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Travel Support Services company BLS International Services announced Q4FY24 & FY24 results:
Q4FY24 Financial Highlights:
- Revenue from Operations at Rs 447.7 crore, remained almost flat, as compared to Rs 448.6 crore in Q4FY23. The moderation in revenue growth was due to lower volumes in some key regions, attributed to the Ramadan festival from March 10, 2024 to April 9, 2024.
- EBITDA grew to Rs 90.3 crore from Rs 66.5 crore in Q4FY23, a growth of 35.7%; despite an increase in Employee Costs and Other Expenses occurring due to structural changes in the business model
- EBITDA Margin saw an expansion of 534 bps to 20.2% in Q4FY24
- PBT before exceptional items at Rs 93.5 crore, as against Rs 65.2 crore inQ4FY23, up by 43.4%
FY24 Financial Highlights:
- Revenue from Operations at Rs 1,676.8 crore, up by 10.6%, as compared to Rs 1,516.2 crore in FY23
- EBITDA grew strongly by 56.4% to Rs 345.7 crore as against Rs 221.1 crore in FY23
- EBITDA margin at 20.6% in FY24 as against 14.6% in FY23, expanded significantly by 603 bps
- PBT before exceptional items in FY24 recorded a robust growth of 57.8%, at Rs 352.1 crore, as compared to Rs 223.1 crore
Speaking about the performance and recent updates, Shikhar Aggarwal, Joint Managing Director, BLS International Services said: “I am delighted to share that we have continuedour robust growth trajectory and achieved a revenue growth of 10.6% in FY24, withtheEBITDA 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 successfullyrenewed 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, BLSE- 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 enhanceourbusiness 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 securedlast 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.”
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