Bls International Services Ltd. · NSE:BLS
Bls International Services — Q3 FY25 Earnings Presentation
52 slides from Bls International Services's earnings presentation, Feb 11, 2025
Slide 1: Exchange filing cover letter: Investor Presentation
February 11, 2025 National Stock Exchange of BSE Ltd., Metropolitan Stock Exchange of India Ltd., India Ltd., Exchange Plaza, C-1 Block G, Phiroze Jeejeebhoy Vibgyor Towers, 4th Floor, Plot No. C62, Bandra Kurla Complex Bandra Towers, G - Block, Opp. Trident Hotel, [E], Mumbai – 400051 Dalal Street,
Slide 2: Investor Presentation Q3 & 9M FY25
Investor Presentation Q3 & 9M FY25 February 2025
Slide 3: Safe Harbor
Safe Harbor This Presentation and the accompanying slides (the “presentation”), have been prepared by BLS International Services Limited (the “Company”), solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and sha
Slide 4: Contents
Contents Q3 & 9M FY25 Performance Highlights o BLS International - Consolidated o Visa & Consular Business o Digital Business BLS International Overview Visa & Consular Business Digital Business Growth Strategies Annual Performance Highlights o BLS International o Visa & Consular Busines
Slide 5: Q3 & 9M FY25 Performance Highlights: BLS International
Q3 & 9M FY25 Performance Highlights BLS International
Slide 6: Consolidated Performance Highlights – Q3 FY25
Consolidated Performance Highlights – Q3 FY25 Consolidated business Highest ever financial performance ✓ Revenue of the company was at Rs. 512.8 Crores in Q3FY25, up by 17.1% YoY from Rs. 437.9 Crores in Q3FY24 ✓ EBITDA stood at Rs. 158.1 Crores, surged by 78.5% YoY, while EBIDTA Margin expanded t
Slide 7: Consolidated Financial Snapshot – Q3 FY25
Consolidated Financial Snapshot – Q3 FY25 Robust growth in EBITDA and Margins Revenue EBITDA PAT Rs. 512.8 Crores Rs. 158.1 Crores Rs. 127.9 Crores 17.1% YoY 78.5% YoY 46.7% YoY EBITDA Margin PAT Margin 30.8% 24.9% vs. 20.2% vs. 19.9% 1,059 bps YoY 503 bps YoY 6
Slide 8: Consolidated Financial Snapshot – 9M FY25
Consolidated Financial Snapshot – 9M FY25 Surpassed full-year FY24 EBITDA and PAT numbers within 9M period Revenue EBITDA PAT Rs. 1,500.5 Crores Rs. 455.2 Crores Rs. 394.4 Crores 22.1% YoY 78.3% YoY 64.2% YoY EBITDA Margin PAT Margin 30.3% 26.3% vs. 20.8% vs. 19.5% 956 bps YoY 675 bps YoY 7
Slide 9: Consolidated Key Financial Highlights – Q3 FY25
Consolidated Key Financial Highlights – Q3 FY25 Revenue from Operations EBITDA & EBITDA Margin (%) PAT & PAT Margin (%) +17% 20.2% 30.8% 19.9% 24.9% 200.0 +79% 200.00 +47% 512.8 180.00 160.00 150.0 158.1 140.00 120.00 100.0 100.00 127.9 80.00 88.6 60.00 87.2 437.9 50.0 40.00 20.00 0.0 - Q3FY24 Q3FY2
Slide 10: Consolidated Key Financial Highlights – 9M FY25
Consolidated Key Financial Highlights – 9M FY25 Revenue from Operations EBITDA & EBITDA Margin (%) PAT & PAT Margin (%) +22% 20.8% 30.3% 19.5% 26.3% 600.00 1,500.5 500 +78% 500.00 1,229.1 400 455.2 +64% 400.00 300 300.00 394.4 200 255.4 200.00 240.2 100 100.00 - - 9M FY24 9M FY25 9M FY24 9M FY25 9M
Slide 11: Consolidated Profit & Loss Statement – Q3 & 9M FY25
Consolidated Profit & Loss Statement – Q3 & 9M FY25 Particulars (₹ in Crores) Q3FY25 Q3FY24 YoY 9MFY25 9MFY24 YoY FY24 Revenue from Operations 512.8 437.9 17.1% 1,500.5 1,229.1 22.1% 1,676.8 Cost of Services 223.3 255.1 644.4 719.6 964.7 Employee Benefit Expenses 79.6 54.8 226.7 146.8 208.1 Other Ex
