For BLS International it has been an iconic journey underlined by excellent growth andmapped by outstanding milestones. In just over a decade since inception we have touchedexceptional levels of growth which we are now ready to scale exponentially.
2015-16 has been significant year for your Company and one which laid the foundationsfor diversified growth of unprecedented measure. We secured our first e-governance projectin India to foray into a new business that promises to unleash extraordinary growthpotential for your Company in the years to come. In terms of sheer numbers we posted arevenue growth of more than 12% to report a total income of Rs. 5054.59 millionsapproximately with EBIDTA margins growing 27.88% and PAT at 30.95% over the previousfiscal on consolidated basis.
HARNESSING GROWTH IN THE TOURISM SECTOR
Our impressive performance during the year came at the back of the exceptional growthopportunities unleashed in the tourism sector globally. The year 2015 witnessed the sixthconsecutive year of above average growth in terms of international tourist arrivals witha record total of 1184 million tourists travelling the world. This reflects a 4% growthand an increase of 50 million tourists that travelled to an international destinationduring the year according to the UNWTO.
We successfully harnessed this growth potential to bag several new contracts and notchmany new milestones during the year. These including outsourcing of Bangladesh visa inIndia opening of new UAE visa center in Bangladesh contract with Hungary for opening avisa center in Baku and authorization for Algeria visa submissions in New Delhi. Ourservice contracts for Russia and Singapore were also renewed during the year endorsingthe strength of our business model and the success of our customer-centric approach.
What we see ahead is even greater growth potential which we are well positioned tocapitalize. Today with global presence spanning over 25 countries and 8 clientgovernments and a total of 16 million applications processed till date BLS Internationalhas an unrivalled edge in a growing market which continues to offer huge potential forexpansion with 70% of it yet non-outsourced and growing international tourism likely tofurther boost demand in this niche space.
Our core strengths encompassing a dedicated global resource pool and backed by ourtechnological competencies cost and process efficiencies superior track record andcustomercentric approach equip us with the necessary wherewithal to continue to leveragethe growth opportunities in this segment where we stand tall among the handful ofcompanies globally to pre-qualify for large tenders.
HARNESSING THE E-GOVERNANCE OPPORTUNITY
Exceptional growth in our existing business apart FY16 proved to be a milestone yearfor your Company for another reasons too. Our foray into the e-governance space in Indiahas opened up new vistas for our growth and expansion going forward. The fact that we wonthe Punjab sewa kendra project through competitive bidding in the face of stiffcompetition endorses our strength as a leading player in the digital space. Moreimportantly it has created an additional stream of revenue for us without negating therobustness of our unique cash-rich business model.
Let me elaborate a little more on this landmark feat. Our foray into the e-governancespace is completely aligned to our existing business model which is asset-light andbacked by a positive cash flow. This coupled with the Government focus on promotinge-governance makes it a virtually risk-free business proposition.
The Punjab project is of course just the beginning of the huge e-governanceopportunity that is set to open up in India. We see more and more state governmentsadopting the e-governance model to take key services to the doorsteps of their citizens inthe next few years as part of the Digital India initiative. And with our expertise andexperience in the digital arena we see ourselves ideally positioned to harness the 'e'power not just within India but also in various South East Asian countries which aregetting ready to follow the same path to better governance.
FROM EXTRAORDINARY TO EXPONENTIAL GROWTH
Given the opportunity matrix that exists across our business segments we see theCompany moving proactively from extraordinary growth of the past years towards exponentialgrowth in the coming years. Financial year 2016-17 has already begun on a high note withBLS International Services getting listed on the National Stock Exchange (NSE) and Companyhas got In Principal Approval for Listing from Bombay Stock Exchange(BSE).
Listing on country's major stock Exchanges such as NSE and Metropolitan Stock Exchangehas been an important milestone for your Company which now reposes responsibility towardsnew shareholders and enhanced corporate governance across the stakeholders of the Company.With this development our focus on augmenting shareholder value has gone up multifold andwe shall continue to build on it going forward.
With a vision to transform the organization into a Multi Billion Dollar Entity yourBoard of Directors are continuously focusing on increasing our consular service offeringstargeting more Client Governments globally and strengthening our domestic operationsthrough e-Governance. Diversification remains the key to our growth strategy as we look atnew areas of expansion.
With opportunities galore and the policy environment favorable to the growth of ourbusiness I see in the next few years the realization of our vision to become the globalindustry leader in our niche space.
ON A CONCLUDING NOTE
On this positive note and with our strategy focused on marketleading growth andexpansion I am confident that we shall accomplish our goals with the dedicated hard workof our employees and the visionary leadership of the management team. I would like to takethis opportunity to thank them for their continued support to the Company.
I would also like to express my gratitude and that of the Board to all our clientspartners government agencies bankers and other stakeholders without whose cooperation wecould not have charted the kind of growth we have achieved. I am confident that we shalltogether take this progressive journey forward and further to reach new horizons ofprogress.