Bls International Services Ltd. · NSE:BLS
Bls International Services — Q2 & H1 FY24 Earnings Presentation
34 slides from Bls International Services's earnings presentation, Nov 6, 2023
Slide 1: Stock exchange cover letter: Investor Presentation
November 06, 2023 National Stock Exchange of India BSE Ltd., Metropolitan Stock Exchange of Ltd., India Ltd., Exchange Plaza, C-1 Block G, Phiroze Jeejeebhoy Vibgyor Towers, 4th Floor, Plot No. Bandra Kurla Complex Bandra [E], Towers, C62, G - Block, Opp. Trident Hotel, Mumbai – 400051 Dalal Street,
Slide 2: Earnings Presentation Q2 & H1 FY24
Earnings Presentation Q2 & H1 FY24 November 6, 2023
Slide 3: Disclaimer
Disclaimer This presentation and the accompanying slides (the “Presentation”), which have been prepared by BLS International Services Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for
Slide 4: Agenda
Agenda 1. Key Business Updates 2. Financial Highlights – Q2 & H1 FY24 3. Company Overview 4. Historical Financial Highlights 5. Way Ahead 3
Slide 5: Key Business Updates
Key Business Updates • BLS E-Services, a subsidiary of BLS International • During October 2023, BLS International entered into a Master Business Correspondent signed an exclusive global visa Agreement with Kotak Mahindra Bank, one of outsourcing contract for Slovakia in 18 India's premier banking in
Slide 6: Q2FY24 Results Snapshot
Q2FY24 Results Snapshot Consolidated Revenue Consolidated Op EBITDA Consolidated PBT* INR 407.7 Crores INR 86.7 Crores INR 87.2 Crores 14.3% 52.7% 55.1% Consolidated PAT Net Cash & Bank Balances ROCE / ROE^ INR 82.0 Crores INR 687 Crores 35.5% / 34.6% 60.8% *Excluding Exceptional Items ^On H1FY24 an
Slide 7: Management Discussion & Analysis of Results
Management Discussion & Analysis of Results Company registered Consolidated Operational Revenue of ₹ 407.7 Cr, a growth of 14.3% versus corresponding qtr. The revenue growth was driven by both Visa & Consular segment as well as Digital Services segment. Consolidated operating EBITDA stood at ₹ 8
Slide 8: Financial Highlights
Financial Highlights Revenue (Rs Cr) EBITDA (Rs Cr) & EBITDA Margin (%) PAT (Rs Cr) & PAT Margin (%) Quarterly Highlights 15.9% 21.3% 14.3% 20.1% 407.7 356.8 82.0 14.3% 52.7% 86.7 60.8% 51.0 56.8 Q2 FY23 Q2 FY24 Q2 FY23 Q2 FY24 Q2 FY23 Q2 FY24 14.0% 21.1% 13.0% 19.0% Half Year Highlights 791.2 166.8
Slide 9: Segmental Revenue
Segmental Revenue 21% 19% Q2 FY24 Q2 FY23 79% 81% 21% 16% H1 FY24 H1 FY23 79% 84% Visa & Consular Digital Services 8 Visa & Consular Digital Services
Slide 10: Segmental Growth – Q2FY24
Segmental Growth – Q2FY24 Visa & Consular (Rs Cr) Digital Services (Rs Cr.) 322.2 85.6 Revenue 11.9% 68.9 24.3% 288.0 Q2 FY23 Q2 FY24 Q2 FY23 Q2 FY24 73.5 13.3 53.9% EBITDA 47.8 48.9% 8.9 Q2 FY23 Q2 FY24 Q2 FY23 Q2 FY24 9
Slide 11: Segmental Growth – H1FY24
Segmental Growth – H1FY24 Visa & Consular (Rs Cr) Digital Services (Rs Cr.) 627.0 19.1% 164.3 Revenue 59.0% 103.3 526.4 H1 FY23 H1 FY24 H1 FY23 H1 FY24 144.4 91.2% 22.4 EBITDA 76.9% 75.5 12.7 H1 FY23 H1 FY24 H1 FY23 H1 FY24 10
Slide 12: Consolidated Quarterly Profit and Loss Statement
Consolidated Quarterly Profit and Loss Statement (Rs. in Cr) Q2 FY24 Q2 FY23 % Change Q1 FY24 Q2FY24 operational revenue up Revenue 407.74 356.84 14.26% 383.49 14.3% YoY driven by continuous Gross Profit 171.75 120.50 156.70 traction in Visa & Consular business and strong momentum (Gross Margin) 4
Slide 13: Consolidated Half Yearly Profit and Loss Statement
Consolidated Half Yearly Profit and Loss Statement (Rs. in Cr) H1 FY24 H1 FY23 % Change Revenue 791.22 629.66 25.66% Gross Profit 328.45 209.86 (Gross Margin) 41.51% 33.33% Operating expenses 69.67 59.81 EBITDA 166.79 88.30 88.90% (EBITDA Margin) 21.08% 14.02% 706 bps Other Income 15.72 7.22 Depreci
Slide 14: Company Overview
R 1S Company Overview INTERNATIONAL
Slide 15: Our competitive edge
Our competitive edge Expanding global network Ability to win marquee State-of-the-art digital infra contracts 2016-21: Europe, GCC & ME, South American Highly secure processes with capabilities Operating in 66 countries with a network of contracts to handle large quantities of 50,000 application cen
Slide 16: Corporate Structure
Corporate Structure Domestic Visa & Attestation Visa, Consular 100% 69.32% & e-governance BLS E-Services Pvt Ltd BLS International FZE Business in other (Digital Services) countries International Subsidiaries/Partners* 100% 90.9% 100% UK USA UAE Russia Ecuador Algeria Canada China Starfin India Zero
Slide 17: Business overview
Business overview Broad suite of services for visa Visa processing processing and related services 1 Visa & Consular Value added (VAS) Holistic solutions for customer’s delight and convenience Services Consular services on behalf of Consular embassies/diplomatic missions Delivering front-end service
