BLS INTERNATIONAL SERVICES LIMITED
BLS International Services Limited, founded in 2005, is a part of the Delhi-based BLS Group. It is a trusted worldwide tech-enabled services partner for governments and citizens and it is one of the top three global companies in this sector. The company is a valued partner for embassies and governments all over the world, with an unmatched reputation for setting industry standards in visa, passport, consular, e-governance, attestation, biometric, e-visa and retail services. The company also provides citizen services to State and provincial governments across Asia, Africa, Europe, South America, North America and the Middle East. BLS International is the only listed company in this domain with operations in 66 countries.
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Major Domains of Operations
Visa processing
BLS comprehensive service range secures the management of visa applications and issuance of visas, e-visas and resident permits. Through visa application centres that have been equipped with customer-facing digital technologies, company provides outsourced visa processing, document verification cum attestation, passport services, e-visa solutions and related services.
Consular services
BLS is a responsible intermediary for client governments, offering consular services like the acceptance of passport applications, replacement of passports and travel documents, national identification cards, consular appointments, renunciation of citizenships, notarial services and documents witnessing and authentication.
Citizen and front-end services
BLS offers a comprehensive range of services, including infrastructure, personnel, technology, systems and service integration for the efficient delivery of government services to citizens. The company provides customized and secure citizen services with a focus on controls and efficiency in handling applications and documents.
E-visas
The Company’s e-visa solution enables visa applicants to apply online by submitting their information to the Company’s visa application center’s database management system. This allows governments to issue electronic visas, accept online payments (credit or debit cards) and provide a confirmation letter that can be printed or sent through email.
E-governance
The Company operates citizen service centers (CSC) that provide a range of essential services, including birth and death certificates, property registration and other records. These services are provided in a transparently accountable manner, using state-of-the-art technology to secure sensitive citizen data and personal details. The Company is responsible for operating, maintaining and managing these centers to ensure efficient and timely service delivery while minimising the need for customer engagement or intermediaries.
Biometric and identity management
The Company provides identity management solutions across the world through the unique integration of systems, solutions and services. Its service consists of registration, assisted applications, biometric solutions for identity assurance, document management, video conferencing, authentication and reporting. The services improve national security and reduce identity fraud; they enhance effectiveness in decision-making, efficient risk management and service.
Verification and attestation services
The Company has been appointed as the apostille and attestation service provider for multiple governments in India and worldwide, assisting them in administrative functions. The services entail document acceptance from individuals and government representatives while delivering prompt and authentic Ministry attestation/apostille services.
Value-added services
The Company offers value-added services tailored to the mission’s requirements in various countries. The services can be customized and accessible to those who visit the visa application centers. The Company offers unique, premium and hassle-free experience, where VAC staff assist applicants in form-filling and other application processes. Furthermore, platinum services provide applicants with personalized services that eliminate the need to visit the visa application centers.
Key Business Updates
- During October 2023, BLS International signed an exclusive global visa outsourcing contract for Slovakia in 18 -countries with more than 54 offices.
- With this new contract, BLS International will be entrusted with the responsibility of not only offering Tourist visa services and Business visa services but also national visa services.
- BLS E-Services, a subsidiary of BLS International entered into a Master Business Correspondent Agreement with Kotak Mahindra Bank, one of India’s premier banking institutions.
- The primary objective is to bring accessible and affordable banking services to the underserved and unbanked segments of the population across 1000+ locations in Punjab, Haryana, Gujarat, Maharashtra and Karnataka.
- BLS International Revolutionizes Healthcare in Uttar Pradesh: Lands Prestigious Ayushman Bharat Contract for Seamless Card Processing and Inclusive Growth Across 10 Districts. The primary objectives of this collaborative initiative are centered around streamlining the processing of Ayushman Cards in a time-bound manner, expanding outreach to beneficiaries, and contributing to the growth of the Ayushman ecosystem.
- BLS International Wins the Contract with the High Commission of India in Canada. As per the company’s announcement made on, December 11, 2023, BLS International Services Ltd., has once again been awarded the contract for outsourcing Consular, Passport, and Visa services by the High Commission of India (HCI) in Canada. This contract encompasses operations at HCI in Ottawa and Consulate Generals of India (CGIs) in Toronto and Vancouver.
Key Financial Highlights- H1 FY24
– Revenue from operations for H1FY24 stood at ₹ 791.22 crore against 629.66 crore last year, up 25.66 % (YoY).
– PBT for H1FY24 at ₹ 167.62 crore against 88.63 crore last year, up 89.12 % (YoY).
– PAT for H1FY24 stood at ₹ 152.99 crore against 81.69 crore last year, higher by 87.28 % (YoY).
– EPS for H1FY24 is ₹ 3.59 per share against 3.95 last year of a face value of ₹ 1 each.
– The company have been declaring positive results for the last 10 consecutive quarters and has low Debt to Equity ratio (avg) at 0 times.
Way Ahead
Strong Focus on Digital Services
– Pursue growth opportunities in e-Governance and BC businesses.
– Leverage acquisition of ZMPL to grow Business Correspondent business.
– Value-added services expected to yield strong top line and profitability.
– Focus on negative working capital and EBITDA accretive businesses.
Inorganic Expansion
– Seeking good opportunities to utilize cash in acquisitions.
– Actively looking for business to strengthen our digital services business lines.
Actively grow new contracts with Embassies and Consulates
– Focus on upcoming tenders on visa & outsourcing services – potential market size ~ $1.5 bn.
– Target governments that are outsourcing for the first time.
– Capitalize on the rebound in travel and tourism post pandemic.
– Tie-up with more regional & international governments for visa-related services.
Major Risk Factors
-IT availability risk: The potential disruption of critical business operations due to problems with IT systems, such as hardware or software failures, cyber-attacks, or other security breaches.
-Legal and secretarial risk: The risk of legal or regulatory sanctions, financial loss, or damage to a Company’s reputation resulting from the Company’s failure to comply with laws, regulations, or ethical standards.
-Competition risk: This refers to the potential impact of increasing competitive pressures on the Company’s ability to achieve expected margins and market share.
-Currency volatility risk: Currency volatility creates transaction and translation risks, especially if the Indian rupee appreciates against any major currency. This could impact reported revenue, profitability and collection losses.
-Geopolitical risk: Geopolitical disturbances, such as the war in Ukraine and the associated volatility in the global economy, or trade disputes, may have a negative impact on revenue growth. In geopolitically sensitive zones, risks to service delivery, business continuity, cybersecurity, sanctions compliance and human rights could be elevated.
Sector: Consumer Services
Market Price: Rs. 305.95 as on today
FV: Rs 1/-
Stock Name: BLS International Services Ltd
BSE Code: 540073, NSE Code: BLS
Market Cap.: Rs 12,961 Cr
Book Value: Rs. 19.50
Segment: Tour, Travel Related Services
Incorporation: 2005
Headquarters: New Delhi
