Visa service provider BLS International Services Ltd on Tuesday (February 11) reported a 43.2% jump in net profit at ₹121 crore for the third quarter over ₹84.5 crore year-on-year (YoY). The company’s revenue from operations grew 17% to ₹513 crore compared to ₹438 crore in the corresponding period of the preceding fiscal.
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The company reported a 78.5% surge in EBITDA to ₹158.1 crore in Q3FY25, against ₹88.6 crore a year ago. The EBITDA margin expanded to 30.8% from 20.2% in the previous year, driven by the ongoing transition from a partner-run to a self-managed model and the integration of newly-acquired businesses.
As of December 31, 2024, BLS International Services’ net cash balance stood at ₹690 crore following its acquisitions in FY25.
Visa & consular business
Revenue from the visa & consular business grew 3.1% YoY in Q3FY25 to ₹375.7 crore, compared to ₹364.4 crore. The transition from a partner-led to a self-managed business model, along with the integration of newly-acquired businesses, contributed to a 77.3% rise in EBITDA, reaching ₹140.3 crore in Q3FY25.
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The EBITDA margin expanded significantly by 1,564 basis points (bps) to 37.4% in Q3FY25, up from 21.7% a year ago. Net revenue per application increased 26.2% YoY to ₹2,837 in the third quarter against ₹2,250 in Q3FY24.
Digital business
Revenue from the digital business surged 86.7% YoY to ₹137.2 crore, up from ₹73.5 crore. This includes ₹52.7 crore in revenue from Aadifidelis Solutions, which was consolidated from November 26, 2024.
EBITDA for the digital business rose 88.1% to ₹17.7 crore in the third quarter, including ₹2.3 crore contributed by Aadifidelis Solutions, compared to ₹9.4 crore in Q3FY24. The EBITDA margin stood at 12.9% in Q3FY25, slightly higher than 12.8% last year.
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The business correspondent segment processed over 3.43 crore transactions with a gross transaction value exceeding ₹21,000 crore in Q3FY25. By the end of the quarter, the digital business had over 41,500 customer service points (CSPs) and 136,700+ touchpoints.
Additionally, the digital business generated loan leads worth ₹2,900 crore in Q3FY25 for various financial institutions, including over ₹1,600 crore from Aadifidelis Solutions.
Shikhar Aggarwal, Joint Managing Director of BLS International Services, said, “The company continues to report remarkable performance during this quarter as well, outlined by a robust growth across all key financial and operational metrics.”
Shares of BLS International Services Ltd ended at ₹400.55, down by ₹23.85, or 5.62%, on the BSE.
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