Latest news with #ShikharAggarwal
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Business Standard
20-05-2025
- Business
- Business Standard
BLS E-Services to expand Business Correspondent network to 60,000 agents
Digital service provider firm BLS E-services on Tuesday announced plans to expand its Business Correspondent (BC) network to over 60,000 agents by 2026-27 to expand its reach across rural, semi-urban, and underserved regions in the country. Currently, BLS e-services, a subsidiary of BLS International, operates a network of over 44,800 active BCs serving more than 23,900 rural/semi-rural PIN codes and 17,600 urban locations. India's Business Correspondent industry is projected to exceed Rs 14,700 crore by FY2025, growing at a CAGR of 19 per cent. With over 13.5 lakh BCs currently active nationwide, BLS e-services aims to cement its position as the most reliable, scalable, and tech-enabled operator in this evolving sector. In a release, the company said it plans to grow its BC base by more than 50 per cent over the next two years, reaching more than 60,000 plus touchpoints by fiscal 2026-27. "Our mission is to convert every BLS outlet into a true one-stop digital access point," said Shikhar Aggarwal, Chairman, BLS e-services. BLS said it is also investing in AI-led customer analytics, backend process automation, and rural digital commerce integration through its proprietary BLS Sewa platform. In 2024-25, BLS e-services recorded over 14 crore transactions (for BC business) with a Gross Transaction Value (GTV) exceeding Rs 87,000 crore during the same period. Over the years the company opened around 12 lakh new Basic Savings Bank Deposit (BSBD) accounts and played a role in the disbursal of over Rs 1,00,000 crore in Direct Benefit Transfer (DBT) payouts, the release said. In the fourth quarter of the last fiscal, the company posted a total income of Rs 245.2 crore and a net profit of Rs 17.3 crore.
Economic Times
15-05-2025
- Business
- Economic Times
BLS E-Services Q4 Results: Profit rises 59% YoY to Rs 17 crore
Digital services provider BLS E-Services has reported a consolidated profit after tax of Rs 17.3 crore for the fourth quarter ended March 2025, a growth of 58.7 per cent year-on-year. The profit after tax (PAT) was Rs 10.9 crore during the January-March period of 2023-24. ADVERTISEMENT Total income in the quarter nearly tripled to Rs 245.2 crore from Rs 78.7 crore a year ago, the company said in a statement. The growth in income was driven by higher transaction volume and value in BC business and also due to consolidation of Aadifidelis, acquired in November 2024, it said. EBITDA stood at Rs 25.4 crore compared to Rs 16 crore in Q4FY24. PAT for 2024-25 rose to Rs 58.8 crore from Rs 33.5 crore in the previous year. "FY25 marked our highest-ever financial performance, as we surpassed Rs 500 crore milestone in total income during the year, which was reported at Rs 545 crore, a notable YoY growth of 76 per foresee a significant opportunity with the government increasingly outsourcing G2C services to third parties, amidst the growing need for scalability, cost-efficiency and last-mile connectivity.," said Shikhar Aggarwal, Chairman, BLS E-Services. During 2024-25, BLS E facilitated approximately 14 crore transactions translating into a gross transaction value of over Rs 87,000 crore, as compared to 13.4 crore transactions with a gross transaction value of over Rs 72,000 crore in FY24. ADVERTISEMENT During the fourth quarter, the company established partnerships with Canara Bank, Central Bank of India, SBI (for Home Loan Counsellor services), MeraDoc (for Healthcare services), SBI General Insurance, Aditya Birla Health Insurance, and Bajaj Finserv (for EMI Card distribution). BLS E-Services, a subsidiary of BLS International, offers a diverse range of services that encompass Business Correspondent (BC/Rural Banking Outlets) services, Assisted E-services, and E-Governance Services. (You can now subscribe to our ETMarkets WhatsApp channel)
Business Standard
15-05-2025
- Business
- Business Standard
BLS E-Services rallies as Q4 PAT jumps 59% YoY to Rs 17 crore
BLS E-Services zoomed 14.30% to Rs 178.50 after the company's consolidated net profit rallied 58.66% to Rs 17.31 crore in Q4 FY25, compared with Rs 10.91 crore in Q4 FY24. Revenue from operations was at Rs 239.21 crore in the fourth quarter of FY25, skyrocketed 224.83% year on year. Profit before tax added 61.78% to Rs 23.33 crore in Q4 FY25, compared with Rs 14.42 crore in Q4 FY24. EBITDA stood at Rs 25.4 crore in Q4 FY25, up 59.3% YoY. EBITDA margin declined 10.4% in Q4 FY25 as against 20.3% in Q4 FY24. On a full year basis, the companys net profit rallied 75.4% to Rs 58.8 crore on 72.3% rise in revenue from operations to Rs 519.4 crore in FY25 over FY24. Shikhar Aggarwal, Chairman, BLSE- Services, said: We are delighted to report a remarkable performance in FY25, as weachieved several milestones during the fiscal year. FY25 marked our highest-ever financial performance, as we surpassed Rs 500 crore milestone in total income during the year, whichwas reported at Rs 545 crore, a notable YoY growth of 76%. The successful completion and consolidation of Aadifidelis Solutions Pvt Ltd (ASPL) is another milestone we achieved, whichalso aided to our topline growth. EBITDA and PAT too witnessed a robust growth of 72.5% and75.4% respectively, in FY25. As we move forward, our strategic focus is on enhancing digital infrastructure to improveaccessibility and penetrates new market segments. We foresee a significant opportunitywiththe government increasingly outsourcing G2C services to third parties, amidst the growingneed for scalability, cost-efficiency and last-mile connectivity. The Indian Government is focussed on expanding financial inclusion through schemes like Pradhan Mantri JanDhanYojana, Direct Benefit Transfer and others. Meanwhile, the company recommended final dividend at the rate of 10% on face value i.e. 1.00 per equity share of face value of Rs 10 each on 9,08,56,485 equity shares of the company, for the financial year 2024-25, subject to the approval of the members in ensuing annual general meeting of the company. 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-Governance Services. These offerings are all geared towards grass-rootsempowerment, revolutionizing how essential services are accessed.
