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Bls International Services Ltd
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Ladies and gentlemen, good day and welcome to the BLS International Services Limited Q1 FY '23 Earnings Conference Call.
This conference call may contain forward-looking statements about the company which are based on the beliefs, opinions and expectations of the company as on the date of this call. These statements are not the guarantees of future performance and involve risk and uncertainties that are difficult to predict.
[Operator Instructions] Please note that this conference is being recorded.
I now hand the conference over to Mr. Shikhar Aggarwal, joint Managing Director. Thank you, and over to you, sir.
Good afternoon, everyone. I welcome you all to our earning conference call for Q1 FY '23. I have on call with me today Mr. Nikhil Gupta, our Managing Director and Mr. Amit Sudhakar, Chief Financial Officer of the company.
To start with, I'm happy to say that we have started the new fiscal year on a strong note. Our performance for quarter 1 has been better than expected, surpassing the previous quarter which was already above pre-COVID levels. With travel and tourism recovering rapidly across various regions, we're witnessing robust month-on-month growth in business, especially in our visa and consular services. China and Russia comprised approximately 30% of visa and consular business till before COVID. Business in those countries has not recovered fully yet. Despite this business on rest of the regions has already surpassed the combined business including China and Russia during the pre-COVID time. So as travel resumes in full swing in these 2 countries, it should boost our revenue significantly going forward.
In our visa and consular business, growth would come from multiple fronts, new clients, new geographies and enhanced service to existing clients. We'll also focus on added value services, which will help us utilize up existing network and infrastructure, thus enhancing efficiency and margins. This quarter has been perfectly -- particularly eventful for our business corresponding line of business, in line with our strategy to expand inorganically.
On 7th June we acquired 88.71% stake in Zero Mass Private Limited, a business correspondent for SBI in India. The acquisition has further strengthened our BC business and will reduce our dependence on existing lines of the business. This makes -- this move makes us the biggest BC for SBI across India. The acquisition was made at an enterprise value of INR 135 crores of which INR 15 crore was debt and INR 120 Crore was the net equity valuation. The debt has already been repaid.
ZMPL's contribution to the total top line was approximately INR 10 crores during 8th to 13th June alone. Quarter 2 onwards we expect a revenue of INR 35 crores to INR 40 crores per quarter from this. The acquisition is also expected to improve our ROCE going forward.
On this -- on the other fronts, citizen services continue to grow with several new contracts that we won during the quarter like the contract from the West Bengal Government and the Karnataka Government.
I would conclude by saying that all our businesses are generating profit. We firmly believe that digitalization is the key in the post-COVID world and therefore we will always try to use cutting edge technologies in all our services.
This is all from my side. I now hand over to Mr. Amit Sudhakar for update on the financial performance. Thank you.
Good afternoon, everyone. Let me brief you on the financial performance for the first quarter ended June 30, 2022. During the quarter, we reported a revenue of INR 272.7 crores, a healthy increase of 52.7 % Y-o-Y and 7.4% Q-o-Q, mainly driven by continued recovery in visa and consular business as well as citizen service businesses.
Revenue was also supported by a contribution of about INR 10 crores from ZMPL during the quarter. We're seeing a good momentum in all our businesses and are optimistic of sustained growth in the coming quarters. Zero Mass Private Limited is one of the largest business correspondent of SBI in India, with about 11,500 active CSPs; it has more than 15% of all SBI business correspondence business. This move gave us a BC business of pan India presence across all states and union territories.
ZMPL also accounts for about 5% to 6% of all the bank accounts, deposit bids and aggregated value of transaction of BC system in India. EBITDA for the quarter stood at INR 31.5 crores compared to INR 18.8 crores in the corresponding quarter last year and INR 35 crores in Q4 FY '22. EBITDA margin for the quarter stood at 11.4%, which was about 100 basis points higher compared to corresponding quarter of last year. EBITDA margin for the quarter was impacted due to certain one-time expenses incurred, mainly on account of around INR 2.5 crores in relation to acquisition costs. And there was an increase in the employee cost due to increment and new hiring for new upcoming projects.
Profit before tax stood at INR 32.4 crores in Q1 FY '23 as compared to INR 20.8 crores in previous corresponding quarter and INR 37.3 crores in Q4 FY '22. Our interest income reduced, so we utilized some of our cash reserves for the acquisition of ZMPL during the quarter.
PBT margins in Q1 FY '23 stood at 11.9% compared to 11.6% in Q1 FY '22. Going forward, as mentioned earlier, ZMPL will help us in our strategy to expand our BC business vertical. Acquisition is EBITDA and EPS accretive from day 1, and is expected to improve the ROCE going forward.
