BLS International soars over 21% on NSE; plans BSE listing

PTI New Delhi | Updated on January 20, 2018

After a stellar stock market debut, visa and passport outsourcing service provider BLS International Services has lined up aggressive expansion plans and is looking at a profit growth of about 30 per cent.

Shares of the company have soared by over 21 per cent since its listing on NSE last week and the company is looking to list on the BSE as well in future.

After getting listed on NSE on June 14, the stock opened at Rs 895 the next day and touched an intra-day high of Rs 939 apiece before closing at Rs 875 — a rise of 22 per cent from its last traded price of Rs 718.95 prior to listing.

The stock closed at Rs 872 in the last trading session on Friday, maintaining a gain of 21.3 per cent from its pre-listing price.

In three days of trading so far, the combined turnover of the company’s shares stood at over 1.2 crore on NSE.

When asked about the company’s listing plans on BSE, BLS International’s Joint Managing Director Shikhar Aggarwal said, “Yes, we do have plans for listing on BSE.” He, however, did not give any specific timeframe.

On the company’s future plans, Aggarwal told PTI in an interview, “Next year, we are planning to achieve 30-40 per cent growth and around 30 per cent at the profit level.”

BLS has operations in more than 22 countries and is providing services through 101 offices worldwide. It handles close to 3 million applications annually.

On the company’s expansion plans, Aggarwal said, “Within the next eight months we are looking to open another 400-500 odd offices in India.”

On why the company chose this particular time for listing, he said, “Having a right time or not is a matter of perception because everyday it is a volatile market. For us, we were expanding at a very fast scale and we believe that it was the right time for us to enter the market irrespective of the market condition.”

In last three years, the company, which was founded in 2005, has increased its competence by doubling its application processing services.

BLS is also an authorised service provider for attestation of documents by the Ministry of External Affairs, India.

For the year ended March 2016, BLS International reported a revenue of Rs 505.5 crore and net profit of Rs 30.96 crore, a growth of 12.2 per cent and 30.9 per cent, respectively as compared to previous year, according to a company statement.

Published on June 19, 2016

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