About the Stock:

BLS International Services Ltd., a pioneer in its field with over 18 years of industry expertise, is renowned for its dependable, technology-driven services catering to governments and citizens alike. Specializing in visa, passport, consular, and citizen services, BLS International has consistently raised the bar since its establishment in 2005. The company’s achievements include prestigious recognitions such as being featured in esteemed listings like “India’s Most Valuable Companies” by Business Today Magazine and “Best under a Billion” companies by Forbes Asia. With operations spanning 46 client governments across 64 nations, BLS International prioritizes top-tier data security and unparalleled services, facilitated by its expansive global network comprising over 50,000 centers. Supported by a dedicated team of 60,000 employees and associates, the company has processed upwards of 220 million applications, showcasing unwavering dedication to excellence.

Business Model:

Visa & Consular Services:

• Visa Services: Delivering a comprehensive suite of solutions aimed at optimizing visa processing procedures.
• Value-Added Services (VAS): Offering a wide array of solutions designed to enhance customer satisfaction and convenience.
• Consular Services: Providing consular assistance in collaboration with embassies and diplomatic missions, ensuring efficient service delivery.

Digital Services:

• E-Governance Solutions: Offering citizen-focused services directly to local communities.
• Banking Value-Added Services: Establishing a widespread network to provide crucial banking services to remote and underserved regions.
• Supported E-Commerce: Enabling assisted purchasing and nationwide delivery solutions for enhanced accessibility.

Company Valuation
Sector	Consumer Services
NSE	BLS
BSE	540073
Market Capitalization	Rs 13,568 Crore (As of May 05, 2024)
Book Value Per Share	Rs 19.52
Face Value	Rs 1
P/E ratio	47.77
52 week H/L	429.95 / 166.30
Dividend Yield (%)	0.23

Shareholding Pattern
Particulars	Dec-22	Mar-23	Jun-23	Sept 2023	Dec 2023
Foreign Promoters %	0	0	0	0	0
Indian Promoters %	74.4	74.41	71.68	71.52	71.52
DIIs %	0.05	0.05	0.04	0.07	0.88
FIIs %	8.2	7.57	8.46	7.66	7.56
Others %	17.35	17.97	19.82	20.75	20.04

Ratios (Consolidated)
Particulars	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
ROCE %	34.61	13.93	11.26	22.42	32.43
ROE %	33.25	13.09	11.33	21.6	29.77
ROA %	22.3	11.16	10.54	19.93	26.15
Interest Coverage Ratio	10.4	16.22	29.25	63.52	86.67
D/E	0.1	0	0	0.01	0
P/B	3.15	0.7	2.06	4.2	8.47

Balance Sheet (Consolidated Figures in Rs. Crores.)
(Year-end March)	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Share Capital	10	10	10	10	41
Reserves	362	418	450	560	762
Borrowings	38	1	0	3	0
Other Liabilities	67	34	32	52	135
Total Liabilities	477	464	491	625	938
Fixed Assets	51	41	38	112	234
Capital WIP	3	0	0	0	0
Investments (Long Term)	28	29	24	70	88
Other Assets	395	394	430	442	616
Total Assets	477	464	491	625	938

Profit & Loss (Consolidated Figures in Rs. Crores.)
(Year-end March)	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Sales	804	786	478	850	1,516	1,678
Other Income	43	13	19	15	21	32
Expenses	693	701	438	742	1,293	1,355
Operating Profit	154	98	60	123	244	354
OPM%	19	13	12	14	16	21
Interest	13	4	2	2	3	2
Depreciation	19	12	9	7	18	27
Profit Before Tax	122	55	48	114	220	345
Tax%	14	4	-4	2	7	9
Net Profit	105	52	50	111	201	302
PATM%	13	7	10	13	13	18

Cash Flows (Consolidated Figures in Rs. Crores.)
(Year-end March)	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Cash from Operating Activity	136	116	45	185	261
Cash from Investing Activity	-68	-107	-22	-172	-238
Cash from Financing Activity	-87	-54	-9	-12	7
Net Cash Flow	-20	-45	13	2	30

Q3 FY24 Result Update:

• Operational Revenue in Q3 FY24 totaled INR 437.88 crores, maintaining consistency with the preceding quarter and registering a 7.4% quarter-on-quarter increase.
• Growth was evident in both Visa & Consular services as well as the digital business, contributing to the overall revenue surge.
• EBITDA for Q3 FY24 amounted to INR 88.58 crores, marking a noteworthy year-on-year growth of 33.61%. EBITDA Margins expanded to 20.23%, up from 15.14% in Q3 FY23.
• Expansion of EBITDA margins was attributed to a favorable business mix and enhanced operational efficiencies.
• PBT before exceptional items reached INR 90.99 crores in Q3 FY24, showcasing a robust growth of 31.30% compared to INR 69.30 crores in Q3 FY23.
• PAT for the quarter surged to INR 87.18 crores, reflecting a substantial year-on-year growth of 90.15% from INR 45.85 crores in the corresponding period of the previous financial year.

Quarterly Results (Consolidated Figures in Rs. Crores)
Particulars	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sept 2023	Dec 2023
Sales	357	438	449	383	408	438
Other Income	3	7	7	7	9	9
Expenses	300	372	382	303	321	349
Operating Profit	60	73	74	87	95	98
OPM%	17	17	16	23	23	22
Interest	0	0	0	0	1	1
Depreciation	4	4	8	6	7	6
Profit Before Tax	56	45	87	80	87	91
Tax%	9	-3	12	12	6	4
Net Profit	50	51	69	69	79	85
PATM%	14	12	15	18	19	19

Conclusion:

In essence, the analysis of BLS International’s stock highlights its impressive expansion and operational durability. Backed by robust financial results, a widespread global presence, and a dedication to bolstering cash flow, the company is positioned for enduring prosperity. Its recent worldwide contract for visa application outsourcing serves as a testament to its trustworthiness and dependability. BLS International’s unwavering commitment to excellence and value-added offerings presents an attractive proposition for investors, underscoring its significance in the visa and consular services sector. With a firm commitment to innovation and customer satisfaction, BLS International is well-positioned for a bright future in the global marketplace.