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Bls International Services Ltd
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Ladies and gentlemen, good day, and welcome to the Q3 FY '22 BLS International Earnings Conference Call. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Parth Hemani from Pareto Capital. Thank you, and over to you, sir.
Thank you. Good afternoon, everyone. This is Parth Hemani from Pareto Capital, we represent Investor Relations for BLS International. On behalf of the company, I welcome you all to the Q3 FY '22 Earnings Conference Call. I have with me from the management, Mr. Nikhil Gupta, Managing Director; Mr. Shikhar Aggarwal, Joint Managing Director; and Mr. Amit Sudhakar, Chief Financial Officer of the company. We will have a brief opening remarks from the management followed by the Q&A session. Please note that certain statements made during this call may be forward-looking in nature. Such forward-looking statements are subject to certain risks and uncertainties that could cause our actual results or projections to differ materially from those statements. BLS International will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances. I would now hand over the call to Mr. Shikhar Aggarwal for his opening remarks. Thank you, and over to you, sir.
Good afternoon, everyone. I welcome you all to our earnings conference call of Q3 FY '22. I hope all of you and your families are keeping well and safe. Further to our last call, I'm happy to share that we have seen a good growth in Visa and consular business for a good part of quarter 3 FY '22 with aggressive vaccination and booster drives in all major countries. The travel trajectory has been showing momentum ever since, and we are hopeful of international travel be in pre-COVID levels with recent trends like revenge travel and VFR, which means, visiting friends and family.During the quarter, we reported revenue of over INR 227 crores, which is an increment of more than 50% as compared to the same quarter last year, largely driven by opening up of economies and picking up in travel. Though there was a disruption caused by a new Omicron variant. Most of the countries have opened up orders with specified COVID norms, and we are seeing that all our recent contracts have started to pick up and majority of our global centers are overwhelmed with applicants and demand is surpassing the available appointments. During the quarter, we were able to win new contracts in the Visa and Consular business, including the contract with the Embassy of India in Kuwait for Consular, Password and Visa services. We signed a renewal contract with the Thai embassy for Visa services. With respect to the national business correspondent staffing business, we have empaneled ourselves with Punjab National Bank and Central Bank of India to benefit from the financial inclusion and digitization theme in the domestic market. We are happy to announce that the company has received the full and final settlement amount from the old Punjab contract of INR 67 crores, thereby completely settling the book of accounts. More details on the transaction will be discussed later. As a company, we are at the cusp of a growth trajectory with a visible rebound in our visa and consular business, along with our growing banking correspondent and e-governance business. We are hopeful and confident even in such trying times because of the investments we have made in putting together strong technology base and processes, and other process, which differentiates us from others and is helping us to ride out of this storm is our ever strong balance sheet and liquidity position. As you know, we have put in a lot of efforts over the last few years to strengthen our balance sheet. Our receivables have gone significantly down post the full and final settlement of the old Punjab contract. The long-term debt is nil and cash and bank balance has increased more than INR 371 crores in the books. As a way to give back to our shareholders, the Board has decided to consider an interim dividend of INR 1 on face value of 1 share, 100% of the face value. On the back of our strong balance sheet, we are exploring various opportunities for reignite growth in the tech-enabled service space. We are focused on leveraging our propriety technology assets to tap emerging opportunities. Rest assured, we will look at only those opportunities which will meet only our internal rate of returns threshold. Going forward, we are even more committed to leveraging our technology and operational excellence to ensure enhanced service and customer resilience in a post COVID world. This is all from my side. I now hand over to Amit for updates on financial performance. Thank you.
