BLS International gains 9% on acquiring the business correspondent of SBI

BLS International gains 9% on acquiring the business correspondent of SBI

by 5paisa Research Team Last Updated: Dec 13, 2022 - 12:51 am 26k Views
Listen icon

It’s an all-cash acquisition amounting to Rs 120 crore.  

BLS International, engaged in travel services like visa, passport, biometric, etc has been trending on Dalal Street as it has rallied by about 9% from its previous close of Rs 177.10. The scrip opened at Rs 178.40 and made a day’s high of Rs 196(+10.7%). At 3:00 pm on 9th June, the stock was trading at Rs 192.90.

The company has announced an acquisition of the largest business correspondent (BC) in the country - Zero Mass Private Ltd (“ZMPL”). According to the company’s press release, ZMPL has been operating the largest BC network for State Bank of India (“SBI”) with around 11,500 active CSPs (15% of all the SBI BCs). The company has a pan-India presence with CSPs located across all States and Union Territories of India. Through this acquisition, BLS International intends to expand and consolidate its BC Business. It will now become the largest business correspondent in India.

BLS International has agreed to acquire 100% equity shares of ZMPL for an equity consideration of Rs 120 crore, including the entire equity stake of 63.94% held by Anurag Gupta (main promoter). Pursuant to the transactions already completed, BLS International now owns an 88.26% equity stake in ZMPL. State Bank of India continues to hold a 6.83% equity stake in ZMPL. 

Talking about its recent quarterly results, in Q4FY22, revenue grew by 75.59% YoY to Rs 253.84 crore from Rs 144.56 crore in Q4FY21. On a sequential basis, the top-line was up by 11.8%. PBIDT (Ex OI) was reported at Rs 35.04 crore, up by 246.87% as compared to the year-ago period and the corresponding margin was reported at 13.8%, expanding by 681 basis points YoY. PAT was reported at Rs 35.2 crore, up by 53.2% YoY.

BLS International Services Ltd is a partner for governments and citizens, having an impeccable reputation for setting benchmarks in the domain of visa, passport, consular, citizen, e-governance, attestation, biometric, e-visa and retail services since 2005.

The stock has a 52-week high of Rs 207 and a 52-week low of Rs 61.03.

Share Market Today

How do you rate this article?

Start Investing in 5 mins*

Rs. 20 Flat Per Order | 0% Brokerage


About the Author

Our research team is composed of some highly qualified research professionals, their expertise range across sectors.


Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.
Enjoy 0%* Brokerage with 5paisa
Resend OTP
Please Enter OTP
Mobile No. belongs to

By proceeding, you agree to the T&C.

Latest News
Dynacons Systems & Solutions Share Price Soars 83% in 15 Sessions, Surges 340% in a Year

Dynacons Systems & Solutions, an Indian-based IT company, experienced a substantial surge in its share value with shares rising 83.50% in 15 trading sessions and 340% in one year, driven by heightened investor sentiment follow

8 FPIs Settle Alleged Adani Stock Violations with SEBI

More than half a dozen foreign portfolio investors (FPIs) that owned substantial stakes in Adani Group firms are looking to settle securities violation matters with markets regulator SEBI, said people familiar with the matter.