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BLS International Services Limited, a reliable global partner offering tech-enabled services to governments and citizens, disclosed its audited consolidated financial performance for the quarter and fiscal year ending on March 31, 2024.
Speaking about the performance and recent updates, Mr. Shikhar Aggarwal, Joint Managing Director, BLS International Services Ltd. said: “I am delighted to share that we have continued our robust growth trajectory and achieved a revenue growth of 10.6% in FY24, with the EBITDA and PAT surging by 56.4% and 59.4% respectively. Our EBITDA margin expanded significantly by 603 basis points (bps) to 20.6%, a testament to our strategic initiatives, including the renewal of contracts, the addition of new agreements, a favorable business mix, and structural modifications to our business model from partner model to now managing our own operations.
The fiscal year 2023-24 heralded a series of accomplishments and milestones. We successfully renewed our pivotal global contract from Spain, renewed our contract of India Operations in Canada, 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. Additionally, we celebrated the successful IPO of our subsidiary, BLS E- Services Limited., raising over Rs. 300 Crore to fuel its continued growth and expansion.
The year also saw us signing a definitive share purchase agreement to acquire a 100% stake in iDATA, a Turkey-based Visa & Consular service provider and manages over 37 Visa Application Centres (VAC) across 15+ countries. We believe this move will significantly enhance ourbusiness and extend our reach across additional geographies. The acquisition is expected to be completed by 30th June 2024, subject to necessary approvals.
Looking ahead, we are poised for continued profitability, driven by the new contracts secured last year and anticipated increases in application volumes from key regions. Our profitability will further be bolstered by our ongoing efforts to transform our business model, reducing dependency on partners, and taking greater control of our operations. As we usher in the new financial year, our focus remains steadfast on expanding our market share through organic growth initiatives and strategic acquisitions, steadfast in our commitment to generating sustainable value for all stakeholders.”
Financial Highlights Summary:
In FY24:
- Total Revenue reached Rs. 1,676.8 Crores, marking a notable increase of 10.6% from Rs. 1,516.2 Crores in FY23.
- EBITDA surged impressively to Rs. 345.7 Crores, up by 56.4% compared to Rs. 221.1 Crores in FY23.
- EBITDA margin showed a significant expansion to 20.6% in FY24 from 14.6% in FY23, a gain of 603 bps.
- Pre-tax profit before exceptional items in FY24 exhibited robust growth, reaching Rs. 352.1 Crores, up by 57.8% from Rs. 223.1 Crores.
For Q4FY24:
- Revenue from Operations remained nearly steady at Rs. 447.7 Crores compared to Rs. 448.6 Crores in Q4FY23, attributed to lower volumes in key regions during the Ramadan festival.
- EBITDA grew to Rs. 90.3 Crores from Rs. 66.5 Crores in Q4FY23, marking a growth of 35.7% despite increased Employee Costs and Other Expenses due to business model changes.
- EBITDA Margin expanded to 20.2% in Q4FY24 from 14.8% in Q4FY23, showing a gain of 534 bps.
- Pre-tax profit before exceptional items in Q4FY24 stood at Rs. 93.5 Crores, up by 43.4% from Rs. 65.2 Crores in Q4FY23.
Additional Highlights:
- The board has put forth a suggestion for a final dividend of Rs. 0.50 per equity share, culminating in a comprehensive dividend of Rs. 1.00 per share for the fiscal year 2024.
- Renewed global contracts from Spain and Canada, with added services, along with securing contracts from Slovakia and various Visa outsourcing contracts.
- Implemented new appointment system with advanced facial recognition for efficiency and security enhancement.
- Introduced dedicated mobile app for Italy to improve customer accessibility and convenience.
The post BLS International Achieves Impressive 10.6% Year-on-Year Growth in FY24 EBITDA, Reaching Rs. 345.7 Crores appeared first on Travel And Tour World.
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