Good afternoon, everyone. Let me brief you on the financial performance for the third quarter and 9 months ended of the financial year FY '21/'22. During the quarter, we reported a revenue of INR 227 crores and a healthy increase of 51% Y-o-Y and 19.2% Q-o-Q, mainly driven by opening up of economies and particularly pickup in travel. We are optimistic that the international travel is likely to recover soon and our Visa and consular businesses will bounce back to pre-COVID levels once the situation normalizes. EBITDA for the quarter stood at INR 25.5 crores compared to the EBITDA of INR 13.3 crores in the corresponding quarter last year and INR 27.6 crores for the Q2 FY '22. The margin for the quarter stood at 11.2%. There was a onetime hit of INR 6.95 crores on the EBITDA due to the settlement of the old Punjab contract. Without which the EBITDA for the quarter would have been INR 32.5 crores with a margin of 14.3%.The company generated a PBT, profit before tax of INR 27.4 crores for Q3 FY '22 as compared to INR 14.5 crores in the corresponding quarter last year. PBT margin stood at 12.1% in Q3 FY '22 versus 9.6% in Q3 FY '21. PAT stood at INR 28.3 crores, in Q3 FY '22 as compared to INR 14.3 crores in Q3 FY '21. PAT margin in Q3 FY '22 stood at 12.5% compared to 9.5% in the corresponding period last year. For 9 months period ended December 31, 2021, we reported a revenue of INR 596 crores as compared to INR 333 crores for the same period last year. A healthy increase of 78%. We saw an increase of 143% in EBITDA from INR 29.6 crores in 9 months FY '21 to INR 71.9 crores in 9 months FY '22. PBT 9 months FY '22 stood at INR 76.7 crores, while it was INR 32.7 crores for the corresponding period a year ago. Lastly, PAT for 9 months FY '22 was INR 76 crores when compared to INR 27.4 crores in 9 months FY '21. During the quarter, we received the outstanding receivables from the old Punjab contract against the total receivable of INR 67 crores as on September 30, 2021. The group has made an adjustment of INR 6.95 crores included in the other expenses against the said receivables. Thus, the EBITDA and PBT were impacted to that extent for Q3 and 9 months of FY '22. The company has no debt as on December 31, 2021, with cash and bank balance of INR 371.8 crores as on 31st December. This is all from my side. I would now request the moderator to open the call for Q&A. Thank you.
[Operator Instructions] The first question is from the line of Nitin Padmanabhan from Investec. [Operator Instructions]
Am I audible?
Yes.
Okay. Great. So I had a couple of questions. The first is, if you could give some color on the growth that we have seen for the quarter from a visa and consular services perspective. How much of that in your mind is just the recovery? And how much of that is from the new contracts that you sort of executed over the last year. If you give some color there? And if possible, if any percentages of the overall revenue? And that would be my first question.
Okay. Thank you, Nitin, for that question. So this is Shikhar Aggarwal. So I think what has happened is in this quarter, see numbers that you see in terms of visa numbers have remained at 40% to 50% of our pre-COVID numbers, but we have actually got incremental revenue from our existing Visa business and consular service business. So I think that has led to an increase in revenue during this quarter because our revenue per application from the existing consular plus the 50% of these applications that we are doing, the revenue has increased at different levels in 2019. The reason being people are opting from different kind of services now and prices also have increased in a lot of contracts. And also, if you talk about Punjab, our revenue from our existing Punjab contract has also increased. It has been like more than 2, 3 years now since we've been running the new contract. So revenue has even increase from that and also our staffing and bank correspondent business. So I think those are the couple of reasons. The execution of the contract that we have got has started to throw some revenue, not fully. Plus we expect, as in normality kicks in, numbers start coming in at pre-COVID level, the revenue should -- and the profitability should shoot up further.
Sure. The second one, just in line with the same thing was the gross margins have improved, right, compared to the early 30% kind of gross margin that we used to do have been in the 33% range for the past 2 quarters. And I presume this is driven by the value-added services. Do you expect a normalization on this? Or do you think that this will sort of sustain at these levels?
I think these will sustain going forward because these are certain -- certain are no doubt related to the COVID situation, but most of them are these additional value-added services which we have added like mobile, biometric and providing VIP lounge and providing other facilities, which have been on the increase. So we feel that these will remain at this level now. The new norm will be this.
Perfect. Two quick ones before I seat the floor. One is, any update on the Spain contract renewal? I think it's due for renewal. Second is, any thoughts on the taxation in UAE, which they've recently announced from the 1st of June 2023. So any thoughts on those would be helpful.
Correct. So as you know, as we told you, we've been operating Spain at a very healthy level. Government is very happy with us. The number of tourists going to Spain have increased 15% to 20% partly also because of our technology system of easy availability of appointment. So government is very happy, so even government, government has given -- most of the governments have given extension all the contracts. Similar situation is with us. So we expect currently to run it for extending towards the end of the year. But the government is very happy. So we expect no reason not to continue with that for Spain. Second question, Amit, you can answer.
So Nitin, as far as this new guidelines of the tax in Dubai, we are, frankly speaking, studying the details but from the face of it, one, they have said that these will not be applicable. The tax may not be applicable to the FZE Zone where we are. So -- but the details are still need to be studied and then we'll know a better idea on those tax liability on that side.
The next question is from the line of Ravi Naredi from Naredi Investments.
