FY24 Revenue from Operations at Rs. 1,676.8 Crores, recorded a growth of 10.6 % YoY FY24 EBITDA at Rs. 345.7 Crores, grew by 56.4 % YoY
BLS International Services Limited, a trusted global tech-enabled services partner for governments and citizens, announced its audited consolidated financial results for the quarter and financial year ended 31st March 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.”