BLS · Consumer Services
BLS International Services Ltd. reported revenue of ₹495 cr for July to September 2024, +21.3% on the year and +0.4% on the quarter. It is the highest quarterly revenue in the last 6 quarters on record.
Operating profit (EBITDA) was ₹164 cr, a margin of 33.1%, +1,181 bps on the year and +615 bps on the quarter. It is the widest margin of the last 6 quarters (range 20.1% to 33.1%). Operating costs grew +3.1% against revenue growth of +21.3%, so more of each rupee of sales reached operating profit.
Net profit was ₹146 cr, +78.0% on the year and +20.7% on the quarter, with earnings per share of ₹3.36. Profit before other income, one-offs and tax grew 80.8%, so the profit growth came from the business itself. The tax rate of 11% is in line with its recent average.
On earnings per share of ₹10.14 over the last four quarters, the stock at ₹226.84 trades at 22.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹438 cr | ₹448 cr | ₹493 cr | ₹495 cr | ₹513 cr | ₹693 cr | ₹711 cr | ₹737 cr | ₹736 cr | ₹815 cr | ₹891 cr | ₹973 cr |
| YoY | — | — | +29% | +21% | +17% | +55% | +44% | +49% | +43% | +18% | +25% | +32% |
| EBITDA margin | 20.3% | 20.1% | 27.0% | 33.1% | 30.8% | 25.1% | 28.7% | 28.9% | 26.9% | 25.0% | 28.3% | 25.5% |
| Other income, % of PBT | 10% | 16% | 13% | 14% | 11% | 15% | 13% | 9% | 11% | 15% | 10% | 10% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 4% | 9% | 10% | 11% | 9% | 13% | 10% | 8% | 11% | 8% | 14% | 9% |
| Net profit | ₹87.0 cr | ₹85.0 cr | ₹121 cr | ₹146 cr | ₹128 cr | ₹145 cr | ₹181 cr | ₹186 cr | ₹170 cr | ₹187 cr | ₹202 cr | ₹202 cr |
| YoY | — | — | +70% | +78% | +47% | +71% | +50% | +27% | +33% | +29% | +11% | +9% |
| Core profit YoY | — | — | +60% | +81% | +52% | +82% | +50% | +31% | +36% | +23% | +22% | +9% |
| EPS | ₹2.05 | ₹1.96 | ₹2.77 | ₹3.36 | ₹2.93 | ₹3.28 | ₹4.15 | ₹4.26 | ₹3.95 | ₹4.32 | ₹4.62 | ₹4.52 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | 1 | 1 | ✓ | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
BLS International Services Ltd. reported revenue of ₹495 cr (+21.3% on the year) and net profit of ₹146 cr (+78.0% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved +80.8% on the year, against +78.0% for reported profit.
None of the 7 checks that could run raised a question.
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