Visa services firm BLS International records 10.6 pc growth in revenue in FY24

Renewals & new deals drive growth
2024-05-15
/
/ New Delhi
Visa services firm BLS International records 10.6 pc growth in revenue in FY24
Visa services firm BLS International records 10.6 pc growth in revenue in FY24

BLS says that it is poised for continued profitability looking ahead

Winning several contracts in the likes of Slovakia and visa outsourcing agreement covering Germany, Italy, Poland, Thailand, Hungary, the Czech Republic, Portugal and renewal of Spain and Canada agreements, visa services firm BLS International Services reports revenue of INR 16.768 billion in FY24, up by 10.6 pc compared to the year-ago period.
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BLS International Services, a global visa services firm, has reported revenue from operations at INR 4.477 billion in Q4FY24, remaining almost flat as compared to INR 4.486 billion in Q4FY23.

In a press statement, BLS says that the moderation in revenue growth was due to lower volumes in some key regions, attributed to the Ramadan festival from March 10 to April 9. However on an annual basis, the firm registered a healthier growth of 10.6 pc in revenue which stood at INR 16.768 billion in FY24, compared to INR 15.162 billion in FY23.

BLS says that FY 2023-24 has seen several significant ‘milestones,’ including the renewal of global contract from Spain and contract of India Operations in Canada.

The firm adds that it also secured another vital global contract from Slovakia and won a comprehensive visa outsourcing agreement covering Germany, Italy, Poland, Thailand, Hungary, the Czech Republic and Portugal, in addition to celebrating the successful IPO of its subsidiary, BLS E- Services, raising over INR 3 billion to fuel its continued growth and expansion.

Shikhar Aggarwal

Shikhar Aggarwal

“I am delighted to share that we have continued our robust growth trajectory and achieved a revenue growth of 10.6 pc in FY24, with the EBITDA and PAT surging by 56.4 pc and 59.4 pc respectively. Our EBITDA margin expanded significantly by 603 basis points (bps) to 20.6 pc, a testament to our strategic initiatives, including the renewal of contracts, the addition of new agreements, a favourable business mix, and structural modifications to our business model from partner model to now managing our own operations,” says Shikhar Aggarwal, Joint Managing Director, BLS International Services.

BLS says the year also saw the signing of a definitive share purchase agreement to acquire a 100 pc stake in iDATA, a Turkey-based visa and consular services provider that manages over 37 Visa Application Centres (VAC) across more than 15 countries.

The acquisition is expected to be completed by June 30, 2024, the statement adds.

BLS says that it is poised for continued profitability looking ahead, driven by the new contracts secured last year and anticipated increases in application volumes from key regions.

The statement adds that its profitability will further be bolstered by ongoing efforts to transform its business model, reducing dependency on partners, and taking greater control of our operations.

For the new financial year, BLS says its focus remains steadfast on expanding its market share through organic growth initiatives and strategic acquisitions, steadfast in our commitment to generating sustainable value for all stakeholders.

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