Multibagger Update: BLS International inks contract to process German visas in North America and Mexico
A trusted tech-enabled services partner for governments and citizens, BLS International is amongst the top three players globally in this domain. It is a preferred partner for embassies and governments across the world.
BLS International Services Ltd announced today that it has signed a seven-year contract to process short-term and long-term visas for Germany in North America & Mexico regions. The company will be starting operations with two centres in Mexico and eight in North America in cities including Boston, Chicago, Houston, Los Angeles, Miami, New York, San Francisco, and Washington DC within six months. The company is also planning to provide visa outsourcing services along with several value-added services like photocopy, translation, courier, and insurance for the convenience of applicants.
These centres will provide additional facilities including ‘Premium Lounge’ (wherein applicants can opt for personalised service) and ‘Prime Time Submission’ (wherein applicants can submit their application before & after working hours of the centre). The company will also be launching a mobile biometric service wherein applicants can choose to submit applications at their convenient place (home or office) for an additional fee.
In a filing with the exchange, Shikhar Aggarwal, Joint Managing Director, BLS International Ltd stated, “We are delighted to initiate this new partnership with the Federal Foreign Office, Germany and committed to provide faster & convenient German visa services to the applicants in North America and Mexico regions. This contract strengthens our visa portfolio with yet another addition to Schengen Government. I am confident of a seamless rollout and hope to strengthen this relationship with more such opportunities.”
Considering the yearly performance, the net profit of BLS International Services surged 120.95 per cent to Rs 111.21 crore as against Rs 50.33 crore during the previous year, ending March 2021. On the other hand, its net sales rose by 77.66 per cent to Rs 849.89 crore as against Rs 478.37 crore during the previous year, ending March 2021. The company’s board has approved a bonus issue of 1:1 i.e. one bonus equity share for each fully-paid equity share held.
The shares of BLS International Ltd have more than doubled in a year. Considering the last six months, the stock has surged more than 70 per cent while over the month, it was able to deliver nearly 16 per cent returns to its shareholders.
Considering the bright future outlook of the company, we suggest keeping a close eye on this scrip for the upcoming sessions.