Bls International Services Ltd. · NSE:BLS
Bls International Services — Q4 FY25 Earnings Presentation
54 slides from Bls International Services's earnings presentation, May 15, 2025
Slide 1: Cover letter to stock exchanges
May 15, 2025 National Stock Exchange of India Ltd., BSE Ltd., Exchange Plaza, C-1 Block G, Bandra Kurla Complex Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Bandra [E], Mumbai – 400051 Mumbai - 400 001 NSE Scrip Symbol: BLS BSE Scrip Code: 540073 Dear Sir/ Ma’am, Subject: Investor Presentation Pur
Slide 2: Investor Presentation Q4 & FY25
Investor Presentation Q4 & FY25 May 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 Q4 & FY25 Performance Highlights o BLS International - Consolidated o Visa & Consular Business o Digital Business Annual Performance Highlights o BLS International o Visa & Consular Business o Digital Business BLS International Overview Visa & Consular Business Digital Business
Slide 5: Q4 & FY25 Performance Highlights: BLS International
Q4 & FY25 Performance Highlights BLS International
Slide 6: Consolidated Key Financial Highlights
Consolidated Key Financial Highlights BLS International Reports Highest-Ever Financial Performance in FY25 Revenue grew by 31% to Rs. 2,193 Crores compared to Rs 1,677 Crores in FY24 EBITDA grew by 82% to Rs. 629 Crores compared to Rs 346 Crores in FY24 EBITDA Margin expanded to 28.7% in FY25 fro
Slide 7: Consolidated Key Financial Highlights – FY25
Consolidated Key Financial Highlights – FY25 Revenue from Operations EBITDA & EBITDA Margin (%) PAT & PAT Margin (%) +31% 20.6% 28.7% 19.4% 24.6% 1,400 1,400.00 2,193.3 1,200 1,200.00 1,000 +82% +66% 1,676.8 1,000.00 800 800.00 600 629.3 600.00 539.6 400 400.00 200 345.7 200.00 325.6 - - FY24 FY25 F
Slide 8: Consolidated Key Financial Highlights – Q4 FY25
Consolidated Key Financial Highlights – Q4 FY25 Revenue from Operations EBITDA & EBITDA Margin (%) PAT & PAT Margin (%) +55% 400.0 20.2% 25.1% 400.00 22.0% 21.0% 350.0 692.8 350.00 +93% 300.0 300.00 +70% 250.0 250.00 447.7 200.0 200.00 174.1 150.0 150.00 100.0 145.2 100.00 50.0 90.3 50.00 85.5 0.0 -
Slide 9: Consolidated Profit & Loss Statement – Q4 & FY25
Consolidated Profit & Loss Statement – Q4 & FY25 Particulars (₹ in Crores) Q4FY25 Q4FY24 YoY FY25 FY24 YoY Revenue from Operations 692.8 447.7 54.7% 2,193.3 1,676.8 30.8% Cost of Services 341.6 245.1 986.0 964.4 Employee Benefit Expenses 96.8 61.4 323.5 208.1 Other Expenses 80.3 50.9 254.5 158.7 EBI
Slide 10: Q4 & FY25 Performance Highlights: Visa & Consular Business
Q4 & FY25 Performance Highlights Visa & Consular Business
Slide 11: Key Financial Highlights (Visa & Consular Business) – Q4 FY25
Key Financial Highlights (Visa & Consular Business) – Q4 FY25 Revenue from Operations Net Revenue EBITDA & EBITDA Margin (%) +19% 20.8% 34.2% 190.00 +96% 440.8 170.00 +73% 150.00 370.4 150.9 130.00 309.4 110.00 90.00 76.9 70.00 178.4 50.00 30.00 10.00 Q4FY24 Q4FY25 Q4FY24 Q4FY25 Q4FY24 Q4FY25 (10.00
Slide 12: Key Financial Highlights (Visa & Consular Business) – FY25
Key Financial Highlights (Visa & Consular Business) – FY25 Revenue from Operations Net Revenue EBITDA & EBITDA Margin (%) +21% 34.5% 22.1% 1,653.3 +77% 1,361.8 +90% 1,089.1 614.9 569.7 300.5 FY24 FY25 FY24 FY25 FY24 FY25 in Rs. Crores Consolidated Financials * Net Revenue per Application = (Revenue
Slide 13: Key Financial Highlights (Visa & Consular Business) – Q4 & FY25
Key Financial Highlights (Visa & Consular Business) – Q4 & FY25 # of Applications (Lakhs) Net Revenue per Application * (Rs.) 3,500 +31% +26% +35% 37.50 3,000 3,149 +38% 28.70 2,903 2,500 2,500 2,000 2,146 9.83 7.14 Q4FY24 Q4FY25 FY24 FY25 1,500 Q4FY24 Q4FY25 FY24 FY25 in Rs. Crores Consolidated Fin
Slide 14: Q4 & FY25 Performance Highlights: Digital Business
Q4 & FY25 Performance Highlights Digital Business
Slide 15: Key Financial Highlights (Digital Business) – Q4 FY25
Key Financial Highlights (Digital Business) – Q4 FY25 Revenue from Operations EBITDA & EBITDA Margin (%) +226% 17.3% 9.2% 300.00 70.00 250.00 252.0 60.00 200.00 50.00 40.00 +74% 150.00 30.00 100.00 23.2 20.00 50.00 77.3 13.3 10.00 0.00 - Q4FY24 Q4FY25 Q4FY24 Q4FY25 Revenue from operations grew by
