BLS International net profit in Q2 rises nearly 61% to Rs 82 crore

Visa and consular services provider BLS International Services has posted a 60.81 per cent jump in its profit to Rs 82 crore in the second quarter of the current fiscal.

The New Delhi-headquartered company's profit after tax (PAT) was Rs 50.99 crore during July-September quarter of 2022-23.

According to the company's stock exchange filing, for the quarter that ended September 30, 2023, consolidated revenue rose 14.3 per cent year-on-year to Rs 407.7 crore, while operating EBITDA witnessed a growth of 52.7 per cent to Rs 86.7 crore.

"Despite revenue growth of 14.3 per cent year-on-year in the quarter, our EBITDA and PAT witnessed robust growth of 52.7 per cent and 60.8 per cent year-on-year, respectively," said Shikhar Aggarwal, Joint Managing Director, BLS International Services.

Favourable business mix resulted in the expansion of EBITDA margins, which sustained above the 20 per cent mark this quarter, he said.

The company continues to be one of the world's top three visa and consular services companies, the filing said.

Amongst several others, BLS processes visa applications for Spain, Italy, Portugal, Germany, Thailand, Hungary, Morocco, India, Vietnam, Malaysia and Slovakia.

Net profit for the half year ending September 2023 was Rs 152.99 crore, 87.28 per cent higher compared to Rs 81.69 crore in the year-ago period.

Shares of BLS International closed at Rs 276 a piece on BSE, down 1.32 per cent over Monday.

BLS International is the only listed company in this domain with operations in 66 countries.