BLS International(BSE: 540073; NSE: BLS; MSE: BLS), a trusted global tech-enabled services partner for governments and citizens, released today the consolidated financial results for the third quarter and nine month ended December 31, 2022.
The Company delivered a robust set of operating results for the quarter ended December 31, 2022.Consolidated Revenues rose 92.9% YoY & 22.7% QoQ and EBITDA rose 159.73 % YoY & 16.73% QoQ.
The Main drivers of revenue were – Steady recovery in visa & consular business, Increase in Revenue from ZMPL (revenue included of ZMPL is Rs. 42.2 Cr in Q3).Annualized Return on Equity (a key measure of capital efficiency) stands at 28.4%. We are constantly striving to improve this by better utilization of assets and tighter control of operations, leading to margin improvements. BLS’s business model is free cash positive and management is focused on cash generation as a key business performance metric. The Company is one of the World’s Top 3 Visa & Consular Services companies along with diversified business of E-Governance and Banking Correspondent. The Company achieved the highest ever operating cash flow of approximately Rs.74.35 crores in this quarter.
BLS issued bonus shares in the ratio 1:1 during the quarter. Company won contract from Malaysian Immigration Authority to issue e-Visas.
For the quarter comparative from October to December FY23 viz,FY22,Operational Revenue stood at ₹ 437.90 crores in Q3 FY23, up by 92.86% from ₹ 227.06 crores in Q3 FY22, mainly driven by strong recovery in visa application volumes, EBITDA stood at ₹ 66.30 crores in Q3 FY23, up from ₹ 25.53 crores in Q3 FY22. Improvement in operational efficiencies helped boost EBITDA margins, Profit After Tax (PAT) for the quarter is ₹ 45.85 crores compared to ₹ 28.29 crores up 68%, in the same period of last financial year
For the nine-month comparative from April to December FY23 viz FY22, Operational Revenue stood at ₹ 1067.56 crores in 9M FY23, up by 79.11% from ₹ 596.05 crores in 9M FY22, primarily from robust growth in visa business, EBITDA stood at ₹ 154.47 crores in 9M FY23, up from ₹ 71.89 crores in 9M FY22.
EBITDA margin improved 241 bps mainly due to higher volumes over fixed costs, PBT is ₹ 133.33 crores in 9M FY23 compared to ₹ 76.70 crores in 9M FY22 ,Profit After Tax (PAT) for the nine months is ₹ 127.54 crores compared to ₹ 76.00 crores in the same period of last financial year. The Board of Directors have approved/ declared the 1st Interim Dividend for the FY 2022-23 at ₹ 0.50 Per Share.
Commenting on the company’s performance, Mr. Shikhar Aggarwal, Joint Managing Director, BLS International, said, “Our third quarter performance has been above expectations. The Company has reported its highest ever quarterly revenue as well as highest ever quarterly EBITDA, making this our best quarter yet financially.