It is a global leader in outsourcing services, primarily focusing on visa, passport, consular, and citizen services for governments and diplomatic missions worldwide.
BLS International is a trusted outsourcing and technology services provider specializing in visa, passport, consular, and citizen services. It operates as a global partner for governments and diplomatic missions, managing non-judgmental administrative tasks related to document processing and application facilitation.
BLS International The Company has transformed from scratch to become one of top 2 global players in just two decades.The Company offers governments across the world and in India a compelling intermediation proposition.
The Company’s services are distinguished by superior engagement, cost-effectiveness and upsell opportunities.The Company has transformed this service proposition into a robust Balance Sheet marked by consistent capital efficiency.
BLS International (through its subsidiary and standalone listed entity BLS E-Services) is at the forefront of addressing the critical need for access to basic banking and financial services for the country’s population. BLS’s efforts ensure that even the most underserved and remote communities enjoy access to essential financial tools, promoting economic inclusion and empowerment.
BLS’s significant achievements in this business space include the implementation of the Business Facilitator (BF) model with HDFC Bank and Kotak Bank, generating leads worth over Rs. 580 crores. BLS pioneered door step banking for all 12 public sector banks, covering 2300 pin codes across 624 cities. The Company initiated the Business Associate model with State Bank of India for sourcing agri/agri SME loans, expanding its footprint.
The government, Reserve Bank of India and commercial banks are committed to increase financial inclusion. A significant impact has already been achieved through the flagship initiative Pradhan Mantri Jan Dhan Yojana. With a strong drive to provide essential social security measures linked to financial inclusion—such as micro-insurance, micro-pension and micro-credit—the subject is poised for growth and market penetration.
BLS’s strengths in this segment were reinforced by its pan-India presence across States and UTs, spanning over 550 districts, with offices in each State. The agent network matured, gaining banking skills through continuous engagement with BLS. The infrastructure at the agent level was equipped for banking activities, with upgrades to maintain high service
BLS International plays a pivotal role in facilitating citizens’ access to government services, ensuring effective, efficient and timely delivery of public services. Through its digitally enabled touchpoints, BLS assists governments in achieving objectives by providing essential time-bound services.
BLS International is engaged in multiple States, including Uttar Pradesh, Karnataka, Rajasthan and Punjab. The Company offers over 850 types of services through its G2C offerings, facilitating over nine million transactions for citizens.
BLS International’s sales and marketing review.
Overview
In an industry where services are yet to gain global acceptance, there is a value on marketing that enhances awareness across potential customers.
In a world where customer budgets are getting constrained, there is a value placed on collaboration with partners, who offer unique benefits to customers. Such convenience- enhancing services have become pivotal in the public sphere, leading to customer readiness to pay, which has been transformative for consumers, customers and our Company.
The Company has expanded visa and consular services where compensation comes not from the primary customer (the mission) but from end-users (the client’s customers). Over the past few years, the Company has won e-governance contracts from various State Governments as well as Central Government, granting it the authority to collect reasonable service fees directly from citizens. This change ties their services more closely to market dynamics, diversifies our risk from relying on a single large customer to thousands of smaller ones, shifting company revenue from sporadic to more regular and pre-paid receipt mode.
Market responsiveness
- The Company merged its banking correspondence and e-governance business into a digital services segment, under its subsidiary BLS e-Services, with plans for organic as well as inorganic growth.
- The Company secured a contract for visa services from the High Commission of India in Canada and a significant project from UIDAI for Aadhaar data quality checks, reinforcing its market leadership.
- Enhancing the visa applicant experience through value-added services like mobile biometrics and courier services, reinforcing its position as a trusted service provider.
BLS International’s technology competence
Secure platforms enable applicants to submit visa applications electronically, facilitating form completion, document uploads and appointment scheduling from any location with internet access.IT-powered systems efficiently organise, store and retrieve applicant documents, ensuring compliance and minimising errors.
Integration of biometric capture devices and software enhances identity verification and fraud prevention, ensuring secure storage of sensitive applicant information.Secure online payment processing, facilitated by IT systems, ensures compliance with financial regulations and enhances
convenience for applicants.
Automated scheduling optimises resource allocation, minimises wait times and improves overall applicant experience.Real- time visibility into application status and effective communication with applicants are facilitated by IT-driven platforms.
From chatbots to fraud detection, AI technologies revolutionise various aspects of visa processing, enhancing efficiency and accuracy.Technologies like Langchain and Bedrock enable the extraction of data from diverse documents, streamlining processing workflows.
