Aggarwal said the company expects growth to come primarily from its existing contracts. “With the increased base, our immediate target is organically… we expect at least 20 to 25% growth,” he said, adding that this estimate does not factor in gains from new contracts or acquisitions.
Despite a weak performance in the stock over the past year, BLS International reported strong financial numbers in the current fiscal, with 46% growth in the first half. In the second quarter, revenue rose 48.8% to ₹736 crore, while earnings before interest, tax, depreciation and amortisation (EBITDA) increased 30% to ₹212 crore.
Aggarwal noted that the third quarter is usually seasonally softer for the visa business but maintained the company’s long-term outlook.
BLS remains active on the M&A front after acquiring companies worth around ₹1,200–₹1,400 crore last year. “We have a big M&A team. We continue to look at opportunities both in the visa business and as a digital service business,” Aggarwal said, adding that a similar amount of cash is available on the company’s books for future deals.
A key growth driver is the expansion of the digital services arm, BLS E-Services, which was listed separately. While visa outsourcing still contributes about 60–70% of revenue and operates in a market growing at a 14% compound annual growth rate (CAGR), the digital segment is scaling up. Aggarwal highlighted a recent large contract win, saying, “We recently also won a big contract, a ₹2,000 crore contract from the Aadhaar authorities to process Aadhaar applications within India.”
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The resumption of direct flights between India and China is expected to support volumes. Around 400,000 Chinese tourists visited India in 2019, and a return to those levels would help the business, he noted. BLS International has recently won the contract to manage visa applications for the Indian Embassy in China. In the US, the company has only recently started working with the government, and while volumes are still low, Aggarwal sees room for growth.
Addressing a legal matter, Aggarwal confirmed that the Delhi High Court had quashed an earlier order by the Ministry of External Affairs (MEA) that barred the company from future tenders. He said BLS International is now eligible to participate in these tenders, which account for about 12% of current revenue, and expects existing business to continue.
BLS International currently has a market capitalisation of ₹13,181.89 crore. Its shares have declined more than 32% over the past year.
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