During the quarter, EBITDA jumped 78.5% to Rs 158.1 crore as against Rs 88.6 crore recorded in the third quarter of FY24. EBITDA margin expanded 1,059 bps to 30.8% during the quarter, compared with 20.2% in Q3 FY24. Margin expansion was enhanced by the ongoing transition from partner run to self-managed model and integration of newly acquired businesses.

Revenue from Visa & Consular Business grew by 3.1% growth to Rs 375.7 crore in Q3 FY25, compared with Rs 364.4 crore in Q3 FY24. During the quarter, net revenue per application stood at Rs 2,837 from Rs 2,250 in Q3 FY24, a robust growth of 26.2% YoY.

Revenue from the digital business grew by 86.7% to Rs. 137.2 crore in Q3 FY25. EBITDA surged to Rs. 17.7 crore (which includes Rs 2.3 crore of EBITDA from Aadifidelis Solutions) during the quarter, compared to Rs 9.4 crore in Q3 FY24, reflecting an 88.1% increase. The EBITDA margin increased to 12.9% in Q3 FY25, up from 12.8% in Q3 FY24.

Shikhar Aggarwal, joint managing director of BLS International Services, said, “The company continues to report remarkable performance during this quarter as well, outlined by robust growth across all key financial and operational metrics. In line with the company’s focus on improving EBITDA, we reported 78.5% YoY growth in Q3 FY25 and 78.3% YoY growth in 9 FY25.

This growth was driven by strong operational efficiencies and supported by the transition to a self-managed model from the partner-run model, along with the integration of new businesses. During the quarter, we completed the acquisition of a controlling stake of 57% in Aadifidelis Solutions and its affiliates. With the total investment of over Rs 1,000 crore done in FY25 for the new acquisitions, which were primarily funded through internal accruals, the company still has a robust balance sheet with net cash of Rs. 690 crore as of 31 December 2024.

The company is strategically positioning itself to increase its share in the industry by penetrating newer markets worldwide and leveraging the asset-efficient and tech-driven business model. We endeavor to continue to focus on delivering strong performances in the future and maintaining our strong balance sheet through a balanced mix of organic and inorganic growth routes.”

Meanwhile, the company’s board approved the voluntary delisting of its equity shares from the Metropolitan Stock Exchange of India (MSE), in accordance with Regulation 5 of the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021, and the amendments thereto.

BLS International Services is a global tech-enabled services partner for governments and citizens. It operates in the domain of visa, passport, consular, citizen, e-governance, attestation, biometric, e-visa, and retail services since 2005. The company works with over 46 client governments, including diplomatic missions, embassies, & consulates, and leverages technology and processes that ensure data security.

Shares of BLS International Services slipped 5.62% to close at Rs 400.55 on the BSE.