BLS International Q2 net jumps 86% cr on growth in visa, consular services

BLS International on Tuesday said it has reported an 86 per cent jump in its net profit to Rs 51 crore in the second quarter ended Sept 30 on the back of robust growth in visa and consular services

BLS International on Tuesday said it has reported an 86 per cent jump in its net profit to Rs 51 crore in the second quarter ended September 30 on the back of robust growth in visa and consular services.

The company engaged in visa, passport, e-governance and biometric services had reported a net profit of Rs 27.46 crore in the year-ago quarter.

The company's operational revenue rose 87.36 per cent to Rs 356.84 crore in the September 2022 quarter against Rs 190.46 crore a year ago, BLS International said in a release.

For the first half of 2022-23, its net profit surged 71.22 per cent to Rs 81.69 crore. Revenues grew 70.64 per cent to Rs 629.66 crore.

"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," Shikhar Aggarwal, Joint Managing Director, BLS International, said.

He said following the recent acquisition of ZMPL, the company's banking correspondence and e-governance businesses are sizeable enough to demand more focus.

"We see tremendous growth opportunities in these lines of businesses, especially from value-added services. This is evident in the growth rate of our digital services business in Q2 and H1 FY23," Aggarwal said.