BLS International Q1 profit more than doubles to Rs 71 crore

BLS International Joint Managing Director Shikhar Aggarwal said, "we have begun the new fiscal on a positive note with strong numbers".

BLS International Services' consolidated net profit more than doubled to Rs 71 crore in the June quarter driven by higher income.

The company had registered a net profit of Rs 30.70 crore in the year-ago quarter, the company said in a regulatory filing on Wednesday.

Its total income rose to Rs 390.51 crore in the first quarter of the current fiscal from Rs 276.58 crore in the year-ago quarter.

In a statement, BLS International said it "generated Rs 77 crore as cash from operations during the quarter. The group continues to remain debt-free and has cash and cash equivalents of Rs 642 crore." Its Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) stood at Rs 80.05 crore in the June quarter, up from Rs 31.50 crore a year ago, the company said.

BLS International Joint Managing Director Shikhar Aggarwal said, "we have begun the new fiscal on a positive note with strong numbers".

The company is expecting to continue to report growth from visa and consular services along with increasing contribution from the digital services segment.

During the quarter, the government of Spain outsourced the global contract for visa applications to BLS International for the second time in a row. The Italian government also awarded the company the contract for its visa services for the sixth time.

BLS International Services provides tech-enabled services to governments and individuals in various geographies.

Shares of the company settled at Rs 250.60 apiece on the BSE on Wednesday, up 1.50 per cent from its previous close.