Slide 16: Key Financial Highlights (Digital Business) – FY25
Key Financial Highlights (Digital Business) – FY25 Revenue from Operations EBITDA & EBITDA Margin (%) 700.00 +71% 14.3% 11.0% 200.00 600.00 180.00 160.00 540.0 500.00 140.00 +32% 120.00 400.00 100.00 300.00 315.0 80.00 60.00 200.00 40.00 59.7 100.00 20.00 45.1 - 0.00 FY24 FY25 FY24 FY25 Revenue fr
Slide 17: BLS International FY25 Financial Performance Highlights
BLS International FY25 Financial Performance Highlights 16
Slide 18: Historical Key Consolidated Financials
Historical Key Consolidated Financials Revenue from Operations c Gross Profit +46% +71% 2,193.3 1,676.8 1,207.3 1,516.2 712.4 849.9 141.8 487.6 478.4 276.0 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 EBITDA & EBITDA Margin (%) PAT & PAT Margin (%) 8.3% 12.6% 14.6% 20.6% 10.5% 13.1% 13.5% 19.4%
Slide 19: Historical Key Consolidated Ratios
Historical Key Consolidated Ratios Return on Capital Employed c Return on Equity 31.2% 28.1% 28.1% 27.0% 25.4% 22.4% 22.0% 19.5% 11.0% 10.9% FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 Net Cash Balance Net Worth 1,731 1,135 1,800 1,200 928 1,600 1,000 1,400 1,208 1,200 556 803 800 1,000 600 40
Slide 20: Historical Consolidated P&L Statement
Historical Consolidated P&L Statement Particulars (₹ in Crore) FY22 FY23 FY24 FY25 Revenue from Operations 849.9 1,516.2 1,676.8 2,193.3 Cost of Services 573.9 1,028.6 964.7 986.0 Employee Benefit Expenses 75.8 139.6 208.1 323.5 Other Expenses 93.3 126.9 158.3 254.5 EBITDA 106.9 221.1 345.7 629.3 EB
Slide 21: Historical Consolidated Balance Sheet
Historical Consolidated Balance Sheet Particulars (Rs. in Crores) Mar’24 Mar’25 Particulars (Rs. in Crores) Mar’24 Mar’25 Share Capital 41.2 41.2 Fixed Assets incl. CWIP 168.3 331.6 Shareholders' Funds 1,207.6 1,730.8 Intangible Assets 45.8 48.1 Non controlling Interest 234.0 287.9 Goodwill 81.4 994
Slide 22: Historical Consolidated Cash Flow Statement
Historical Consolidated Cash Flow Statement Rs. Crores March FY23 March FY24 March FY25 266 Operating Profit before WC changes 371 702 C/F from Operating 13 261 Changes in Working Capital (2) 350 202 829 activities (19) Direct Taxes (20) (75) (68) Purchase of Property, Plant and Equipment and Intang
Slide 23: Annual & FY25 Performance Highlights: Visa & Consular Business
Annual & FY25 Performance Highlights Visa & Consular Business 22
Slide 24: Annual Key Financials (Visa & Consular Business)
Annual Key Financials (Visa & Consular Business) Revenue from Operations c Net Revenue +30% +64% 1,653.3 1,259.9 1,361.8 1,200 1,000 756.3 800 1,089.1 600 400 246.0 614.9 200 404.8 - FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 EBITDA & EBITDA Margin (%) Visa Business KPIs 14.6% 14.8% 22.1% 34.5% 2,903 +
Slide 25: Annual & FY25 Performance Highlights: Digital Business
Annual & FY25 Performance Highlights Digital Business 24
Slide 26: Annual Key Financials (Digital Business)
Annual Key Financials (Digital Business) Revenue from Operations c Gross Profit +79% +58% 540.0 315.0 256.3 118.2 97.2 93.6 82.7 30.0 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 EBITDA & EBITDA Margin (%) -3.4% 13.4% 14.3% 11.0% 59.7 45.1 34.4 -3.2 FY22 FY23 FY24 FY25 in Rs. Crores Consolidated Financia
Slide 27: BLS International Overview
BLS International Overview
Slide 28: 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 (75% of FY25 Revenue) – BLS is one of
Slide 29: 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 - 2025 Vision Beyond Operationalized in 2005 and is a part of BLS group Listed on NSE, BSE & Metropolitan Stock Exchange in Visa & Consular Service
Slide 30: Investment Rationale
Investment Rationale Leading player in a fast-growing industry enabling unprecedented potential for value creation Focus on Profitable Growth Exclusive & Long-term Contracts Negative Working Capital • Achieved 37% Revenue CAGR (FY22-25) • Most contracts are exclusive, ensuring no overlap • BLS opera