Slide 12: Q3 & 9M FY25 Performance Highlights: Visa & Consular Business
Q3 & 9M FY25 Performance Highlights Visa & Consular Business
Slide 13: Key Financial Highlights (Visa & Consular Business) – Q3 FY25
Key Financial Highlights (Visa & Consular Business) – Q3 FY25 Revenue from Operations Net Revenue EBITDA & EBITDA Margin (%) 21.7% 37.4% 190.00 +77% 170.00 +60% 150.00 364.4 375.7 130.00 110.00 140.3 257.6 90.00 70.00 79.2 160.7 50.00 30.00 10.00 Q3FY24 Q3FY25 Q3FY24 Q3FY25 (10.00) Q3FY24 Q3FY25 N
Slide 14: Key Financial Highlights (Visa & Consular Business) – 9M FY25
Key Financial Highlights (Visa & Consular Business) – 9M FY25 Revenue from Operations Net Revenue EBITDA & EBITDA margin (%) +22% 22.6% 34.3% +78% +85% 1,207.4 774.6 413.6 991.4 436.5 223.6 9M FY24 9M FY25 9M FY24 9M FY25 9M FY24 9M FY25 Revenue grew by 21.8% YoY from Rs. 991.4 Crores in 9M FY24 t
Slide 15: Key Financial Highlights (Visa & Consular Business) – Q3 & 9M FY25
Key Financial Highlights (Visa & Consular Business) – Q3 & 9M FY25 # of Applications (Lakhs) Net Revenue per Application * (Rs.) 3,100 +29% +26% +38% 2,900 27.69 2,700 2,837 2,797 +27% 2,500 21.51 2,300 2,100 2,250 1,900 2,029 9.08 7.15 1,700 1,500 Q3FY24 Q3FY25 9MFY24 9MFY25 Q3FY24 Q3FY25 9MFY24 9M
Slide 16: Q3 & 9M FY25 Performance Highlights: Digital Business
Q3 & 9M FY25 Performance Highlights Digital Business
Slide 17: Key Financial Highlights (Digital Business) – Q3 FY25
Key Financial Highlights (Digital Business) – Q3 FY25 Revenue from Operations EBITDA & EBITDA Margin (%) +87% 12.8% 12.9% 180.00 28.00 160.00 +88% 140.00 23.00 120.00 137.2 18.00 17.7 100.00 13.00 80.00 60.00 73.5 8.00 40.00 9.4 3.00 20.00 0.00 (2.00) Q3FY24 Q3FY25 Q3FY24 Q3FY25 Revenue from opera
Slide 18: Key Financial Highlights (Digital Business) – 9M FY25
Key Financial Highlights (Digital Business) – 9M FY25 Revenue from Operations EBITDA & EBITDA Margin (%) +23% 13.4% 14.2% 350.00 45.00 +31% 300.00 40.00 41.6 250.00 293.1 35.00 30.00 200.00 237.7 31.8 25.00 150.00 20.00 15.00 100.00 10.00 50.00 5.00 - 0.00 9M FY24 9M FY25 9M FY24 9M FY25 Revenue f
Slide 19: BLS International Overview
BLS International Overview
Slide 20: BLS International: Player of Scale
BLS International: Player of Scale Operationalized in 2005, BLS International is a leading global provider of Tech-enabled services for Governments and Citizens under its two businesses – Visa & Consular Services and Digital Services. Visa & Consular Services (81% of FY24 Revenue) – BLS is one of
Slide 21: Journey to being One of the Largest Visa & Consular Player
Journey to being One of the Largest Visa & Consular Player Foundation & Establishment Stage Emerged as a Prominent Player 2005 - 2015 2016-2021 2022 - 2024 Vision Beyond Operationalized in 2005 and is a part of BLS group Listed on NSE, BSE & Metropolitan Stock Exchange in Visa & Consular Service
Slide 22: Fragmented market dominated by a handful of scaled players
Fragmented market dominated by a handful of scaled players BLS is the only player that sits at the intersection of three large markets with significant growth potential VISA Processing & Consular Services Business E-Governance & Correspondence Assisted E-Services 21
Slide 23: WHY BLS?