Management Discussion and Analysis
Real GDP in FY 2023-24 was estimated at Rs. 171.79 Lakh Crore, with a growth rate of 7.3%, while nominal GDP stood at Rs. 296.58 Lakh Crore. India’s foreign exchange reserves reached a record high of USD 645.6 Billion in March 2024, reflecting stability and surplus in the balance of payments. The credit quality of Indian companies remained strong between October 2023 and March 2024 following deleveraged Balance Sheets, sustained domestic demand and government-led capital expenditure. Rating upgrades continued to surpass rating downgrades in H2 FY24. UPI transactions in India posted a record 56 per cent rise in volume and 43% rise in value in FY
2023-24.
Exports of goods and services were expected to reach USD 900 Billion in FY 2023-24, with notable growth in merchandise and services exports. India’s stock market flourished, becoming the world’s fourth-largest with a market capitalization of USD 4 Trillion.
GLOBAL TRAVEL AND TOURISM INDUSTRY
A flourishing global economy typically stimulates increased travel and related expenditures, benefiting sectors such as aviation, accommodations, dining, and entertainment. Improved economic conditions lead to higher disposable incomes and heightened business activities, fostering greater demand for travel services.
The global tourism sector, comprising lodging, transportation, attractions, and dining, contributed approximately USD 7.7 Trillion to the world’s GDP in 2022. Post the pandemic-induced disruptions, the industry rebounded in 2023, driven by factors like improved connectivity and pent-up demand.
The tourism sector also plays a significant role in creating indirect employment opportunities, accounting for approximately 234 Million jobs or 8.7% of total global employment. This implies that one out of every twelve jobs worldwide is in tourism. Moreover, tourism represents around 12% of global exports. Current global market trends show increasing interest in various forms of tourism, including long- distance travel, visits to neighboring countries, rural and cultural tourism, wellness and health retreats, ecotourism, sports and adventure holidays, coastal tourism, and cruises.
VISA AND CONSULAR SERVICES INDUSTRY
The visa and consular outsourcing industry plays a vital role in facilitating visa applications and consular services for individuals and businesses. Third-party companies manage various aspects of the application process, enhancing efficiency and customer experience.
Visa services includes short-term business, work, study and tourism in some countries as well as other types of visas for applicants. In recent years, many governments have outsourced their visa processing to external partners. This has helped them to manage the increasing demand for visas in the age of booming international travel. Visa outsourcing also benefits travellers, reducing processing times and improving customer service.
The global visa outsourcing services market is estimated to grow at a CAGR of 14% from USD 3.7 Billion to reach USD 8.3 Billion by 2028, driven by factors like increasing demand for visas and enhanced service offerings. Notably, over the last two decades, the industry has witnessed an increase in the outsourcing of visa services by many countries to third party visa processors. The industry has seen the share of outsourcing services increase from 22% in 2010 to 35% in 2021 which is expected to increase to 50% by 2025.
India being a developing nation with approximately 70% of the population staying in rural areas requires greater financial inclusion vision and implementation. To achieve banking outreach and extensive financial inclusion, the Reserve Bank of India has been taking several initiatives to achieve banking outreach and extensive financial inclusion. A significant step in this direction was the issue of RBI guidelines in January 2006 for engagement of Business Correspondents (BCs) by banks for providing banking and financial services. Since then, the regulatory framework for the BC model has been progressively honed to ensure that consumer protection is not compromised while facilitating enhanced outreach of banking.
services.
Company Essentials
| Market Cap | ₹ 17,688.39 Cr. |
| No. of Shares | 41.17 Cr. |
| P/E | 440.16 |
| P/B | 182.58 |
| Div. Yield | 0.23 % |
| DEBT | ₹ 0 Cr. |
| Promoter Holding | 70.38 % |
Profit & Loss
(All Figures in Cr. Adjusted EPS in Rs.)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 |
| Net Sales | 53 | 20 | 40 | 86 | 118 |
| Profit Before Tax | 29 | 23 | 17 | 46 | 40 |
| Net Profit | 23 | 20 | 16 | 41 | 37 |
| EPS (Rs.) | 0.56 | 0.51 | 0.39 | 1 | 0.90 |
Shareholding Pattern
Promoter 70.38%
Public 18.94%
FII 8.96%
DII 1.72%
Strengths
- The company has shown a good profit growth of 21.16% for the Past 3 years.
- The company has shown a good revenue growth of 80.25% for the Past 3 years.
- Company has been maintaining healthy ROE of 44.47% over the past 3 years.
- Company has been maintaining healthy ROCE of 50.08% over the past 3 years
- Company is virtually debt free.
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