BLS International registers operational revenue growth of 12 percent in Q2 FY20 as compared to Q2 FY19

New Delhi [India] Nov 15 (ANI/NewsVoir): BLS International, a specialist services provider of Visa, Passport, Attestation and Citizen Services to the Governments and diplomatic missions globally, released the consolidated financial results for the second quarter and half year ended September 30, 2019.

EBITDA for Q2 and H1 FY19 was impacted by operating loss incurred in UKVI project amounting Rs 9.9 crore; the project has now been closed
For the half yearly comparative from April to September FY20 vs FY19:
Operational Revenue stood at Rs 430.5 crores in H1 FY20, up by 12 per cent from Rs 383.4 crores in H1 FY19
Earnings before Interest, Tax, Depreciation and Amortization (EBIDTA) of Rs 56.1 crore in H1 FY20, down by 35 per cent from Rs 85.8 crore in H1 FY19 for the corresponding period.
Reported Profit after Tax (PAT) is of Rs 22.9 crore in H1 FY20, compared to Rs 67.02 crore in H1 FY19
PAT for H1 FY20 has been impacted by one-time impairment charge of Rs 27.8 crore on account of closure of UKVI business. Excluding that, Adjusted PAT stood at Rs 50.7 crore for H1 FY20
EPS for H1 FY20 stood at Rs 2.23, as compared to Rs 6.54 for H1 FY19
For the quarter comparative from July to September FY20 viz FY19:
Operational Revenue stood at Rs 203.6 crores in Q2 FY20, up by 12 per cent from Rs 182.1 crores in Q2 FY19
EBITDA is Rs 28.9 crores
Reported PAT for the quarter ended September 30, 2019 is Rs 0.96 crores compared to Rs 33 crores in the same period of last financial year
Adjusted PAT is Rs 28.8 crores
Total debt as on September 30, 2019 stood at Rs 6 crores, with cash and bank balance of Rs 209.7 crores

Updates during the quarter:

Expansion and New Centres: Commenced accepting visa applications for Brazil in Beirut, Lebanon and inaugurated New Spain Visa Application Centres in Belarus and Miami

Relocation to larger Centres: Spain Visa Application Centres relocated to larger sites in Ankara and Tashkent to service more applicants and provide more enhanced services.

Recognition: Shikhar Aggarwal - JMD, BLS International, was awarded with 'Excellence in Business Leadership' at the 10th CMO Asia Awards for 'Excellence in Marketing and Branding' at Pan Pacific, Singapore.

Honour and Awards: Received 'Quality Excellence Award for the Best Operational Process in Visa Outsourcing' at the World Quality Congress and Awards; and 'India's Most Trusted Visa Outsourcing Services Company' for its excellence in visa process outsourcing and allied services at India's Most Trusted Companies Award 2019. The Awards are a distinctive recognition for brands that have maintained the highest standards of service delivery and innovation.
"We are excited by our team's execution and are pleased to report back on the great strides we have made across our businesses in recent months. In Q2 2019-20, we continued to deliver strong performance, with revenues of Rs 205 crores. We have opened new VACs for Spain, Brazil and Lebanon with enhanced services to provide convenience and ease to our customers. We continue to work on our targets by introducing enhanced services and technology for the seamless operations towards visa and other services. We are on the right track supported by industry think tanks as part of our leadership team to continue with our focus on growing footprints and expanding offerings," said Shikhar Aggarwal, Joint Managing Director of BLS International.
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