This is all for my side. We now open the call for Q&A. Thank you.
[Operator Instructions] We take the first question from the line of [ Aniket Redekar ]. He is an individual investor.
I have a couple of questions. Sir, can you throw some light on our businesses like the Visa, e-Governance and the banking related business we have? So what kind of growth we have seen from last 2 quarters and what would be our strategy for the couple of quarters?
Correct. So if you see BLS, we are -- we have 3 lines of businesses. One is Visa and Consular business which constitutes more than 80% to 85% of our revenue. The banking correspondent and the e-Governance only constitute 15% to 20% of our revenue. Going forward, we are seeing encouraging growth in all the sectors of the company. So we are aggressively looking at growth in all 3 sectors, so the revenue mix on a long-term basis should remain the same.
And sir, any development in our e-Governance services?
Yes. As you know, we have recently won 2 new contracts in India. One is from the West Bengal Government, where we will be doing land registration projects and another is the Karnataka project wherein we will be opening 4,000 Offices. Those are the 2 contracts that we have done.
And sir, as we all know that it's the pandemic which is hampering our businesses. So which of the most regions are impacted so much due to the pandemic?
Correct. So see, as you know, even during pandemic when the visa business was almost 0, we had still made a profit of more than INR 50 crore with more than INR 450 crores of revenue. Situation can only get better from there and it has been getting better. Last year we did more than INR 800 crores of revenue and INR 111 crores of bottom line. And this quarter also only 60% to 70% of our application counted back from 2019 levels. Certain geographies within China and Russia are still semi-closed and still operating, not negligible level of 2019 level, not more than 10% to 15%. So as things open up more in those geographies, we will see a jump in our revenue and bottom line from our existing contracts.
And sir, so as we can say, in our all business that we are recovering right now. So which are the growth parameters we have seen in our such segments?
See, we have been seeing aggressive growth in our visa and consular business. Revenue per application has increased from 2019 level. The psyche of customer has changed in terms of demand of services that they want right now. And we also got certain increases in our service charges and prices of value added services. So I think that is why we are seeing aggressive growth in our visa and consular business. And on top of that, even if you see, we recently acquired this company Zero Mass, which has led to a good growth in our banking correspondent business. Going forward there will be synergies which will kick into that existing healthy business. So we will see a further growth in gross profit margin and a reduction in expenses in that business.
Even in the e-Governance business, as soon as we set up those offices, you will see a growth in that business as well.
Sir, as you said, right, the Zero Mass Private company, can throw some light on this acquisition part of this?
I will request our M.D., Mr. Nikhil Gupta, to throw some light on that acquisition.
I agree, just looking at the cost of acquisition and what the business company is doing. As we said, it's the largest banking correspondent in State Bank of India. State Bank of India basically has branches in -- in Tier A -- 1, 2 and 3 cities. But when it goes to the rural areas, and they don't have a great presence, so what they've done is outsource the work of opening bank accounts and making transfer of monies as well as updating passbooks and various payment services. All these are being outsourced to a banking correspondent like ours. We are managing about 11,000 plus centers across all states and union territories of India with all of these correspondents.
So can we say we are only focusing on SBI as a business correspondent? Or any other entity also we are looking for?
No, no. We've already got 4 other banks with whom we're working already. And this is update, a large number of branches where we can also extend other services through them. Okay. So we think that this is a good area to get into and since we have a strong presence, we can -- we are looking at big growth here.
Sir, on the bottom line front, would be the benefit of this acquisition?
Yes, very much, it's from day 1 is cash accretive.
Sir, can you -- can you brief on your pay per use businesses?
Pay per use? Shikhar, which one is that? Pay per use?
Sorry, I cannot understand the question.
Yes. The banking sector as you mentioned in your segment, we have the banking also, right? The banking correspondent, so what is your pay per use, I mean…
So see, how it works is that as you know, from a company perspective, we only get into businesses which gives us a per-application money. So even in the banking sector, we get commission on per transaction. So it depends on different, different transaction what is the commission that we get?
And sir, who are the main competitors and what would be the entry barrier for us in our business?
In the banking correspondent business?
Yes, yes.
The State Bank of India has got about 20 companies which are doing this work. But as we said, Zero Mass is the largest and by far the largest. So out of 70,000, we've got 11,000 odd, which is 15%. Those are all much smaller, right, from INR 5 crore businesses to INR 20 crores in business, ours is nearly INR 160 crores last year Zero Mass has done.
