Ladies and gentlemen, good day and welcome to BLS International Services Limited Q3 FY 2026 earnings conference call hosted by Ambit Capital Pvt Ltd. As a reminder, all participants' lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchscreen phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Moin Chandani from Ambit Capital. Thank you, and over to you, sir.
Good evening, everyone. On behalf of Ambit Capital, I would like to welcome you all to the Q3 FY 2026 earnings call for BLS International Services Limited. Joining us from the management today, we have Mr. Nikhil Gupta, Managing Director, Mr. Shikhar Aggarwal, Joint Managing Director, Mr. Amit Sudhakar, Chief Financial Officer, Mr. Loknath Panda, COO BLS E-Services Limited, and Mr. Gaurav Chugh, Head Investor Relations. I thank the management for the opportunity to host this earnings call. We now begin with opening remarks from Mr. Gaurav Chugh, after which the forum will be open for an interactive question-and-answer session. Thank you, and over to you, Gaurav.
Thank you, Moin. Good evening, everyone. Thank you for taking time out to join this call today. Before we begin, I would like to point out that some statements made in today's discussion may be forward-looking in nature. A disclaimer to this effect has been included in our earnings presentation shared with you earlier. I would like to invite Mr. Shikhar Aggarwal for his opening remarks, post which Mr. Amit Sudhakar will discuss the financial performance of the company. We will then open the floor for an interactive Q&A session. Over to you, Shikhar.
Good evening, everyone, and thank you for joining us on BLS International's Q3 and 9-month FY 2026 earnings call. We trust you had the opportunity to review the results, press release, and investor presentation. We are pleased to share that the company delivered a remarkable performance in Q3 and 9 months FY 2026. For the first months, 9 months of FY 2026 are consolidated revenue and PAT experienced a robust growth of 46% and 36% year-over-year, reaching INR 2,184 crores and INR 537 crores, respectively. This is nearly to the equivalent of the revenue of last year itself that we have achieved in 9 months. This performance was driven by higher application volumes, multiple contracts across major geographies, diversification of service portfolios, and consolidation of acquired business over the last few years.
Q3 FY 2026 was also a strong quarter for the company as revenue grew by 44% year-over-year, driven by healthy momentum across both our businesses. EBITDA for Q3 FY 26 increased 25% year-over-year, while PAT recorded a growth of 33% year-over-year, reflecting disciplined execution and operational efficiencies. Our visa and consular services business continues to witness strong growth traction in Q3 FY 26, while the revenue grew 20% year-over-year, and EBITDA increased by an impressive 28%. This growth highlights BLS's strong execution capabilities and positive impact of our successful transition from a business model from a partner-led to self-managed model. The number of application processes increased by 18% during Q3, rising to 10.7 lakh applications compared to 9.1 lakh in Q3 FY 2025.
Net revenue per application also improved by 19% to 3,383 in Q3 FY 2026 compared to 2,841 in Q3 FY 2025. We continue to expand our global footprint by winning newer contracts and renewing existing contracts during the quarter. The company secured a 5-year global contract from Slovak Republic to establish and operate visa application centers in over 80 countries. The company was also awarded a 3-year contract by the Ministry of External Affairs, Government of India, to establish an Indian visa application center in China. Further, the company also won a lot of new contracts from the Cyprus government in multiple countries like South Africa, China, Mongolia, etc. In addition to these new contracts, we renewed our mandate with the MEA, Government of India, to provide attestation and apostille services across 17 major cities in India. Our digital business also continued to witness significant momentum.
Revenue from digital service in Q3 FY 2026 more than doubled to INR 287 crores from INR 137 crores in Q3 FY 2025, registering a remarkable year-on-year growth of 109%. This is primarily on account of growth in BC and loan distribution business, along with increasing scale in assisted digital and citizen service offering. The company's asset-light and scalable operating model remained a key enabler of growth, supported by a wide and growing network of 151,000+ touchpoints and 45,800+ service channel partners. The BC business is witnessing significant traction with GTV generated increasing to INR 27,000 crores during the quarter as compared to INR 21,000 crores during Q3 FY 2025. In addition to this, the company also achieved a significant milestone of having INR 10,000 crore of aggregate bank balances in the bank account opened through BLS E-Services Channel.
