated financial performance for the quarter and fiscal year ending on March 31, 2024.
The company’s financial performance has been robust, with a 10.6% revenue growth in FY24. The EBITDA and PAT have also seen a surge of 56.4% and 59.4%, respectively. The EBITDA margin has expanded significantly by 603 basis points to 20.6%, reflecting the company’s strategic initiatives and business model modifications.
BLS International has achieved several significant accomplishments and milestones in fiscal year 2023-24. The company successfully renewed its pivotal global contract from Spain, renewed its contract of India Operations in Canada, secured another vital global contract from Slovakia, and won a comprehensive Visa outsourcing agreement covering Germany, Italy, Poland, Thailand, Hungary, the Czech Republic, and Portugal.
Additionally, BLS International celebrated the successful IPO of its subsidiary, BLS E-Services Limited, raising over Rs. 300 Crore to fuel its continued growth and expansion. The year also saw the company signing a definitive share purchase agreement to acquire a 100% stake in iDATA, a Turkey-based Visa & Consular service provider that manages over 37 Visa Application Centres (VAC) across 15+ countries. This acquisition is expected to enhance BLS International’s business and extend its reach across additional geographies.
Looking ahead, BLS International is poised for continued profitability, driven by the new contracts secured last year and anticipated increases in application volumes from key regions. The company’s profitability will further be bolstered by its ongoing efforts to transform its business model, reducing dependency on partners and taking greater control of its operations.
As BLS International ushers in the new financial year, its focus remains steadfast on expanding its market share through organic growth initiatives and strategic acquisitions, steadfast in its commitment to generating sustainable value for all stakeholders.