Thank you, Shikhar and Karan and Nikhil Gupta-ji, you are -- or your team is doing a wonderful job to run the company. My point, if company has substantial cash INR 371 crores at 31st December. So what is the plan to use this cash for accretion of shareholders that's in your mind?
Thank you so much, sir, for this question. We are -- as we have been working very hard to sustain during this COVID times and remain -- so the company remains profitable. And going forward, we are looking at actually realizing the fruits of our effort in terms of getting new contracts. And we are hopeful the cash flow situation even improves further. Sir, this is the money that we have earned in the last 14 years of the formation of the company. And we have saved and invested the company that has helped us in these times also. As you know, we have also announced 100% dividend this quarter. And we are looking actively on acquisition in visa outsourcing and also bank correspondent field. There are some regional players during COVID times that were not that profitable that are up for grabs. So we are actually not wanting to do a haphazard acquisition, we are doing a complete due diligence and we feel that when the return of rate and our growth and synergies can be aligned, only then we do the acquisition. But I think very soon, we should -- when things become normal and we see a right value, we will be spending that money in that. And also, as you know, we have spent money through dividend. We have given -- first time, we have given this high dividend, our board felt that this is the right time after getting money from Punjab also.
Right, right. And secondly, sir, why not you do buyback instead of dividend for enhancement value -- for enhanced value of shareholders?
Sir, these questions actually we discussed in the board meeting and the Board of Directors have commended looking at the future scenario and the future growth in the market, as we have said, that more than $2 billion worth of tenders are coming up for renewal, we will certainly need some money to operate centers for those developed markets, invest in technology and also at the acquisition. So definitely, we are looking at various things. And as we have started with a good dividend this quarter, I think things are looking very, very bright in terms of action on -- for the shareholders for the company.
I'm agree with you. But whatever your value of dividend instead of dividend, if you buy back the share in the long run, the value of shareholders will enhance including promoter system? That is my point. If you are considering your board meeting, it will be very useful thing.
So we will thank you so much for your thoughts and your well wishes for the company. We will put it up to the board this time in the next quarter and definitely take in consideration.
Next question is from the line of Akhil Hazari from Robocapital.
So in the last few con-calls, I think you have mentioned that when Visa business at pre-COVID levels, the run rate would be around INR 220 crores quarterly basis. And now it's hit around that number, but you've mentioned that you -- the Visa business only currently at 40% to 50% of pre COVID. So I just want to know how sustainable would this be going forward? Will the INR 220 crores be the new run rate then? Or is the revenue going to increase on a quarterly basis?
See, what I can comment on is that with the existing business and the existing numbers because of the growth that we have experienced, the numbers have grown to this level. I know for a fact that the visa numbers have not come to pre COVID level till now. We are only doing 50% of what we were doing at pre-COVID level. Definitely, I think once the numbers become normal, I see a further increase in the revenue. This increase has happened due to increase in our existing contracts.
Okay, fine, fine. Great. And regarding the EBITDA margin, so again, it would have been 14% had it not been for the other expenses because of Punjab government, the INR 6 crores that you had mentioned. So then would 14% also going forward, would that be sustainable?
Yes, that should be sustainable on the current operation that we are working on, it should be sustainable at 13% to 14% now.
Okay. Great. And my last question just regarding the tax. So I just wanted to know how is the tax payment so low?
So this time, as we have just talked about, we have taken a write-off of receivables in the books of subsidiary. Against that, there has been a deferred tax, which has been created. So that has nullified the tax liability in the current quarter.
And usually, what is the tax rate that the company pays?
If you see at the group level, it comes to around 10%.
10%.
At a group level.
Our next question is from the line of [ Nikhil Chaudhary from Safe PMS ].
Yes. Sir, I had just 1 question. We had a strong big pipeline like we had discussed earlier. So wanted to understand what is the stage of the process we are in like have you already bid, we are waiting for the announcement of the probably the bids. And also the second one, sir, on the other expenses, I was not able to understand what you explained. Like can you repeat it again?
Okay. So for the bids, as you know, we announced in the last few quarters, we started with the win of -- for the Philippines government, which was the first and outsourcing in 3 countries, in Italy, Qatar and Malaysia. We have opened the centers, and it is going very well over there, and they are thinking about outsourcing other countries. And we won the Embassy of India tender in Kuwait, where we are going to do 200,000 applications every year, we've opened 3 centers just last month we started. And we also won the Embassy of Thailand tender in New Delhi. Also, as we mentioned, the different contracts are coming up for renewal. Some are in the bidding stage and some are in the next stages of bidding. As and when they get finalized, we will definitely be announcing. So this is where we stand right now in terms of bidding, Amit, can you answer the next.
