BLS International inks contract with Hungary to provide visa outsourcing services in Uzbekistan, Oman, Qatar
Kolkata, 03 October 2023: BLS International Ltd., a global tech-enabled services partner for governments and citizens, said it has signed a contract with the Ministry of Foreign Affairs and Trade of Hungary to provide visa outsourcing services in Uzbekistan, Oman and Qatar.
Under this partnership, BLS International will manage Hungary’s visa processing operations and optimize efficiency of the overall experience for applicants, the company said in a statement to PTI.
The company had recently announced that due to operation reasons, with effect i.e. 21 September 2023, Indian visa services in Canada have been suspended till further notice. The impact of this move is negligible on the company’s financials as the Canadian visa issuance business contributes less than 2% to BLS International’s total annual revenue.
Earlier, the company had updated on its Earnings for Q1FY24.
● Operational Revenue stood at ₹ 383.49 crores in Q1 FY24, up by 40.56% from ₹ 272.82 crores in Q1 FY23, mainly driven by strong recovery in visa application volumes and value added services
● EBITDA stood at ₹ 80.05 crores in Q1 FY24, up 154.15% from ₹ 31.50 crores in Q1 FY23. Improvement in operational efficiencies and cost of services offset the rise in employee costs, benefiting EBITDA margins
● PBT stood at ₹ 80.44 crores in Q1 FY24 compared to ₹ 32.41 crores in Q1 FY23
● Profit After Tax (PAT) for the quarter was ₹ 70.99 crores, 131.23% YoY higher compared to ₹ 30.70 crores in the same period of last financial year.
BLS International Services Ltd. is a trusted global tech-enabled 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. The company is recognized as “India’s Most Valuable Companies” by Business Today Magazine, “Best under a Billion’ company” by Forbes Asia, and ranked among “Fortune India’s Next 500 companies”.
The company works with over 46 client governments including Diplomatic Missions, Embassies & Consulates, and leverages technology and processes that ensure data security. The Company now has an extensive network of more than 50,000 centers globally with a robust strength of over 60,000 employees and associates that provides consular, biometrics, and citizen services. BLS has processed over 220 Million applications to date globally.
BLS International is certified with as CMMI DEV L5 V2.0 & SVC L5 V2.0, ISO 9001:2015 for Quality Management Systems, ISO 27001:2013 for Information Security Management Systems, ISO 14001:2015 for Environmental Management Systems, and more. BLS International is the only listed company in this domain with operations in 60 countries. BSE: 540073; NSE: BLS; MSE: BLS.
(This story has not been edited by News Mania staff and is published from a Media Release)
