BLS International Registers Operational Revenue Growth of 12% in Q2 FY20 as Compared to Q2 FY19


New Delhi, Delhi, India | 15th November 2019: BLS International, a specialist services provider of Visa, Passport, Attestation and Citizen Services to the Governments and diplomatic missions globally, released the consolidated financial results for the second quarter and half year ended September 30, 2019.

Consolidated (Rs. Cr.) Q2FY20 Q2FY19 H1FY20 H1FY19
Operational Revenue 203.6 182.1 430.5 383.4
EBIDTA* 28.9 36.3 56.1 85.8
EBIDTA % 14.0% 20.0% 13.0% 22.0%
Reported PAT 1.0 33.0 22.9 67.0
PAT % 14.0% 18.0% 12.0% 17.0%
Adjusted PAT (adjusted for one time income / expense) 28.8 26.6 50.7 60.7
PAT % 14.0% 15.0% 12.0% 16.0%

*EBITDA for Q2 and H1 FY19 was impacted by operating loss incurred in UKVI project amounting Rs. 9.9 crore; the project has now been closed

For the half yearly comparative from April to September FY20 vs. FY19:

  • Operational Revenue stood at Rs. 430.5 crores in H1 FY20, up by 12% from Rs. 383.4 crores in H1 FY19
  • Earnings before Interest, Tax, Depreciation and Amortization (EBIDTA) of Rs. 56.1 crore in H1 FY20, down by 35% from Rs. 85.8 crore in H1 FY19 for the corresponding period
  • Reported Profit After Tax (PAT) is of Rs. 22.9 crore in H1 FY20, compared to Rs. 67.02 crore in H1 FY19
  • PAT for H1 FY20 has been impacted by one-time impairment charge of Rs. 27.8 crore on account of closure of UKVI business. Excluding that, Adjusted PAT stood at Rs. 50.7 crore for H1 FY20
  • EPS for H1 FY20 stood at Rs. 2.23, as compared to Rs. 6.54 for H1 FY19

For the quarter comparative from July to September FY20 viz FY19:

  • Operational Revenue stood at Rs. 203.6 crores in Q2 FY20, up by 12% from Rs. 182.1 crores in Q2 FY19
  • EBITDA is Rs. 28.9 crores
  • Reported PAT for the quarter ended September 30, 2019 is Rs. 0.96 crores compared to Rs. 33 crores in the same period of last financial year
  • Adjusted PAT is Rs. 28.8 crores

Total debt as on September 30, 2019 stood at Rs. 6 crores, with cash and bank balance of Rs. 209.7 crores

Updates during the quarter:

  • Expansion & New Centres: Commenced accepting visa applications for Brazil in Beirut, Lebanon and inaugurated new Spain Visa Application Centres in Belarus and Miami
  • Relocation to larger Centres: Spain Visa Application Centres relocated to larger sites in Ankara & Tashkent to service more applicants and provide more enhanced services.
  • Recognition: Shikhar Aggarwal – JMD, BLS International, was awarded with ‘Excellence in Business Leadership’ at the 10th CMO Asia Awards for ‘Excellence in Marketing and Branding’ at Pan Pacific, Singapore.
  • Honour and Awards: Received ‘Quality Excellence Award for the Best Operational Process in Visa Outsourcing’ at the World Quality Congress & Awards; and ‘India’s Most Trusted Visa Outsourcing Services Company’ for its excellence in visa process outsourcing and allied services at India’s Most Trusted Companies Award 2019. The Awards are a distinctive recognition for brands that have maintained the highest standards of service delivery and innovation.

Shikhar Aggarwal, Joint Managing Director of BLS International commented,“We are excited by our team’s execution and are pleased to report back on the great strides we have made across our businesses in recent months. In Q2 2019-20, we continued to deliver strong performance, with revenues of Rs. 205 crores. We have opened new VACs for Spain, Brazil and Lebanon with enhanced services to provide convenience and ease to our customers. We continue to work on our targets by introducing enhanced services and technology for the seamless operations towards visa and other services. We are on the right track supported by industry think tanks as part of our leadership team to continue with our focus on growing footprints and expanding offerings.”