And sir, any new CapEx planning in the near future?
Sorry.
Any new CapEx planning in near future?
No. There is -- in banking correspondent you don't need any CapEx, really.
No, no. Overall I'm asking.
Amit, do you have any number?
We have a normal operating CapEx in the range of every year around INR 15 crores to INR 20 crores. But for these e-Governance business, there's no CapEx required per se. There is an initial investment in getting people on board who generate this business. So there's no CapEx per se that has been done on these contracts.
We take the next question from the line of Nitin Padmanabhan from Investec.
I had a couple of questions. The first is, I think, Shikhar, you had mentioned the visa volumes roughly in terms of how Russia and China volumes pre-COVID as a percentage was and any sense how it is now? If you could give both the numbers and how are the overall volumes versus pre-COVID.
Correct. So listen, as you know, if we talk about the first quarter or even the last year, we're at 60% to 65% of our overall visa numbers, our overall application count. Reason being that certain geographies have not come back to normality. So you can say that at least 25% to 30% used to come from those geographies and only 10s of percentage -- 10% or 15% numbers have started coming from those geographies as of now.
And what is the general expectation by when you think this should sort of ease out, considering the things happening in those geographies?
See, we are also relying on the news that we see on the channels. But I think we are hopeful that within this year things should streamline because as you know, people have not traveled for the last 2-3 years and the countries that have opened up, we have seen a huge demand. There has been a pent-up demand and people are eager to travel, even in those countries. Our expectation is that, we have -- we need to be ready with our infrastructure, with our people on the ground to work on our enhanced capacity because we are expecting a surge in demand as soon as those countries open up.
And the new contract that we have done right through over the past few years. Let's say Kuwait, for example, just as an example. I have they sort of ramped up to full sort of potential for you or they are also sort of lagging?
See, definitely certain geographies are still lagging. We started for working for the Indian Embassy in Kuwait, I think, couple of months back. So that has started becoming -- we are getting the revenue from that contract, that has already started streamlining for us as a company. For certain other contracts which we are yet to deploy like the German contract will be starting only in the next few months, revenue will start coming in then. So certain contracts definitely we have seen certain revenue. But contracts that will be deployed soon, their revenue will only start coming in from then.
Sure. And any updates on these renewal opportunities, whether -- I think U.K. is due in October or maybe I think there were some subcontracting opportunities as well, maybe Saudi or U.S. and things like that. Any updates broadly on these?
Correct. So as you know, I think, if you know, this industry has a long gestation period. It takes us 2 to 3 years from initiation to a conversion of a contract. So there is a big opportunity of $1.5 billion to $2 billion in the market of different countries that you have mentioned. And so we are actively working on all of these opportunities. As and when the results are announced, we will definitely let you know.
Sure. And just one last one from my end. Does the Karnataka and the West Bengal contracts, will they be able to leverage the correspondent -- ZMPL correspondent presence in those areas? Or you'll need separate centers altogether?
So see, I think what our objective initially was to obviously cross-utilize people on the ground. So definitely people that we have as district managers or regional managers in those geographies can work on even deploying the offices for other contracts. So definitely there is a cross-utilization, and that was the main aim of getting into similar lines of businesses so that it will lead to an increase in bottom line straight away for us.
[Operator Instructions] We take the next question from the line of [ Neha Jain ], individual investor.
My first question is about Zero Mass Private Limited. So do we fully plan to acquire it? And then what will be the cost at which we acquire in case we plan to?
See, I would say, Amit -- the shareholders in this company, besides promoters or besides the promoter company is State Bank of India itself. So there is no benefit in taking over their shareholding, and they've also expressed an interest in continuing with the company. So there is no plan to take over. So the question of pricing doesn't apply.
And there was a source of repaying INR 15 crore debt, which was taken for the acquisition. So what was the source for that?
So they were internal accruals. We have done all the acquisition and the repayment from the internal accruals.
Full INR 15 crores on internal accruals itself?
That's right.
And sir, what is the management's strategy to identify government that is not currently in business of outsourcing visa or consular servicing?
Yes. This is Shikhar this side. So Neha, what has happened is that, as you know, this market is outsourced only up to a level of 50% globally. So only 50% governments had outsourced conventionally. Now post-COVID what has happened is, lot of governments, which were kind of hesitant to outsource for the first time have started to fast track the outsourcing. As you know, we have recently won contracts for the Brazil government, in 2 countries, which were outsourced for the first time. The Philippine government and 3 countries were outsourcing the first time. So lot of these governments, be it in Latin America or Southeast Asian markets, a lot of countries which never outsourced are thinking of outsourcing for the first time. We have started pilots. We started working for this Estonia government which were outsourced to us for the first time.
