Bls International Services Ltd. · NSE:BLS
Bls International Services — Q1 FY25 Earnings Presentation
48 slides from Bls International Services's earnings presentation, Aug 5, 2024
Slide 1: Investor Presentation cover letter to stock exchanges
August 05, 2024 National Stock Exchange of India BSE Limited, Metropolitan Stock Exchange Ltd., of India Ltd., Exchange Plaza, C-1 Block G, Phiroze Jeejeebhoy Towers, Vibgyor Towers, 4 th Floor, Plot Bandra Kurla Complex Bandra [E], Dalal Street, Fort, No. C62, G - Block, Opp. Trident Mumbai – 40005
Slide 2: Investor Presentation Q1FY25 August 2024
Investor Presentation Q1FY25 August 2024
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 Q1FY25 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 ▪ Visa & Consular Business ▪ Di
Slide 5: Q1FY25 Performance Highlights BLS International
Q1FY25 Performance Highlights BLS International
Slide 6: Consolidated Performance Highlights - Q1FY25
Consolidated Performance Highlights - Q1FY25 Consolidated business Revenue of the company grew by 28.5% YoY to Rs. 492.7 Crores in Q1FY25 from Rs. 383.5 Crores in Q1FY24 EBITDA stood at Rs. 133.2 Crores, reported a growth of 66.3% YoY. EBIDTA margin surged to 27.0% versus 20.9% in Q1FY24 Profi
Slide 7: Consolidated Financial Snapshot - Q1FY25
Consolidated Financial Snapshot - Q1FY25 Q1FY25 Revenue EBITDA PAT Rs. 492.7 Crores Rs. 133.2 Crores Rs. 120.8 Crores 28.5% YoY 66.3% YoY 70.1% YoY EBITDA Margin PAT Margin 27.0% 24.5% 615 bps YoY 600 bps YoY 6
Slide 8: Consolidated Key Financial Highlights - Q1FY25
Consolidated Key Financial Highlights - Q1FY25 Revenue from Operations EBITDA & EBITDA Margin (%) PAT & PAT Margin (%) +28% 20.9% 20.2% 27.0% 18.5% 19.1% 24.5% +10% 180 +66% +70% 492.7 160.00 160 447.7 140 +47% 140.00 +41% 383.5 133.2 120.00 120 100.00 100 120.8 90.3 80.00 80 60 80.1 60.00 71.0 85.5
Slide 9: Consolidated Profit & Loss Statement - Q1FY25
Consolidated Profit & Loss Statement - Q1FY25 Particulars (₹ in Crore) Q1FY25 Q1FY24 YoY Q4FY24 QoQ Revenue from Operations 492.7 383.5 28.5% 447.7 10.0% Cost of Services 242.4 226.8 245.1 Employee Benefit Expenses 71.2 43.6 61.4 Other Expenses 45.9 33.1 50.9 EBITDA 133.2 80.1 66.3% 90.3 47.5% EBITD
Slide 10: Q1FY25 Performance Highlights Visa & Consular Business
Q1FY25 Performance Highlights Visa & Consular Business
Slide 11: Key Financial Highlights (Visa & Consular Business) - Q1FY25
Key Financial Highlights (Visa & Consular Business) - Q1FY25 Revenue from Operations EBITDA & EBITDA Margin (%) +36% 23.3% 20.8% 29.3% +12% +71% 414.1 160.00 370.4 140.00 +58% 304.8 120.00 100.00 80.00 121.3 70.9 77.0 60.00 40.00 20.00 - Q1FY24 Q4FY24 Q1FY25 Q1FY24 Q4FY24 Q1FY25 Robust revenue gro
Slide 12: Key Financial Highlights (Visa & Consular Business) - Q1FY25
Key Financial Highlights (Visa & Consular Business) - Q1FY25 # of Applications (Lakhs) Net Revenue per Application * (Rs.) Revenue & EBITDA Margin 3,100 23.3% 22.8% 21.7% 20.8% 29.3% 2,900 450.00 10.00 2,700 414.1 400.00 370.4 8.00 364.4 350.00 2,500 322.2 300.00 250.00 304.8 6.00 2,300 2,653 2,100
Slide 13: Q1FY25 Performance Highlights Digital Business
Q1FY25 Performance Highlights Digital Business
Slide 14: Key Financial Highlights (Digital Business) - Q1FY25
Key Financial Highlights (Digital Business) - Q1FY25 Revenue from Operations EBITDA & EBITDA Margin (%) 11.6% 17.3% 15.2% 28.00 23.00 78.7 77.3 78.5 18.00 13.00 13.3 11.9 9.1 8.00 3.00 (2.00) Q1FY24 Q4FY24 Q1FY25 Q1FY24 Q4FY24 Q1FY25 Revenue from operations were recorded at Rs. 78.5 Crores in Q1FY
