BLS International Services Hits New 52-Week High on Strong Results

The utilities and power sectors gave the Indian headline indices a lift, as both surged by more than 1.5% each, driven by the Adani Group stocks. Broader indices outperformed the main indices significantly.

BLS International Services Ltd, one of the session’s top BSE Smallcap gainers, attracted investors with its strong upswing. On an intraday basis on Monday, shares of BLS International Services Ltd soared more than 10%, reaching a new 52-week high of Rs 286.45 per share on the BSE. Shares of the company have climbed around 145% in the past year while providing impressive returns of more than 27% in just one month!

Considering the company’s quarterly performance, on a consolidated basis, it reported healthy growth of 40.56% from Rs 272.82 crore registered in Q1FY23, recording total revenue of Rs 383.49 crore in Q1FY24. It has reported outstanding operating profit growth of 146.98%. Compared to the same quarter last year, the net profit for the first quarter of FY24 soared 126.14%, from Rs 30.47 crore to Rs 68.91 crore.

The company also revealed that management is focused on boosting cash generation as a key business success metric and that it generated Rs 77 crore in cash from operations during the first quarter of FY24. The Group continues to be debt-free, with Rs 642 crore in cash and cash equivalents.

A trusted global tech-enabled services partner for governments and citizens, BLS International is amongst the major players globally in this domain. It is a preferred partner for embassies and governments across the world. With more than 17 years of global experience and operating in 60 countries, the company processed nearly 220 million applications to date. It has the best reputation for setting benchmarks in the domain of visa, passport, e-governance, attestation, biometric, e-visa and retail services.

Keep a close eye on this scrip for the upcoming sessions!

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.