BLS International Services (BLS) Q2 24/25 earnings summary

Executive summary

• Achieved record financial performance in Q2 and H1 FY25, with consolidated revenue reaching INR 988 crore and PAT at INR 267 crore, both up over 24% and 74% YoY respectively.

• Growth was driven by a surge in visa applications, strategic expansion, and major acquisitions including iDATA, Citizenship Invest, and SLW Media.

• Maintained a strong balance sheet with net cash of INR 902 crore as of September 30, 2024.

• Expanded operations with new visa centers in Colombia and Peru, and broadened digital service reach to over 121,000 touchpoints.

• BLS E-Services subsidiary listed in February 2024, raising significant capital for technology and growth.

Financial highlights

• Q2 FY25 consolidated revenue rose 21% YoY to INR 495 crore; H1 FY25 revenue up 25% YoY to INR 988 crore.

• Q2 EBITDA increased 89% YoY to INR 164 crore; H1 EBITDA up 78% YoY to INR 297 crore.

• Q2 profit after tax surged 78% YoY to INR 146 crore; H1 PAT up 74% YoY to INR 267 crore.

• EBITDA margin expanded to 33.1% in Q2 FY25, up 1,186 bps YoY; H1 margin at 30.1%, up 901 bps.

• EPS for H1 FY25 was INR 6.13, up from INR 3.59 in H1 FY24.

Outlook and guidance

• Positive outlook for the fiscal year, with expectations to maintain or exceed current growth and margin levels.

• Focus on organic growth in visa/consular and digital services, and continued inorganic expansion.

• Aggressive bidding for new tenders, expansion into new geographies, and investment in technology.

• Guidance to maintain 25%-30% revenue growth, with potential for higher growth from acquisitions.