Multibagger from its 52-week low: This small-cap company signs visa outsourcing contract with the Spanish Government!
In the financial year 2022-2023, the company announced bonus shares 2 times in a ratio of 1:1 each.
BLS International Services Ltd a subsidiary of the BLS Group informed that The Ministry of Foreign Affairs, European Union, and Cooperation (MAEUEC) of Spain has awarded BLS International the global contract for visa application outsourcing for the second time in a row.
The contract covers Europe, the Americas, Latin America, the CIS, Africa, the Middle East, and APAC, amongst other regions. BLS International has been serving the Spanish government since 2016 and currently operates 122 visa application centres (VACs) in 40 countries. This is a very significant win for BLS International, which handles approximately 2 million Spanish visa applications annually and is expected to increase further.
The category of national visas is also being outsourced for the first time, which will lead to a further increase in volumes and the opening of offices in new geographies. As a part of the contract, BLS will also be offering various value-added services (VAS) like SMS, courier services, mobile biometrics, premium lounge, etc.
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On Monday, shares of BLS International Services Ltd surged 4 per cent to Rs 181.70 per share. The stock delivered impressive returns of 120 per cent from its 52-week low of Rs 83.38 per share.
In the financial year 2022-2023, the company announced bonus shares 2 times in a ratio of 1:1 each. The first record date was on May 13, 2022, and the second was on December 08, 2022
As per the financial report, there was a significant increase in net sales by 76.73 per cent and net profit by 117.96 per cent in Q4FY23 compared to Q4FY22. Similarly, in FY23, the net sales grew by 78.40 per cent and net profit increased by 83.64 per cent compared to FY22.
Investors should keep an eye on this small-cap stock.