WHY BLS? Leading player in a fast-growing industry enabling unprecedented potential for value creation Established market position in the visa services business – one of the largest international players 1 Fastest growing digital services player in India Market leading position Demonstrated ex
Slide 24: BLS Corporate Structure
BLS Corporate Structure 100% 51% BLS International FZE BLS E-Services Limited iDATA DANISMANLIK VE Visa & Consular Business in other HIZMET DIS TIC. A.S., Turkey Digital Business countries 100% 51% SLW Media International Subsidiaries/Partners* UK USA UAE Russia Sports Management Starfin India Pvt L
Slide 25: Strong Leadership Team
Strong Leadership Team 40+ 42+ 10+ Years of Years of Years of experience experience experience Mr. Diwakar Aggarwal Mr. Nikhil Gupta Mr. Shikhar Aggarwal Chairman Managing Director Joint Managing Director Commerce graduate from CA and Honours degree in Bachelor's Degree from Delhi University Economi
Slide 26: Visa & Consular Business
Visa & Consular Business
Slide 27: Offering End-to-End services in Visa & Consular Services
Offering End-to-End services in Visa & Consular Services Leading global player in the visa outsourcing service industry, with 19+ years of experience and ~3 million applications being processed annually; Presence in over 70 countries through a wide network of global offices Core Services include: Co
Slide 28: Providing One-Stop Service solution with Infrastructure of Global Standards
Providing One-Stop Service solution with Infrastructure of Global Standards At BLS, we have established a respect for providing a one-stop service solution Quality check consolidation of the reports Transmission of data to the Cash embassy/ consulate via the management world’s most secure servers 06
Slide 29: Opportunity for the next phase of growth (1/2)
Opportunity for the next phase of growth (1/2) Passenger Load Factor (Capacity Utilization) in the Aviation Industry is on the rise Global Air Passenger Market International Air Passenger Market Particulars 2020 2021 2022 2023 2024 Particulars 2020 2021 2022 2023 2024 Revenue Passenger Revenue Passe
Slide 30: Opportunity for the next phase of growth (2/2)
Opportunity for the next phase of growth (2/2) Growing Passenger Traffic will further lead to Strong Surge in Demand Growth in Outsourcing of Visa Applicable Worldwide to further fuel up of VISA Application and other Value-added Service the need for global VISA processors like BLS Global Visa Indust
Slide 31: Digital Business
Digital Business
Slide 32: Brief Overview on Digital Business
Brief Overview on Digital Business Business Correspondent E-Governance Services Assisted E-Services Delivers last mile banking services through a robust Enables the provision of citizen-centric and Provides a variety of services & products through network of centers in rural and remote areas f
Slide 33: BLS will capture growth by cross-selling under Digital Services
BLS will capture growth by cross-selling under Digital Services We intend to become the “Go to Market Platform” for various business verticals including fintech and digital platforms. The assisted digital convenience stores (BLS Touchpoints) act as the “One-stop solution” for availing various produc
Slide 34: Growth Strategies
Growth Strategies
Slide 35: Committed to exploring avenues for future growth
Committed to exploring avenues for future growth Aggressive Bidding Geographic Expansion Follow an aggressive bidding strategy for new upcoming tenders Identify and enter new markets where demand for visa outsourcing services Recruit experienced resources and train them around AI and is growin
Slide 36: Major Acquisitions in FY25
Major Acquisitions in FY25 iDATA, Turkey Citizenship Invest, Dubai ASPL, India • Founded in 2005 • Founded in 2009 • Founded in 2018 • Visa processing & consular service provider • Investor programs for residency & citizenship • Distribution and processing of loans for to HNWI corporates and individ
Slide 37: Harnessing the power of technology to climb into the next orbit
Harnessing the power of technology to climb into the next orbit BLS leverages cutting-edge technology to strengthen the company’s brand, improve its competitive position and achieve scalability Delivering Tech-Enabled Services Globally Empowering the digital frontier AI-Driven Identity Language Data
