BLS International Services soars 10 per cent on order from Spanish government

BLS International Services has won big contract worth Euro 175 million (Rs 1,300 crore) from the Government of Spain. Post agreement, the company will open almost 100 global consulate offices in more than 38 countries for exclusively processing Spanish visas globally. It expects to process approximately 1.8 million applications every year. Of the total, 53 Spanish Visa Application Centres (VACs) will get operational in December 2016.

BLS International’s contract with the Spanish government will expand its global footprint and help cater to wider range of customers, hence adding to the overall profitability for the company. The company also completed operationalisation of the largest e-governance project in the world awarded by Government of Punjab. 

On the financial front, BLS International Services’ revenue increased 11.97 per cent to Rs 154 crore in Q2FY17 as compared to the same period in previous financial year. The company’s operating profit too rose 34.84 per cent to Rs 12.54 crore in Q2FY17 on a yearly basis. Its net profit also increased 15.94 per cent to Rs 9 crore in Q2FY17 on a YoY basis.

The share price of BLS International Services increased 10 per cent on bourses in early trades and is trading at Rs 1910 on intra-day basis.