So I feel that in the next few years, the market definitely will change. It will expand at a very fast pace and a bigger scale. So we expect to win a lot of these new contracts also on addition to the existing market, which is growing for us.
So then apart from growing in that segment, are we also looking for any other merger and acquisition opportunities?
So yes, Neha, we are -- we have a good amount of cash on the books. As you know, we have announced dividend for our shareholders, bonus. So we are doing all of those things that are -- can add value to the company. On that only we did this acquisition in which we are getting 15% return. So we are actively looking at acquisition, both in all the 3 segments of the company. And going forward also we expect the revenue split from all these segments to remain the same -- to remain the same, so because we expect good growth in the coming quarters.
So do we have anything in pipeline for a merger and acquisition right now or we are just searching?
We are looking at opportunities. As you know, Zero Mass also, we had been looking for quite some time. We are conducting proper due diligence. So we are actively looking at different opportunities at this particular point of time.
So now coming to the financials part of it. Can you help me understand what will be revenue and profit margins for the full year FY '23?
So see, for the full year, right now, you can see whatever numbers we have done in the first quarter itself. Definitely there will be further growth because, for us, normally, the business from the first quarter is little less than the other quarters. So definitely the next few quarters the business and the revenue for the company will grow further. And on top of that, if, as we expect the countries which are currently closed, if they open up to a large extent, then definitely there will be a further growth. So in the coming few quarters, there will be definitely further growth.
And what is our target ROCE for FY '23?
Neha, just -- that will improve going forward because of this acquisition and as far as we can use our cash for acquiring or for the new project, the ROCE will continue going up, and I see them going at a higher pace on a quarter-to-quarter basis now.
And what is the cash balance and debt as on book as of now?
There is no debt on the book. We are 0-debt company. And we have a balance of INR 330 crores as on 30th June.
And so my last question is regarding the lower tax rate. So is this because of the subsidiary in U.A.E. that is helping us with the tax savings?
Yes, that's right. Because U.A.E. is our major profit center and there the tax slabs are much lower.
We take the next question from the line of [ Rajeev Venkatesh ], individual investor.
A couple of questions. Is there a shift in the business dynamics? Are we getting more asset-heavy in terms of adding more employees for the projects of Bengal and Karnataka? Can you throw some light on this? And how it is different from Punjab and U.P.?
Correct. So definitely, Rajeev, whenever we get new contracts, we need to have people who will deliver those contracts on the ground, people who are at the summation officer level. So definitely we have to have add-on people in West Bengal and Karnataka. Model is different in all the different geographies. So it is not like all the people will come on our books because in Karnataka, we have a model wherein we will partner with people. We will provide them per transaction commission. Whereas in West Bengal we will appoint people on our roles or our partner H.R. company roles from a compliance point of view. So -- but if you talk about the people at the senior level, I don't think we have to change a lot of things because we already have certain people in those geographies. So it will not lead to an incremental -- it will be incremental benefit for us.
And how are we different from Punjab and U.P. on this perspective?
The contract is -- see, 100% every contract is not the same, it's a little different. In West Bengal, we are doing land record registration. It is kind of a similar concept, wherein people will come and apply for the services, we will collect per application money. So in that sense, Punjab model is completely same, but services are quite limited in West Bengal wherein we are not offering all the services that we are opening in Punjab.
Same way in Karnataka, the services that we are offering are different, but the model is kind of similar. People will come to our centers to apply for government service. But in neither of the contracts we have to establish our own offices. In Kanata -- in West Bengal the offices are provided by the government to us. And in Karnataka we will be tying up with franchisee partners who will be opening the offices.
And we get -- we don't get the fee from government, it is from the customer, right, from the person who want the services?
Correct.
One more is on the -- I think a couple of con calls before you said like on the software upgrade. So where are we on that? And have we -- what is the progress on that?
So definitely, as you see, the software's upgrade that we have done are leading to actual good wins of contracts for us also. Even if you see from an e-Governance point of view, the contract that we have won for Karnataka and West Bengal, there will be not a major incremental expenditure for us since we already have the software that we upgraded, and we will be using the same software for deployment of services. So I think 60%, 70% of the software upgrade has happened. All the new contracts that we have won, even for Germany and other countries, in Italy that on new governments that are going to come up, we are planning to utilize those softwares for deployment.