Yes. Nikhil, as far as this other expenses, we have highlighted that we have -- we got all the payment overdues from our old contract with Punjab government. And in that, there was a -- we have taken an adjustment of INR 6.5 crores onetime settlement difference which we have to take in our books. So that is something we have highlighted in the other expenses in this quarter.
So it was some INR 70 crores, if I recollect INR 67 crore to INR 70 crores, right? And so probably we are -- like we have written it off right the 6.9%.
That's right. And the difference then we have taken...
[Operator Instructions] The next question is from the line of [ Nayan Gala from Attica Wealth ].
Sir, congratulations on the good set of numbers. Sir, I have a couple of questions. Sir, firstly, on the quarterly revenues, we believe that this is the highest quarterly revenue in the recent past. So if you can just help us understand in terms of the businesses that we do, that is Starfin, e-governance and visa consular business, how has these businesses performed? And what is the contribution towards the revenue of each of the business?
Yes. So as you know, Mr. Mukesh (sic) [ Mr. Nayan ] that we are -- 85% of the revenue of the company comes from Visa Consular service business, which has been the conventional business. 4 years back, we acquired a company called Starfin, plus we are doing some e-governance business in India in the states of Punjab, UP and Rajasthan. So combined, all this business only pertains to 15% of the revenue. The Starfin and e-governance business. 85% majority of the revenue comes from Visa Consular service business. So this is the model and the Visa Consular business is the same in which we work with different embassies and governments across the world for outsourcing.
Okay. And going forward, like what kind of growth we are looking at the Starfin and the e-governance business? Any rough idea as to how we can scale this 2 business from a 15% revenue contribution to maybe 20%, 25% revenue contribution?
Yes. This should -- this business should grow by 10% to 12% a year. We are looking at acquisitions also if that happens, then it will be substantially higher.
Okay. So these are into Starfin kind of a business that we do or into the e-governance business the acquisition that we will be making...?
Both kinds of businesses are there which we're looking at growth in.
Okay. Okay. And in terms of the EBITDA and PAT levels and the track record that we have achieved in terms of numbers, we would end up to the pre-COVID levels. So what kind of projections are we looking at for the -- maybe a year or 2 years down the line in terms of revenue?
See, definitely, we don't like to give any projections. But what, as I've told you before, what we can see is that we have reached a number of only 50% of the accounts of pre-COVID levels in terms of Visa. So if the numbers increase as economies are opening up, definitely, I think revenue should definitely increase further, at the same time, PAT and EBITDA. So this is where we stand right now.
Okay. Okay. And in terms of the, sir, like the Punjab contract business that we are doing, currently is going on well. So if you can just give us some guidance in terms of the UP and Rajasthan contracts, what kind of business are we expected to do? And what kind of revenues we can generate out of it.
See, the model is a little bit different in UP, Punjab and Rajasthan. Punjab, the centers have provided us to by the government, and we are paying rent. And sorry, not rent, but salary of the people plus technology is used by us. Whereas in UP and Rajasthan, we are not paying any salary also. We have tied up with village level entrepreneurs and per transaction target commission is shared between all of us. So we started this contract in COVID times. We are getting good amount of application revenues. It's a profitable contract with no additional expense of cost from our side. So same software that we have developed for Punjab is being used here. So as we grow, I think the revenue per transaction should improve, plus we are looking at a lot of value-added services like selling of insurances or different kind of e-commerce groups like we have tied up with companies. So I think revenue per transaction [Technical Difficulty] in terms of a couple of months.
Okay. And in terms of margins, do we expect the margins to improve or it will be in the, say, similar range as of Punjab?
A little bit -- I think the margin will be a little bit less here than Punjab around 10% to 12% is the margin that we get from these states.
Okay. Okay. Okay. And then in terms of the Visa consular business, if you can just help us understand any new tenders that we have applied for in the last quarter or in the growing -- like in this quarter, do we foresee any new tenders which are coming out?
So as we speak, the cycle for all the large tenders is almost complete. So a lot of new tenders came out in the last few quarters and a lot more are expected within this year. So I think a lot of big contracts. So without naming them, I would say that we have live for some of them, and many of them are in the RFP release state. So we will be applying for them. So next 2, 3 years are very, very exciting for the company. If we manage to grab a certain market share of these contracts, which we are very confident. The entire trajectory of the company will again change to another level.
Our next question is from the line of [ Mukesh Keswani ] from -- as an Individual Investor.