Slide 18: Visa processing & consular services
1 Visa processing & consular services Visa Processing Value Added Consular Leading global player in the visa Additional holistic services rolled out Services provided by the diplomatic outsourcing service industry, with over with speed & agility and offered to mission of a country to citizens of tha
Slide 19: Infrastructure of Global Standards
Infrastructure of Global Standards 18
Slide 20: Infrastructure of Global Standards
Infrastructure of Global Standards 19
Slide 21: Digital Services – E-Governance services
2.i Digital Services – E-Governance services Punjab Project Delivered front-end service (~430G2Cs) to Indian citizens at the grassroot level and enhanced citizen’s convenience Catered 1.84 crore population and covered 16 districts across the state Decentralized service helped decongest traffic
Slide 22: Digital Services – Other citizen services
2.ii Digital Services – Other citizen services Starfin & Zero Mass – National Business Correspondent (NBC) Present in all BLS has established a robust network of centers to deliver last mile banking services to unserved and underserved rural states & Union and remote populations as part of Financi
Slide 23: Reaching Length & Breadth of India
Reaching Length & Breadth of India 22
Slide 24: Huge opportunities across business segments
Huge opportunities across business segments Visa Processing Digital Services Growth in outsourcing of visa application worldwide Global 22% Most services offered by governments to consumers are 35% still semi-automated with low penetration of cutting-edge 50% technologies Outsourced 78% Outsourc
Slide 25: Strong balance sheet to support for the next leg of growth
Strong balance sheet to support for the next leg of growth Invest in tech to further build robust systems and processes Invest in technologies, infrastructure & manpower to tap exciting possibilities related to digitalization, last mile penetration & enhanced service 01 experience Tech like iden
Slide 26: Historical Financial Highlights
Historical Financial Highlights
Slide 27: Historical Financial Highlights
Historical Financial Highlights Revenue (₹ Crore) EBITDA (₹ Crore) PAT (₹ Crore) 204 221 1516 167 153 850 111 791 107 478 50 40 FY21 FY22 FY23 H1FY24 FY21 FY22 FY23 H1FY24 FY21 FY22 FY23 H1FY24 Gross Profit (₹ Crore) EBITDA (Margin %) PAT (Margin %) 21.1 19.3 488 14.6 13.1 13.5 328 12.6 276 10.5 8.3
Slide 28: Strong Balance Sheet with significant Return Ratios
Strong Balance Sheet with significant Return Ratios Return on Capital Employed (%) Return on Equity (%) 35.5 34.6 27.9 25.4 20.0 19.5 10.6 10.9 FY21 FY22 FY23 H1FY24** FY21 FY22 FY23 H1FY24** Cash Balance Growth (₹ Crore) Net Worth (₹ Crore) 687 952 556 803 407 570 460 285 FY21 FY22 FY23 H1FY24 FY21
Slide 29: Historical Consolidated P&L Highlights
Historical Consolidated P&L Highlights (Rs. in Cr) FY21 FY22 FY23 H1FY24 Revenue 478 850 1,516 791 Gross Profit 142 276 488 328 (Gross Margin) 30% 32% 32% 42% Employee & Operating expenses 102 169 267 161.7 EBITDA 40 107 221 167 (EBITDA Margin) 8% 13% 15% 21% Finance Cost 0.5 0.7 0.7 1 Depreciation
Slide 30: Historical Consolidated Balance Sheet
Historical Consolidated Balance Sheet (Rs. in Cr) Mar’21 Mar’22 Mar’23 Sep’23 (Rs. in Cr) Mar’21 Mar’22 Mar’23 Sep’23 Share Capital 10.2 10.2 41.1 41.2 Fixed Assets incl. CWIP 24.6 84.2 98.6 124.1 Shareholders' Funds 459.8 569.8 802.9 952.1 Intangible Assets 5.0 20.0 53.7 52.5 Non controlling Intere
Slide 31: Historical Consolidated Cash Flow
Historical Consolidated Cash Flow (Rs. Cr) March FY22 March FY23 Sept FY24 144 Operating profit before WC change 266 185 C/F from operating 48 185 Change in Working Capital 13 261 (26) 147 activities (7) Direct taxes (19) (11) Purchase of property, plant and equipment and (82) (68) (20) intangibles
Slide 32: Way Ahead
INTERNATIONAL
Slide 33: Way Ahead
Way Ahead Strong Focus on Digital Services Pursue growth opportunities in e-Governance and BC businesses 01 Leverage acquisition of ZMPL to grow Business Correspondent business Value-added services expected to yield strong top line and profitability Focus on negative working capital and EBIT
Slide 34: Thank You
Thank You Mr. Amit Sharma / Mr. Rahul Trivedi Mr. Amit Sudhakar, CFO Adfactors PR (Investor Relations Advisor) amit.s@blsinternational.com Mr. Gaurav Chugh, Head – Investor Relations amit.sharma@adfactorspr.com gaurav.chugh@blsinternational.net rahul.trivedi@adfactorspr.com 33
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