BLS International Services Limited (BLS), a specialist services provider of Visa, Passport, Attestation and Citizen Services to the Governments and diplomatic missions globally, declared its financial results today for the second quarter ended 30th September, 2018.
The company reported Net Profit of Rs 32.9 crore for Q2 FY19, up by 23.1%, as compared to Rs. 26.8 crore in the corresponding quarter of last fiscal. The company’s Q2 FY19 PAT margin stood at a robust 17.3%, as compared to 14.3% in Q2 FY18.
Total Income for the quarter ended September 2018 stood at Rs. 191.2 crore, up by 2.0%, as compared to Rs 187.4 crore in the same period last year. The company’s earnings before Interest, Tax, Depreciation and Amortization (EBITDA) in Q2 FY19 stood at Rs. 45.4 crore, up by 2.8% as compared to Q2 FY18 which stood at Rs 44.2 crore. Its EBITDA margin improved from 23.6% in Q2 FY18 to Rs. 23.8% in Q2 FY19.
Earnings per share (EPS) for the quarter ended Q2 FY19 stood at Rs. 3.22, as compared with Rs. 2.62 for the quarter ended Q2 FY18.
Commenting on the financial performance of the company Mr. Shikhar Aggarwal, Joint Managing Director, BLS International Services Limited said, “We are happy to report another quarter with strong results. The encouraging performance in the Q2/H1 FY19, is led by timely and quality deliverables of our contracts in domestic and international market. We are proud that during this quarter BLS International not only got listed in Forbes Asia’s ‘Best Under A Billion’ company list but also received Spain Esquema Nacional de Seguridad (ENS – National Security Framework) accreditation after rigorous assessment and audits by ENS Certification Entity from Spain.”
He further added, “Being the face of government across the globe, we will continue to rally our focus on execution, operation and swift rollouts of projects for our client governments across globe and we believe that we are well positioned for sustainable growth in the current year and future”.
The Spain global contract that BLS International bagged in December 2016 also yielded strong results for another quarter in a row. Since the roll out of the project, the Visa application centres have regularly been fortified with wide range of Value Added Services (VAS) for the applicant’s convenience, such as SMS, Photocopy, Photo-booth, Form filling, Courier and Premium lounge, Flexi hours, Travel Insurance, SIM cards (Telecom), Prime time, Internet kiosk and Mobile biometric services.
The company also commenced operation of its new contract of citizen services by the Punjab Government in this quarter. The fresh contract is for a period of 5 years under which BLS International is operating 352 facilitation centres for providing 169 citizen centric services covering 16 districts of Punjab and working with 22 departments.
Contracts and Awards:
BLS International commenced servicing the French Embassy in Jordan from August 2018, and is providing key deliverables under the contract which will support processing of approximately 25 thousand France Visa application(s) in Jordan in strategic alliances with its partner. This strategic association is aimed to help strengthen our presence in Europe and Middle East.
In this quarter, the company also paved its way in the Forbes Asia’s ‘Best Under A Billion’ list of top 200 publicly listed companies in the Asia-Pacific region out of 24,000 companies and were selected on sales/revenue and earnings growth.
The company received the Spain Esquema Nacional de Seguridad (ENS – National Security Framework) accreditation. BLS International is the first Visa Outsourcing ESP (External Service Provider) to have conformed to ENS compliance and is one of the only 69 Organizations in the world who are ENS Certified, sharing the space with companies like Google, Microsoft, Oracle, to be naming a few.
BLS International Services Limited also signed an agreement with Vision Box – Soluções de Visão por Computador, S.A in this quarter to cooperate in connection with specific projects or opportunities in the Territory of Portugal.
Another agreement was signed with Any Security Printing Company Plc., a company existing under the laws of Hungary and engaged in providing consultancy support in Server Operations, to collaborate and pursue the Tenders of Ministry of Foreign Affairs, Hungary, globally.
The company also signed an agreement with Speed Identity AB to cooperate in connection with a specific projects or opportunities for Ministry of Foreign Affairs of Sweden, Denmark, Finland and Norway. Speed Identity AB is a company existing under the laws of Sweden which is expert service provider of Biometric Hardware and Software product and services.
During this quarter, BLS was also conferred with two prestigious awards first for the “Excellence in the Travel Sector” award at the CMO Asia’s Best CSR Practices Awards. and Mr. Shikhar Aggarwal, Joint Managing Director, BLS International won the “Young Achiever Award of the Year” at Times Network’s National Award for Marketing Excellence in Travel and Tourism industry.