BLS International Services (BLS) Q3 24/25 earnings summary

Executive summary

• Achieved record Q3 FY25 revenue of INR 513 crores, up 17% YoY, and 9M FY25 revenue of INR 1,501 crores, up 22% YoY, with EBITDA for Q3 FY25 at INR 158 crores, up 79% YoY, and PAT at INR 128 crores, up 50% YoY.

• Surpassed full-year FY24 EBITDA and PAT within the first nine months of FY25.

• Major acquisitions completed in FY25, including iDATA, Citizenship Invest, Aadifidelis, SLW Media, and BLS UK Hotels, funded primarily through internal accruals.

• Net cash position stood at INR 690 crores as of December 31, 2024.

Financial highlights

• Q3 FY25 revenue: INR 513 crores (up 17% YoY); 9M FY25 revenue: INR 1,501 crores (up 22% YoY); Q3 FY25 EBITDA: INR 158 crores (up 79% YoY); 9M FY25 EBITDA: INR 455 crores (up 78% YoY); Q3 FY25 PAT: INR 128 crores (up 47% YoY); 9M FY25 PAT: INR 394 crores (up 64% YoY).

• EBITDA margin expanded to 31% in Q3 FY25 (up 1,059 bps YoY); PAT margin rose to 24.9% in Q3 FY25 (from 19.9% YoY).

• Earnings per share for Q3 FY25: INR 2.93 vs INR 2.05 in Q3 FY24.

• Net cash balance stood at INR 690 crores as of December 31, 2024.

• Long-term bank facilities rated CRISIL A+/Stable.

Outlook and guidance

• Management aims to maintain current margin levels as the new base, focusing on both organic and inorganic growth, with aggressive bidding for new tenders and expansion into new geographies.

• Focus on diversifying service offerings, including digital and value-added services.

• No specific growth projections for FY26, but significant opportunities exist in both organic tenders and acquisitions, with only 50% of the market currently outsourced and billions in contracts up for renewal.

• IPO proceeds from BLS E-Services Limited are earmarked for technology, organic and inorganic growth, and general corporate purposes, with significant unutilized funds temporarily invested in term deposits.