Slide 31: 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 32: 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 33: Visa & Consular Business
Visa & Consulét Business yp
Slide 34: 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 35: 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 36: Growing Global Travel Industry
Growing Global Travel Industry Global Travel & Tourism industry is expected to continue on its growth trajectory, driven by multiple factors Global Travel & Tourism Industry ($ Tn) Global Airline Passengers (Bn) In-bound Tourism by Region of Origin (% of Total) 3.4 3% CAGR 5.6 Europe Asia & Pacific
Slide 37: Aircraft Demand to Propel Travel Industry Growth
Aircraft Demand to Propel Travel Industry Growth Demand of 42,430 aircrafts over the next 20 years supports the growth in the travel sector Travel Industry offers a multi-decadal growth potential 48,230 23,970 Grow New 42,430 Deliveries 18,460 Replace 24,260 5,800 Stay 2023 2043 Deliveries (2024 – 2
Slide 38: Technology playing a pivotal role in Global Travel & Tourism Industry
Technology playing a pivotal role in Global Travel & Tourism Industry Emerging trends in the Global Travel & Tourism Industry Role of Technology in Travel Experiences Leisure Travel & Eco-Tourism Simplified Visa Solutions Travel agencies now have global access to service providers through People
Slide 39: Global Visa Market offers significant opportunity for Outsourcing
Global Visa Market offers significant opportunity for Outsourcing Global Visa Market by Value ( $ Bn) - Huge Opportunity for Outsourced Partners Total Visa Market Outsourcing Visa Market & % of Total Visa Market Outsourcing Visa Market (except USA) 7.7 26% 31% 42% 7% CAGR 5.4 4.7 14% CAGR 14% CAGR 3
Slide 40: Visa Outsourcing: Scaling Efficiency in Global Visa Solutions
Visa Outsourcing : Scaling Efficiency in Global Visa Solutions Governments are outsourcing Visa & Consular services to improve efficiency and effectiveness of thier immigration processes Global Visa Applications Volumes Split Market Segmentation by Type of Visa In-house Outsourced Tourist Study Busi
Slide 41: Consular Services - another G2C segment with enormous opportunity
Consular Services - another G2C segment with enormous opportunity Global Consular Services Outsourced Market ($ Mn) Growth Drivers of the Global Consular Services 32% CAGR Beyond visas, consular services now also encompass national ID applications, 634.0 renunciation of citizenship and notarial se
Slide 42: Residency and Immigration Services - Witnessing Increasing Global Mobility
Residency and Immigration Services - Witnessing Increasing Global Mobility Investment Migration Services Market by Value ($ Bn) Investment Migration Services Market by Volumes (Thousand) 11% CAGR 1.5 175.0 134.0 115.0 10% CAGR 0.9 0.6 2019 2024 2029P 2019 2024 2029P Growth Drivers of the Residency a
Slide 43: Digital Business
Digital Business
Slide 44: 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 45: 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 46: Growth Strategies
Growth Strategies
Slide 47: 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 48: 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 49: 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 50: 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 Net Cash Balance* +37% +45% +32% 2,193 1,731 928 850 570 407 FY22 FY25 FY22 FY25 FY22 FY25 Growing Revenue and strong Margins will provide ample room to invest into increasing the scale of
Slide 51: Annexures
Annexures
Slide 52: Shareholding Information
Shareholding Information Shareholding Pattern Shareholder Information as on 31st March 2025 Promoters BSE Ticker: 540073 70.38% DII FII NSE Symbol: BLS Bodies Corporate MSE Symbol: BLS 2.26% 9.94% Others Market Cap (in Rs. Crores): 16,414 2.54% 14.88% % Free- float: 29.6% Top Few Shareholders FF Mar
Slide 53: 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 54: 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 53
BLS International Services — Q4 FY25 Earnings Presentation on 6ix