Team News Riveting
Bhopal, November 10
BLS International, a trusted global tech-enabled services partner for governments and citizens, released the consolidated financial results for the second quarter (Q2) and half year (H1) of the current fiscal (FY23) ended September 30, 2022.
The company reported an operational revenue of Rs 356.84 crores for Q2 FY23, registering a growth of 87.36 per cent compared to corresponding period of last fiscal. The Profit After Tax (PAT) at Rs 50.99 crore grew by 85.69 per cent during the period.
The company also posted impressive results for the half year comparative from April to September FY23 viz FY22. The operational revenue stood at Rs 629.66 crore in H1 FY23, up by
70.64 per cent from Rs 368.99 crore in H1 FY22. Profit After Tax (PAT) for the half year is Rs 81.69 crore compared to Rs 47.71 crore in the same period of last financial year.
The company will merge its Banking Correspondence (BC) and e-Governance businesses into a single segment – Digital Services – with plans to invest in growing this line of business, based on strong growth potential. BLS has transferred its entire equity stake in BLS Kendra Pvt Ltd (wholly owned subsidiary) to BLS E-Services Pvt Ltd (another wholly owned subsidiary), making BLS Kendra a step-down subsidiary. This is with a view to consolidate and pursue the Digital Services businesses.
BLS acquired 88.71 per cent stake in Zero Mass Pvt. Ltd. (ZMPL), making it the largest business correspondent (BC) for SBI across India. Acquisition made at an Enterprise Value of Rs. 135 cr. With equity
valuation of Rs 120 crore and Rs 15 crore of Debt. Group has funded the acquisition from internal cash accruals and have also repaid Rs 15 crore of debt.
Company signed agreement with Department of Administrative Reforms, with the Karnataka Government. Besides, it signed contract with the Royal Thai embassy to provide visa services in Kenya. The company has also signed agreement with Directorate of Registration and Stamp Revenue, government of West Bengal. BLS won contract with Royal Thai Consulate General, Mumbai, for visa services besides contract to process German visas in North America and Mexico.
Commenting on the company’s performance, Shikhar Aggarwal, Joint Managing Director, BLS International, said, “Our second quarter performance has been in line with expectations. We are seeing good growth coming in from our visa and consular services as well as e-Governance and banking correspondence businesses. We are well above pre-COVID levels, and once business recovers from
key markets such as China and Russia, the ongoing growth from the other regions would be further complemented.”