New Indian Express
10-05-2025
- Business
- New Indian Express
On the back of three FY25 acquisitions, BLS scouts for more
MUMBAI: BLS International Services, which is the second largest player in the visa outsourcing market globally and has done three acquisitions worth Rs 1,000 crore in the past fiscal alone, is on the lookout for more opportunities for faster growth through the inorganic route. BLS works with 46 client-governments worldwide and is present in over 70 countries. It processes more than 4 million visa applications annually, garnering more than 95% of its revenue from this side of the business. During the first nine months of fiscal 2025, BLS had processed 27.69 lakh visa applications, surpassing the pre-pandemic levels. New Delhi-based BLS has reported a strong financial performance in the first three quarters of FY25 with revenue of Rs 1,501 crore, up from Rs 1,229 crore in the corresponding period of the previous fiscal, reflecting a 22% growth. During the period under review, its net profit jumped 64% on-year to Rs 394 crore from Rs 240 crore. In FY25, the company has done three acquisitions with the Turkiye-based iData being the largest. In July 2024, BLS purchased 100% stake in this Turkiye firm for Rs 720 crore, and in October it acquired 100% stake in Dubai-based Citizenship Invest for around Rs 260 crore. The third deal was in November when it acquired 57% stake in the domestic firm Aadifidelis for an enterprise value of around Rs 190 crore. iData provides visa and consular services, and is the exclusive provider of visa and consular services to the Italy since 2006 and to Germany since 2012. BLS sees strategic acquisitions as a critical enabler for scaling up the business alongside organic growth, its joint managing director Shikhar Aggarwal told TNIE. The acquisition of iData has added 15 new geographies to BLS' footprint along with 37 visa application centres, enhancing its presence in key global markets and strengthening its position in the global visa and consular services space, he said, adding this is a significant milestone in their global expansion journey.
Gulf News
01-05-2025
- Business
- Gulf News
Indian expats in UAE, take note: ATM withdrawals get costlier from May
Indian expats in the UAE planning to travel to India should be aware of upcoming changes to ATM transaction charges, which will take effect on May 1, 2025. The Reserve Bank of India (RBI) has revised its ATM fee structure, increasing the charges for withdrawals beyond the free transaction limits. Additionally, the number of free withdrawals permitted each month has been adjusted, with different limits set for metropolitan and non-metropolitan areas. These changes may impact your ATM usage during trips to India, so it's important to plan ahead and consider alternative payment methods to avoid additional costs. Starting May 1, 2025, the Reserve Bank of India's (RBI) revised ATM transaction charges will take effect. The move introduces higher fees for additional transactions and changes to the number of free withdrawals allowed each month. New maximum transaction fee Customers will now be charged a maximum of Rs 23 per transaction beyond the free usage limit, up from the earlier Rs 21. This applies to both financial and non-financial transactions at ATMs, as well as at Cash Recycler Machines (CRMs), excluding cash deposits. Under the updated framework: In metro areas: 3 free transactions per month at other bank ATMs In non-metro areas: 5 free transactions per month at other bank ATMs 5 free monthly transactions at your own bank's ATMs, across all locations These limits apply to both financial (withdrawals, deposits) and non-financial (balance inquiry, PIN changes) transactions. Applies across all banks and operators The new fee structure is applicable to all commercial banks, regional rural banks (RRBs), co-operative banks, authorised ATM network operators, and white-label ATM operators. ATM interchange fee explained The interchange fee—charged between banks when customers use ATMs not owned by their bank—remains set at Rs 19 for financial transactions and Rs 7 for non-financial ones. ATM networks will continue to determine the exact charges. Impact on customers According to BLS E-Services Chairman Shikhar Aggarwal, this change may push more users toward digital options or fee-free alternatives like MicroATMs and Business Correspondent (BC) networks, particularly in rural and semi-urban areas. Tips for ATM users: Not just ATMs: CRMs affected too As per the RBI, these rules will also apply to transactions conducted at CRMs, with the exception of deposits. The interchange fees for CRMs match those of ATMs: Rs 17 for financial and Rs 6 for non-financial transactions. As of January 2025, India has 1,30,902 on-site and 85,804 off-site ATMs and CRMs nationwide. Customers are encouraged to make informed decisions regarding their cash withdrawals and consider digital banking options to avoid rising transaction fees.