Slide 15: BLS International Overview
BLS International Overview
Slide 16: BLS International: At a Glance
BLS International: At a Glance 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 the
Slide 17: 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 Vision Beyond 2005 - 2015 2016-2021 2022 - 2024 2024 Founded in 2005 and is a part of BLS group Listed on NSE, BSE & Metropolitan Stock Exchange Visa & Consular Services Visa
Slide 18: BLS Corporate Structure
BLS Corporate Structure 100% 51% BLS International FZE BLS E-Services Limited Visa & Consular Business in other Digital Business countries International Subsidiaries/Partners* UK USA UAE Russia Saudi Arabia Starfin India Pvt Ltd Zero Mass Pvt Ltd BLS Kendra Pvt Ltd (BC Business) (BC Business) (e-Gov
Slide 19: 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 20: Visa & Consular Business
Visa & Consula Business’ | iy’
Slide 21: 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 66 countries through a wide network of global offices Core Services include:
Slide 22: 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 Cash Transmission of data to management the embassy/ consulate via the world’s most secure servers 06
Slide 23: Acquisition of major Turkish player – iDATA, Completed
Acquisition of major Turkish player – iDATA, Completed BLS has acquired 100% holding in iDATA and its wholly owned subsidiaries for an overall consideration of Rs. 720 Crores About iDATA iDATA Key Numbers • Turkey based company, founded in 2005 Particulars CY2022 CY2023 • Provides comprehensive visa
Slide 24: How the iDATA acquisition will contribute to BLS' growth
How the iDATA acquisition will contribute to BLS’ growth iDATA is working with Italy since 2006 and Germany since 2012; implying deep-rooted relationships with these client governments and high customer retention; which will positively contribute to BLS’ operations Market Share Expansion Presence En
Slide 25: 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 2019 2020 2021 2022 2023 Particulars 2019 2020 2021 2022 2023 Revenue Passenger Revenue Passe
Slide 26: 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 of Growth in Outsourcing of Visa Applicable Worldwide to further fuel up the VISA Application and other Value-added Service need for global VISA processors like BLS Global Visa Indust
Slide 27: The MOATS that will drive us
The MOATS that will drive us BLS qualifies for all tenders & bids aggressively on the back of extensive industry experience & solid technological capabilities Established market position in the visa services business Diversification across 19+ Years of Global Geographies experience Presence in 66+ c
Slide 28: Digital Business
Digital Business
Slide 29: 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 Enables the provision of citizen-centric and Provides a variety of services & products through robust network of centers in rural and remote front-e
Slide 30: 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 31: Growth Strategies
Growth Strategies
Slide 32: 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 33: 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 34: 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% +39% +59% +99% 1,677 1,226 1,135 355 478 460 285 45 FY21 FY24 FY22 FY24 FY22 FY24 FY22 FY24 Growing Revenue and strong Margins will provide ample roo