Okay, congratulations for a good set of numbers. For the last 4, 5 quarters, we have been listening to the ratio between the Visa service and the rest of the business to be 85-15. So first of all, what is the percentage EBITDA-wise or percentage between the 2 businesses? Do you have a figure for that?
See on the EBITDA percentage, the Punjab does about 15% or so, whereas Starfin is around 10% to 12%.
And the Visa?
Visa is about 16%, 15% to 16%.
And continuing on the same issue, for the last, like at least 4 quarters, the ratio has been same. So I'll put forward a question of future is when do you expect the ratio to be 80-20, for example?
See we are aggressively bidding for contracts and getting -- winning new tenders in both the areas. And as you know, both of us are growing for us, even the visa outsourcing business has been growing and even the banking correspondent e-governance is growing. That is why the ratio has been maintaining the same. So going forward, I think the contracts that we see in the visa consular space and both the banker correspondent I expect the ratio should maintain because we see massive growth in both the segments.
Unless until some acquisition or an inorganic growth comes in, which will change the ratios then.
No, the question arises because of so many new tie-ups you have had in other services apart from Visa. And the ratio doesn't seem to increase as at least as for the number of tie-ups that we have seen in the last, like 4, 5 quarters.
Right. Because the reason is the business from Visa is also increasing. At the same time, the consular Visa business is also increasing at the same time, from 4, 5 quarters, if you see the trajectory. So we are seeing massive growth in both the business. That is the reason that the ratio is being the same.
Okay. Now the second question is in which country or geography, do you have the highest revenue in the visa and consular services?
We normally do not comment on individual countries because we reported from a regional perspective or the segment reporting. But definitely, we see good revenue from the North America and Gulf markets.
Okay. And the next question is, can you give us an update on health certificates and your tie-up with Amazon?
So health certificates, as you know, we tied up with a Singapore-based company, and we have started proceeding applications. Singapore was also shut for the longest time, and we hear that some of it has started to open and will be opening soon. So as and when the country opens up, travelers coming in and out of Singapore will need that health certificate where we have started proceeding the application. So as and when numbers increase, our numbers should definitely go up. And then we are in talks of tying up with different countries also in terms of health certificate. In terms of tie-ups with different e-commerce players, as I've told you that we tied up with all the different e-commerce players like Flipkart, Amazon and we have started selling their services through our providers in UP, Rajasthan, Punjab, wherein we are starting to see some traction. So it is a very new model, we have never tested it. We are seeing some traction, and we are starting -- they have been assisting us. We are doing some marketing. So as and when numbers grow, I think we could see some increased revenue and margins from that.
Okay. Now the last question from my side is last time we discussed about the Blackstone taking and some stake in VFS. And we, at the same time, got a view from you as to you have also been approached at least by big investors to understand your business. Do you have any update on that?
I don't remember commenting anything on that deal, first of all. But as you know, from public domain, we have definitely seen that black [Technical Difficulty] acquired our competitor. So definitely, I think that is a very interesting proposition. And let us see further what does Blackstone deal with it, there has been no traction in the market because of that deal. But we are going strong at the same time.
The next question is from the line of [ Rajiv Venkatesh ], as an Individual Investor.
Congratulations on a good set of numbers. I have a couple of questions. I think last con call or the previous con call, you had alluded to CapEx for the software updates grades. So where are we on that? And what is the amount incurred on that? And what are the CapEx lined up for this year or this current year.
So [ Rajiv ], we are still at reviewing those proposals, which have come in on the technical and getting it technically validated before we get into it. And we expect that in this quarter, the fourth quarter, we will initiate the process.
And what is the CapEx number, sir, OpEx number, sorry?
We are looking at -- the current proposals are all in the range of INR 15 crores, INR 20 crores.
Okay, and the second question is on the Spain renewal. So where are we? I think last con call, you had said like you will be getting a confirmation in some time frame?
We had told you as we told all the contracts with -- have been extended, and we are currently running the portrait is towards the end of the year. As and when something happens, we will let you know.
Ladies and gentlemen, I see no further questions from the participants. I would now like to hand the conference over to Mr. Shikhar Aggarwal for closing comments. Thank you, and over to you, sir.
Thank you, everyone, for your participation in our Q3 FY '22 earnings call. In case of any further queries, you may get in touch with Pareto Capital or feel free to get in touch with us. We look forward to interacting with you next quarter. Stay safe and healthy. Thank you.
Thank you very much. Ladies and gentlemen, on behalf of BLS International, that concludes this conference. Thank you all for joining us, and you may now disconnect your lines.