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

Covai Post Network


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.)

Q2 FY20

Q2 FY19

H1 FY20

H1 FY19

Operational Revenue















Reported PAT










Adjusted PAT (adjusted for one time income / expense)











*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.”


About BLS International

BLS International is a leader in Consular and Visa process outsourcing and is a preferred partner for Embassies and Governments across the world to deliver efficient support using technology enabled secure processes. BLS International is recognized as an ethical company and was recently rated by Forbes Asia as ‘Best under a Billion’ company from amongst 24,000 companies and ranked amongst Fortune India’s Next 500 companies.


The company works with Diplomatic Missions, Embassies & Consulates and leverages technology and processes that ensure data security. The Company now has an extensive network of centers in India and globally for providing consular services, biometrics and numerous citizen services. BLS International emphasizes passion, flexibility and innovation to add value to clients.


The Company is ISO 9001:2015 certified for Quality Management Systems, ISO 27001:2013 certified for Information Security Management Systems, ISO 14001 verified for Environmental Management Systems and ILO-OSH 2001 certified for Occupational Safety and Health.


Amongst others, the expertise includes –

  • Visa/Passport/ Consular Outsourcing Services

  • Biometric Services

  • Citizen Services/ E-Governance Services

  • E-Visa/ Online Visa Management Services

  • Attestation and Apostille services for Ministry of External Affairs and other Consulates


BLS International is the only listed company in this domain with operations in 62 countries.

BSE: 540073; NSE: BLS

Website: www.blsinternational.com.

Source: Newsvior

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