Slide 35: Annual BLS International Performance Highlights
Annual BLS International Performance Highlights 34
Slide 36: Historical Key Consolidated Financials
Historical Key Consolidated Financials Revenue from Operations c Gross Profit +42% +63% 1,676.8 1,516.2 712.4 487.6 849.9 141.8 276.0 478.4 492.7 250.3 FY21 FY22 FY23 FY24 Q1FY25** FY21 FY22 FY23 FY24 Q1FY25** EBITDA & EBITDA Margin (%) PAT & PAT Margin (%) 10.5% 13.1% 13.5% 19.4% 24.5% 8.3% 12.6% 1
Slide 37: Historical Key Consolidated Ratios
Historical Key Consolidated Ratios Return on Capital Employed c Return on Equity 29.0% 26.6% 32.0% 25.4% 28.1% 28.9% 19.5% 22.4% 10.9% 11.0% FY21 FY22 FY23 FY24 Q1FY25** FY21 FY22 FY23 FY24 Q1FY25** Cash Balance Growth Net Worth 1,290 1,325 1,400 1,226 1,135 1,400 1,200 1,200 803 1,000 1,000 556 570
Slide 38: Historical Consolidated P&L Statement
Historical Consolidated P&L Statement Particulars (₹ in Crore) FY21 FY22 FY23 FY24 Revenue from Operations 478.4 849.9 1,516.2 1,676.8 Cost of Services 336.6 573.9 1,028.6 964.7 Employee Benefit Expenses 43.7 75.8 139.6 208.1 Other Expenses 58.4 93.3 126.9 158.3 EBITDA 39.7 106.9 221.1 345.7 EBITDA
Slide 39: Historical Consolidated Balance Sheet
Historical Consolidated Balance Sheet Particulars (Rs. in Crores) Mar’23 Mar’24 Particulars (Rs. in Crores) Mar’23 Mar’24 Fixed Assets incl. CWIP 98.6 168.3 Share Capital 41.2 41.2 Intangible Assets 53.7 45.8 Shareholders' Funds 802.9 1,226.4 Goodwill 81.4 81.4 Non controlling Interest 34.3 215.5 De
Slide 40: Historical Consolidated Cash Flow Statement
Historical Consolidated Cash Flow Statement Rs. Crores March FY22 March FY23 March FY24 144 Operating Profit before WC changes 266 371 C/F from Operating 48 185 Changes in Working Capital 13 261 (2) 350 activities (7) Direct Taxes (19) (20) Purchase of Property, Plant and Equipment and (82) (68) (64
Slide 41: Annual Performance Highlights Visa & Consular Business
Annual Performance Highlights Visa & Consular Business 40
Slide 42: Annual Key Financials (Visa & Consular Business)
Annual Key Financials (Visa & Consular Business) Revenue from Operations c Gross Profit & Gross Margin (%) +34% 1,259.9 1,361.8 756.3 614.9 404.8 246.0 FY22 FY23 FY24 FY22 FY23 FY24 EBITDA & EBITDA Margin (%) Visa Business KPIs 14.6% 14.8% 22.1% 3.50 2,146 2,500 3.00 1,638 1,613 2,000 300.5 2.50 1,5
Slide 43: Annual Performance Highlights Digital Business
Annual Performance Highlights Digital Business 42
Slide 44: Annual Key Financials (Digital Business)
Annual Key Financials (Digital Business) Revenue from Operations c Gross Profit & Gross Margin (%) +84% 315.0 256.3 97.2 93.6 82.7 30.0 FY22 FY23 FY24 FY22 FY23 FY24 EBITDA & EBITDA Margin (%) -3.4% 13.4% 14.3% 45.1 34.4 -3.2 FY22 FY23 FY24 CAGR in Rs. Crores Consolidated Financials 43
Slide 45: Annexures
Annexures
Slide 46: Shareholding Information
Shareholding Information Shareholding Pattern Shareholder Information as on 30th June 2024 Promoters BSE Ticker: 540073 71.52% DII FII NSE Symbol: BLS Bodies Corporate MSE Symbol: BLS 1.35% 7.39% Others 4.36% Market Cap (in Rs. Crores): 14,440 15.38% % Free- float: 28.38% Top Shareholders FF Market
Slide 47: 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 48: 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 47
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