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BLS International Services Annual Report 2023 Summary

Updated: Oct 7, 2023

  • BLS International Services Ltd. is a trusted global techenabled services partner for governments and citizens, having an impeccable reputation for setting benchmarks in the domain of visa, passport, consular, citizen, e-governance, attestation, biometric, e-visa, and retail services since 2005

  • BLS International Services Limited is a global provider of visa, passport, consular and citizen services for various governments around the world. We have entered into partnerships for Indian missions, Spain missions, Italy missions, Philippines missions and Brazil missions across various countries for visa processing.

  • About the Company

    • One of the top 2 global players with respect to visa/passport/consular/ citizen services

    • 18+ Years of global experience

    • 46 Government clients across the globe

    • 64 Countries of operations

    • ~60,000+ On-roll and associates

    • 15,500+ Global offices working for governments / diplomatic missions

    • ~220 million, Estimated applications processed till now

  • In 2022, we secured visa contracts with India's Embassy in Kuwait, the Royal Thai Embassy, Italy in Russia, and launched a Canada immigration consultancy. We also expanded visa services in Kenya and signed a significant deal for German visas in North America and Mexico. In digital services, our subsidiary acquired Zero Mass Private Limited and added new banks to our portfolio, while expanding our G-2-C business to West Bengal and Karnataka.

  • In 2023, we regained the global Spain visa processing contract and expanded our services to Italy in Kazakhstan, Abu Dhabi, Senegal, and more. We also partnered with Thailand for Electronic Visa on Arrival (EVOA) and signed agreements with the Malaysian Immigration Authority. In digital services, we integrated 500+ e-governance services and formed a strategic partnership with Futopia for offline product sales.

  • The company has emerged as one of the fastest growing in this space, marked by superior capital efficiency.

  • The Management is confident of the future of BLS International and it is positioned to capitalize on emerging opportunities and our strong foundation will continue to drive growth and expansion.

  • With cross-border activities resuming, the Company achieved an impressive 77.66% revenue growth in FY 2021-22 and continued the momentum with 78.40% growth in FY 2022-23

  • Strengths - BLS International boasts a strong reputation in serving government clients, backed by an experienced team that maintains high-quality service standards. Leveraging digital technology, they offer innovative solutions like document scanning and biometric verification to enhance service quality. They have instituted a standardized set of processes across all locations to minimize errors and maintain consistency. Their transparency with clients is reinforced through strict adherence to training and compliance with emerging norms.

  • Opportunities - BLS International is continuously exploring new horizons by expanding into untouched markets and diverse business segments. This has enhanced its brand presence in the competitive visa consultancy industry. Leveraging insights from the Punjab e-governance project, the company has widened its market and now offers promising prospects for growth and innovation. The company is set to continue its growth trajectory, backed by a forward-looking approach and a commitment to excellence.

  • Revenue Growth -

    • Consolidated: Revenue: FY - ₹1,53,743.88 lakhs compared to PY - ₹86,483.87 lakhs (Growth of 78%) EBIDTA*: FY - ₹24,225.03 lakhs compared to PY - ₹12,187.51 lakhs (Growth of 99%) PAT: FY - ₹20,426.58 lakhs compared to PY - ₹11,120.27 lakhs (Growth of 84%)

    • Standalone: Revenue: FY - ₹12,400.67 lakhs compared to PY - ₹5,760.15 lakhs (Growth of 115%) EBIDTA*: FY - ₹4,932.24 lakhs compared to PY - ₹1,939.27 lakhs (Growth of 154%) PAT: FY - ₹4,125.42 lakhs compared to PY - ₹1,611.50 lakhs (Growth of 156%)

  • The company collaborates with more than 46 client governments, including Diplomatic Missions, Embassies, and Consulates, as well as employs technology and processes that ensure data security.

  • During the financial year under review, the Authorized Share Capital of the Company was increased from ₹20,24,50,000/- (Rupees Twenty Crores Twenty Four Lakhs Fifty Thousand only) divided into 20,24,50,000 equity shares of ₹1/- (Rupees One only) each to ₹50,00,00,000/- (Rupees Fifty Crores only) divided into 50,00,00,000 (Fifty Crore) equity shares of ₹1/- (Rupees One only) each.

  • During the year under review -

  • The Company has transferred its 100% equity holding in BLS Kendras Private Limited to its subsidiary, BLS E-Services Limited (erstwhile BLS E-Services Private Limited) through Swap transaction dated October 31, 2022.

  • The acquisition was funded through internal accruals, resulting in a proper utilization of resources and diversifying the business. The acquisition proved value-accretive, which was appropriately rewarded by the market.The Company has through it’s subsidiary, BLS E- Services Limited (erstwhile BLS E-Services Private Limited) has acquired 88,707 equity shares constituting 88. 71% of Zero Mass Private Limited (‘ZMPL”) dated June 07, 2022. Further, as on March 31, 2023, BLS EServices Limited holds 90,942 Equity shares which constitutes 90.94% of paid up share capital of the ZMPL.

  • BLS E-Services Limited has allotted its equity shares to the other body corporates and individuals. Consequently, the shareholding of the Company in BLS E-Services Limited is come down from 100% to 69.32% to total paid up capital of the BLS E-Services Limited.

  • The Company has acquired additional 4,900 (49%) equity shares of Reired BLS International Services Private Limited (“Reired”) from one of its existing shareholder of the Reired. Post this acquisition, the Company holds 100% equity shares of Reired BLS International Services Private Limited.



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