The loan lead generation business is also witnessing strong traction as the company generated loan leads worth INR 9,700+ crore during the quarter, which has significantly increased from INR 2,900+ crore in the last quarter. Another key highlight for the digital business was winning a INR 100 crore project from the Government of Bihar for establishment of the permanent endowment centers for Bihar. This mandate complements the recently received order from UIDAI to operate Seva centers with aggregate value of around INR 2,000 crore. We are continuing to strengthen our technology across both our businesses by leveraging AI, advanced analytics, cloud platforms, and automation to enhance security, scalability, and performance while delivering smarter, faster, and more reliable digital solutions to customers and partners. Our continued investment in technology is helping us deepen trust with governments while strengthening our customer-first approach.
While the company is consistently growing, it has also followed a policy of rewarding its shareholders through the years by way of dividends. In line with this, the board has approved an interim dividend of 200% of face value, that is, INR 2 per equity share in the board meeting today. Before concluding, I would also like to speak on the recently announced budget, which offers an optimistic outlook for the travel and tourism sector. The budget demonstrates a strategic commitment to revitalizing this crucial industry with increased funding allocated for infrastructure development as well as support for setting up five regional medical tourism hubs. The inflow of tourists into the country is expected to increase. Additionally, the change in tax rates for overseas tourism packages, along with rising disposable income, are anticipated to lead to a growing number of overseas travelers into the future.
For BLS, as one of the largest global visa outsourcing players, these initiatives are encouraging and are expected to have a positive impact on the business. To conclude, the period ahead offers meaningful opportunities for BLS International as global mobility continues to normalize and governments increasingly rely on trusted partners for public service delivery. Our well-diversified presence across geography and service lines, expanding scale and priority markets, and a strong pipeline of engagement positions us to build on our momentum. Now, I'll hand over the call to Mr. Amit Sudhakar, our CFO, to walk you through the financial performance. Thank you. Amit?
Yeah. Yeah. Thank you. Thanks, Shikar. Good evening, everyone. I'm pleased to share the consolidated financial results for the third quarter and nine months ending December 31st, 2025. In Q3 FY 2026, our total revenue grew a strong 44% year on year to INR 737 crores, up from INR 513 crores last year. This came from steady growth in both our visa and digital businesses. EBITDA for the quarter rose 25% to INR 198 crores compared to INR 158 crores last year. The profit before tax was INR 191 crores, up 36% from INR 140 crores in the same quarter last year. Profit after tax grew by 33% to INR 170 crores from INR 128 crores in Q3 FY 2025. Now, looking at the nine-month consolidated financials for FY 2026, revenue increased to INR 2,184 crores, up 46% from INR 1,501 crores last year. Nine months EBITDA grew 35% to INR 615 crores from INR 455 crores last year.
Profit after tax was INR 537 crores, a 36% jump from INR 394 crores last year. We nearly hit last full-year numbers in just nine months, thanks to more visa applications and better operational efficiency. Coming to the segment highlights in visa and consular services for Q3 FY 2026, recorded revenue of INR 449 crores, up 20% from INR 376 crores last year. This was driven by 18% more application volume from 10.7 lakh per quarter this quarter versus 9.1 lakh last year. EBITDA rose by 28% to INR 180 crores, with a margin at 40% and an improvement of 275 basis points from a 37% margin last year. For nine months visa and consular service segment, revenue rose by 13% to INR 1,369 crores from INR 1,207 crores in nine months FY 25. EBITDA jumped by 35% to INR 558 crores, with margin improving to 41% from 34%, reflecting our focus on efficiency and profitability.
