BLS International Services shares rally 10% after strong Q1 results

Shares of BLS International Services Ltd surged about 10 per cent during the trading session on Tuesday after the company announced a strong set of performance in the June 2024 quarter. The company announced its earnings for the first quarter of the current fiscal after the market hours on Monday.

BLS International Services reported a 70.1 per cent year-on-year (YoY) jump in net profit at Rs 120.8 crore for the quarter that ended June 30, 2024. The visa services provider has posted a net profit of Rs 71 crore in the year ago period. Its PAT margins expanded 600 basis points to 24.5 per cent for the given quarter.
 

Revenue from operations of BLS International came in at Rs 492.7 crore, registering a growth of Rs 28.5 per cent on yearly basis. Ebitda for the quarter increased more than 80 per cent YoY to Rs 133.2 crore, with Ebitda margins surging 615 bps to 27 per cent for the reported quarter.
 

Shares of BLS International Services surged 9.8 per cent to Rs 383.20 on Tuesday, commanding a total market capitalization of more than 15,500 crore. The scrip had settled at Rs 349 in the previous trading session on Monday. The stock has gained more than 65 per cent from its 52-week low at Rs 230.10 hit in October 2023.
 

BLS International's visa and consular business, which contributes 84 per cent of the company's total revenue, saw its revenue grow by 35.9 per cent YoY. Remaining 16 per cent income is from digital business, which reported a flat performance in the revenue. Additionally, the number of visa applications increased by 18 per cent during the quarter to 8.50 lakh.
 

Its subsidiary, BLS E-Services Ltd reported a net profit of Rs 12.6 crore, jumping 127 per cent YoY, while PAT margins grew 938 bps to 16.8 per cent for the quarter. Revenue from operations remained largely flat to Rs 75.4 crore, with Ebitda increasing 36.7 per cent YoY to Rs 11.7 crore with Ebitda margins increasing 418 bps to 15.6 per cent for the Q1FY25.
 

Shares of BLS E-Services gained more than 8.1 per cent to Rs 231.40 after Q1 results. However, the stock turned flat after initial uptick and hovered around Rs 215, near its previous close.