BLS International FY19 net profit up by 8.94% at INR 105.17 crore

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BLS International FY19 net profit up by 8.94% at INR 105.17 crore

Net Profit for the last quarter stood at INR 16.67 crore as compared to Q4 FY18.

BLS International Services Limited (BLS), a specialist provider of Visa, Passport, Attestation, Consular and Citizen Services to the Governments across the world, declared its financial results today for year ending March 31, 2019.

Consolidated Results:

Annual Results FY19 viz FY18:

• Total Income stood at Rs.846.38 crore in FY19, up by 6.72% from Rs. 793.10 crore in FY18
• PAT of Rs. 105.17 crore in FY19, up by 8.94% from Rs.96.53 crore in FY18
• EPS during FY19 stood at Rs. 10.27, as compared to Rs. 9.42 for FY18

For the Quarter ended on March 2019 (Q4 FY19 viz Q4 FY18):

• Total Income stood at Rs. 251.61 crore, q-o-q growth of 22.04%% viz Q4 FY18
• Net Profit stood at Rs 16.67 crore as compared to Q4 FY18
• EPS for Q4 FY19 stood at Rs 1.63 as compared to Rs. 1.95 in the corresponding period in 2018

The company reported Net Profit of Rs.105.17 crore for FY19, up by 8.94% as compared to Rs.96.53 crore in the corresponding quarter of last fiscal.

The company’s FY19 PAT margin stood at 12.43% which was 12.17% in FY18.

Total Income for the year ended March 2019 stood at Rs. 846.38 crore, up by 6.72 %, as compared to Rs.793.10 crore in the last year.

The company’s earnings before Interest, Tax, Depreciation and Amortization (EBITDA) in FY19 stood at Rs.150.97 crore as compared to Rs.162.78 crore in FY18.

Earnings per share (EPS) for the year ended FY19 stood at Rs.10.27, as compared with Rs.9.42 for the year ended FY18.

Commenting on the financial performance of the company Shikhar Aggarwal, Joint Managing Director, BLS International Services Ltd said “The Company’s financialresult illustratesthe remarkable growth led during the fiscal 2018-19. With the addition of new contracts and the efficient management of existing ones, BLS International has showcased efficiency and zeal to provide the best and quality services to the citizens across the globe. With the global standard of providing services, weintend to diversify our service portfolio and partner with governments across the globe to provide differentiated and personalized experience in the coming quarters as well”.

He further added “With the Governments across the globe looking for efficient partners and meaningful alliances, BLS truly fits into the bill by offering tailor-made services to our citizens. Going forward, we will continue to invest and innovate our services to successfully tap the significant growth opportunities and deliver profitable volume-led growth“.

BLS’s contract for Attestation and Apostille Services was renewed by the Ministry of External Affairs. The Company expanded operations and added 11 more centres across the country to facilitate the process for MEA and the customers.

BLS also signed contracts with Embassy of Vietnam and Embassy of Lebanon, to accept visa applications in India. This addition to the already robust portfolio of Consular and Citizen Services offered by BLS Internationalreflects the company’s focus on efficiency and continuous excellence in its operations. The Company is now accepting visa applications and providing attestation and legalization services for travel to Vietnam and Lebanon at Mumbai, Hyderabad, Guwahati, Kolkata, Chennai, Ahmedabad, Bhopal, Goa, Kochi, Lucknow, Raipur, Delhi, Bengaluru, Chandigarh and Trivandrum.

BLS International entered a strategic alliance with Sopra Steria for delivery of contract awarded by United Kingdom Visas & Immigration (UKVI) to handle visa renewal applications for individuals who are already in the UK.

BLS International was awarded a new contract by the Punjab Government for a period of 5 years to operate 352 facilitation centres for providing 169 citizen centric services covering 16 districts of Punjab and working with 22 departments.

The Company also announced that it is working with the Ministry of Human Resources and Emiratisation (MOHRE) in UAE to provide a portfolio of Mobile Services to citizens under TAW-SEEL. The Company will start the project with Ministry of Labor to provide mobile services for issuance, renewal and amendment of labor permits and employment offer letters. Other services like generation of Emirates ID Card, Amer, Tawjeeh, Tasheel, Tadebeer services under MOHRE will be added subsequently.

The company supports the consular framework with streamlined processes and work flows. It has the necessary skilled human resources and technical capabilities (including complete biometric solutions) and financial capabilities to deliver efficient and optimal outsourcing solutions.

BLS International serves client governments via visa & passport application centers across Asia, Africa, Europe, South America, North America and the Middle East for over 36 client governments across 62 countries.