In digital business, Q3 revenue more than doubled to INR 287 crores from INR 137 crores. EBITDA for the quarter was at INR 18 crores. For nine months digital business segment revenue reached INR 815 crores, up from INR 293 crores in nine months FY 2025. EBITDA for the nine months FY 2026 was INR 57 crores compared to INR 42 crores last year. The company continues to generate strong cash flows and healthy balance sheets. Hence, the board has declared an interim dividend of INR 2 per share. With that, over to the moderator for questions. Thank you.
Thank you so much, sir. Ladies and gentlemen, we'll begin with a question and answer session. Anyone who wishes to ask a question may press star and one on their touchscreen telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. Our first question comes from the line of Vansh Solanki from RSP Inventure. Please go ahead.
Hi. Good evening, management. Am I audible?
Yes, you are. Please proceed ahead with the question.
Yeah. As we saw in this quarter, our visa applications grew very well to 17% YoY. Okay? And the management also talking from many quarters that many big contracts are coming globally for awarding. So my question on that, can you just say in the next one year or two year, which of the countries' contracts are going to renew and how much that will be worth company-wise? I know that there will be an opportunity of very big, but just company-wise, that in the next one or two year, which big company is going to give a big order?
Sure. As we have said that we have grown, our application volume has also grown by 19% this quarter, and we have already announced that we have won a lot of new contracts with different governments this quarter. So there are many governments which are coming out, and we are actively working on it as we regularly do. And as and when the results come, we announce that to the market.
Okay. The second question is on employee expense. This quarter, the employee expense grew significantly from QoQ FY 2024, it was INR 108-INR 123. So is there any one-off for the expenses due to the UIDAI centers, I assume?
Yes. I think this is primarily because of the UIDAI.
So this will be from the normal range from now on, right? This will continue in the future also? There is no one-off?
You can just.
Okay. And just one, a bookkeeping question. Can you just give a revenue of ASPL, Citizenship Invest, iDATA? And also in this quarter, we will have a revenue for UK hotel also. So can you just point the number of these four?
Which one? .
Hello?
Hi. Hi. Which are the companies you're talking about?
ASPL, Citizenship, iDATA, and U.K. hotel we have acquired last quarter.
Adi Fitness, about INR 200 crore was the revenue. Citizenship Invest is about INR 12 crore. And third one, U.K. Hotel is about INR 11 crore.
Okay. And iDATA?
iDATA is about INR 70 crore.
70 crore. Okay. And are you going to continue the visa application? I do see that travel is going on. So the 15% growth you have mentioned for the FY 2026, will it be continued to FY 2027 and 2028 also?
Yeah. We have already said that we will next five years, our target is to achieve 22%-25% growth.
Okay. No problem. Thank you, and best of luck for the future.
Thank you. Our next question comes from the line of Shreya Kejriwal from Money Investor Wealth Management. Please go ahead.
Yeah. Good evening, sir. Congratulations on the great result. I want to understand the revenue growth split between organic and inorganic, and also regarding the EBITDA margin. As I see that it has been contracted on year-over-year basis. So could you elaborate what's the key driver behind this and how we should think about the margin normalization going ahead?
Amit, you can take this.
Yeah. The organic growth has been in the range around 26% in the current quarter.
The inorganic growth? The second question, the 26%. Yeah. The 26% you're talking about the inorganic, right?
Mean organic.
Okay. And my second question was regarding the EBITDA margin. Hello, sir. Am I audible?
Yeah. We can hear you.
Yeah. So my second question was regarding the EBITDA margin. As I see that on year-over-year, this is the margin has been contracted. So what's the key driver behind this? How should we think about the margin normalization going forward?
As we have explained it in our last call also, the sales mix has changed a little bit because of visa business. We have improved our margins YoY. If you see the segment results.
Yes, sir.
The digital business, the growth has been more than in the digital business, the growth has been more than 100%. There, the margins have contracted because of Adi Fitness, which is our lower EBITDA margin business.
Okay, sir. That was helpful. