Stock Price More than Doubles from IPO Price
BLS E-Services Ltd (BSE: 544107; NSE: BLSE), a technology-enabled digital service provider, today announced its unaudited consolidated financial results for the quarter and nine-month period ended 31st December, 2023. BLS E-Services reported its maiden quarterly financial results post the listing of its shares on the Indian stock exchanges viz NSE & BSE.
Consolidated (Rs Cr) Q3 FY24 Q3 FY23 %
Change 9M FY24 9M FY23 %
Change
Operational Revenue 71.65 69.07 3.74% 227.83 170.35 33.7%
EBITDA 10.31 8.92 15.65% 30.94 20.88 48.2%
EBITDA % 14.39% 12.91% 13.58% 12.26%
PBT (before exceptional item) 10.51 8.27 27.1% 31.29 18.01 73.7%
PAT 7.95 -12.06 22.63 -4.87
For the quarter that ended on December 31, 2023, the company’s consolidated revenue stood at INR 71.65 Cr, compared to INR 69.07 Crores in the corresponding previous quarter. Operating EBITDA witnessed a growth of 15.7% to INR 10.31 Crores. The company’s operating EBITDA margins stood at 14.4%, and expanded by 150 bps. The expansion is primarily driven by an improved business mix. Given the asset-light nature of the business, the company continues to generate significant returns for its shareholders Management continues to focus on Inorganic growth opportunities across Rural Banking Outlets, E-Governance and E-Services businesses
BLS endeavors to bid for several contracts & tenders for e-governance services and would be keen to engage with various private and public sector banks for providing business correspondent services to the citizens of India.
Commenting on the company’s performance, Mr. Shikhar Aggarwal, Chairman, BLS E- Services Ltd., said, We are thrilled to announce the successful listing of BLS E-Services Ltd’s shares on the prestigious NSE & BSE through an initial public offering, marking a significant milestone in our journey towards technological and service excellence in the E-Governance, Business Correspondent, and Assisted E-services sectors. This IPO has successfully raised INR 310 Crores, earmarked for both organic and inorganic growth opportunities, highlighting the confidence of the investors in our vision and our robust growth strategy.
We have been proactive in bidding for significant contracts and tenders, particularly in e- governance services, and are actively engaging with various financial institutions to expand our business correspondent services. These efforts are complemented by our investment in technology and infrastructure, aiming to further enhance our service offerings and operational capabilities.
Our focus remains steadfast on capturing volume-led growth across our business verticals, securing new government tenders, and forging new partnerships with financial institutions. Additionally, we are continuously scouting for strategic inorganic opportunities that align with our business model and promise to deliver enhanced shareholder value.
With these developments, we reiterate our commitment to pioneering in the digital services space, aiming for accelerated growth and value creation. We are optimistic about the future, as we continue to explore new avenues for expansion and strive to achieve excellence in every aspect of our operations.”
BLS E-Services, a subsidiary of BLS International, stands as a leading technology-enabled digital service provider in India, offering a diverse range of services that encompass Business Correspondent (BC / Rural Banking Outlets) services, Assisted E-services, and E-Government Services. These offerings are all geared towards grass-roots empowerment, revolutionizing how essential services are accessed.
Through its robust network, BLS E-Services plays a pivotal role in facilitating access to a wide spectrum of essential public utility services, social welfare programs, healthcare, finance, education, agriculture, and banking services. This array of services caters to governments (G2C) and businesses (B2B), while also catering to the diverse needs of citizens (B2C) across urban, semi-urban, rural, and remote areas. Operating within a unique integrated business model, BLS E-Services bridges the digital gap in areas with low internet penetration by offering both digital and physical solutions.