Slide 38: Poised for resilient growth backed by Asset-light & Low-cost Business Model
Poised for resilient growth backed by Asset-light & Low-cost Business Model Revenue from Operations Net Worth Cash Balance* Cash from Operations +52% +38% +59% +99% 1,677 1,208 1,135 355 478 460 285 45 FY21 FY24 FY21 FY24 FY21 FY24 FY21 FY24 Growing Revenue and strong Margins will provide ample roo
Slide 39: BLS International Annual & 9M FY25 Performance Highlights
BLS International Annual & 9M FY25 Performance Highlights 38
Slide 40: Historical Key Consolidated Financials
Historical Key Consolidated Financials Revenue from Operations c Gross Profit +43% +68% 1,676.8 1,516.2 1,500.5 856.1 712.4 849.9 487.6 141.8 478.4 276.0 FY21 FY22 FY23 FY24 9MFY25** FY21 FY22 FY23 FY24 9MFY25** EBITDA & EBITDA Margin (%) PAT & PAT Margin (%) 8.3% 12.6% 14.6% 20.6% 10.5% 13.1% 13.5%
Slide 41: Historical Key Consolidated Ratios
Historical Key Consolidated Ratios Return on Capital Employed c Return on Equity 31.5% 26.6% 25.4% 28.1% 28.9% 26.8% 19.5% 22.4% 10.9% 11.0% FY21 FY22 FY23 FY24 H1FY25** FY21 FY22 FY23 FY24 H1FY25** Net Cash Balance Growth Net Worth 1,200 1,135 1,600 1,428 1,000 902 1,400 1,208 1,200 800 556 1,000 8
Slide 42: Historical Consolidated P&L Statement
Historical Consolidated P&L Statement Particulars (₹ in Crore) FY22 FY23 FY24 9M FY25 Revenue from Operations 849.9 1,516.2 1,676.8 1,500.5 Cost of Services 573.9 1,028.6 964.7 644.4 Employee Benefit Expenses 75.8 139.6 208.1 226.7 Other Expenses 93.3 126.9 158.3 174.2 EBITDA 106.9 221.1 345.7 455.2
Slide 43: Historical Consolidated Balance Sheet
Historical Consolidated Balance Sheet Particulars (Rs. in Crores) Mar’24 Sep’24 Particulars (Rs. in Crores) Mar’24 Sep’24 Share Capital 41.2 41.2 Fixed Assets incl. CWIP 168.3 268.2 Shareholders' Funds 1,207.6 1,428.0 Intangible Assets 45.8 44.9 Non controlling Interest 234.0 248.1 Goodwill 81.4 665
Slide 44: Historical Consolidated Cash Flow Statement
Historical Consolidated Cash Flow Statement Rs. Crores March FY23 March FY24 September FY25 266 Operating Profit before WC changes 371 303 C/F from Operating 13 261 Changes in Working Capital (2) 350 71 342 activities (19) Direct Taxes (20) (33) (68) Purchase of Property, Plant and Equipment and Int
Slide 45: Annual & 9M FY25 Performance Highlights: Visa & Consular Business
Annual & 9M FY25 Performance Highlights Visa & Consular Business 44
Slide 46: Annual Key Financials (Visa & Consular Business)
Annual Key Financials (Visa & Consular Business) Revenue from Operations c Gross Profit +29% +61% 1,259.9 1,361.8 1,207.4 900 800 700 756.3 600 774.6 500 400 614.9 404.8 300 200 100 246.0 - FY22 FY23 FY24 9MFY25 FY22 FY23 FY24 9MFY25 EBITDA & EBITDA Margin (%) Visa Business KPIs 14.6% 14.8% 22.1% 34
Slide 47: Annual & 9M FY25 Performance Highlights: Digital Business
Annual & 9M FY25 Performance Highlights Digital Business 46
Slide 48: Annual Key Financials (Digital Business)
Annual Key Financials (Digital Business) Revenue from Operations c Gross Profit +61% +54% 315.0 293.1 256.3 97.2 81.5 93.6 82.7 30.0 FY22 FY23 FY24 9MFY25 FY22 FY23 FY24 9MFY25 EBITDA & EBITDA Margin (%) -3.4% 13.4% 14.3% 14.2% 45.1 41.6 34.4 -3.2 FY22 FY23 FY24 9MFY25 in Rs. Crores Consolidated Fin
Slide 49: Annexures
Annexures
Slide 50: Shareholding Information
Shareholding Information Shareholding Pattern Shareholder Information as on 31st December 2024 Promoters BSE Ticker: 540073 70.38% DII FII NSE Symbol: BLS Bodies Corporate MSE Symbol: BLS 1.37% 10.94% Others Market Cap (in Rs. Crores): 19,887 2.61% 14.70% % Free- float: 29.62% Top Few Shareholders F
Slide 51: Awards and Accolades
Awards and Accolades The Extraordinaire- Game Changer.’ Mr. Shikhar Aggarwal Joint Times Network National Awards for Marketing Excellence in Managing Director was felicitated at NexBrand’s Brand Vision Travel & Tourism industry Summit 2022 Mr. Shikhar Aggarwal, Joint Managing Director, won the ‘Youn
Slide 52: Thank You
Thank You Mr. Amit Sudhakar, CFO Ernst & Young LLP amit.sudhakar@blsinternational.com Vikash Verma / Rohit Anand / Riddhant Kapur vikash.verma1@in.ey.com / Mr. Gaurav Chugh, Head – Investor Relations gaurav.chugh@blsinternational.com rohit.anand4@in.ey.com / riddhant.kapur@in.ey.com 51
BLS International Services — Q3 FY25 Earnings Presentation on 6ix