And one more question is like we've been the investor for -- with BLS for almost like 4, 5 years. So we started with Punjab, then moved to U.P. then West Bengal and now Karnataka. So we are getting some traction. So how do you see this panning out from 2 to 3 years' perspective with multiple states still yet to be, say, like we can still provide the same services, right?
Correct. So if you see, it took us a lot of time even after Punjab to get into different states because we want to stick to our model, which is a return on our investment due to minimum profit margin that we expect. So we are analyzing different states. But right now we don't want to take more contract and have a problem of deployment. So we want to take contracts, deploy them properly, provide good quality of service, only then look at other states. So we are right now in the process of deploying what contracts we have got and -- and parallelly talking to other states also. So I think there will be a growth in this sector. But at the same time, we are heavily focused on growth in our visa, consular service business, which is happening globally. So I feel that there will be growth in both the lines of business.
So I have a question on the visa, consular services. So this -- post the Blackstone acquisition of VFS Global, are we getting any traction from the institutional investors to invest in BLS? What is your thought process on that?
I think, definitely, if we talk about the acquisition that the competitor has done, there has been a big traction in the company. I think, I don't know, Amit can also offline tell you that we have had a big number of [ FIAs ] also entering the company. So there has been a big traction. So definitely there has been a good attention on this industry; even governments are paying attention. So this will lead to expansion of the industry in terms of more of end user outsourcing for us. So we are quite encouraged and energized when big companies also provide their commitment to this industry.
On the EBITDA margins, can we assume that the current EBITDA margins are, say, the base is made? Or can we still assume like going forward, we may see some compression in the EBITDA margins?
So Rajeev, I feel, the current EBITDA margins are the base, and then you'll see them improving going forward every quarter-to-quarter because there is a fixed cost, which is very much there and the revenues are picking up on a month-to-month basis. So EBITDA will go on improving from here onwards.
Great. All the best for your future endeavors. We'll still be invested with BLS.
We take the next question from the line of [ Shika ], independent investor.
Shika here, good set of numbers year-on-year. One book keeping question I would like to know about your onetime cost on employee. I think this quarter you've mentioned about INR 27 crores, and there is one-off staff cost for increment. Can I have that number like apart from other expenses you have INR 2.5 crores. So just a breakup of onetime costs this quarter?
Shika, one is that employee cost also includes the employee cost of Zero Mass, which we have acquired during the quarter as well as the new -- the increments which the company has done for the year were effective from 1st January onwards. There's a cost related to that, which has added in this time, which will not come going forward. So that will be approximately around INR 2 crores of onetime cost, which will not come going forward.
So this INR 2 crores was for the previous quarter, which is quarter 4 of last year, right?
That's right. That's right. Otherwise -- because of the acquisition which we did.
So INR 2 crores and INR 2.5 crores of acquisition, INR 4.5 crores is onetime cost, which has been shown in this operating expense, correct?
Yes, yes. But then acquisition cost will continue because it is also adding to the EBITDA.
No, that will be not be carried forward for the next quarter, right? That's just for this quarter?
That's it, yes.
Is my understanding right? Amit, if you can just clarify.
You're right. It's only one time cost.
Okay. One thing more, this cash, which is mentioned, INR 330 crores, should we expect some kind of acquisition in BC front henceforth or we are looking for opportunity in visa and consular business?
So we are definitely right now looking at acquisition opportunities more in visa and consular services. And as and when we get a good opportunity in BC business, which will add to more synergies or increase in our effective utilization of cash, then we will be looking at that also.
[Operator Instructions] We take the next question from the line of [ Aniket Redekar. ]
Yes, sir, again, I have some questions based on our financial, for 3 financial. I just want to know, have we added new assets during this period as the depreciation, which has increased. So I just wanted to know that.
So there's no new major assets being added in this quarter.
And sir, this, in Q4 FY '22, we can see that there is INR 5 crores other income. So is that onetime increase?
Yes. So in that, there was a write-back of around INR 1.25 crores. And the balance was mainly related to the interest cost.
[Operator Instructions] Ladies and gentlemen, that was the last question for the day. I now hand the conference over to Mr. Aggarwal for his closing comments. Thank you, and over to you, sir.
Thank you, everyone, for your participation in our Q1 FY '23 earnings call. In case of any further queries, you may get in touch with [indiscernible] or feel free to get in touch with us. We look forward to interacting with you next quarter. Thank you.
On behalf of BLS International Services Limited, that concludes this conference call. Thank you for joining us. You may now disconnect your lines.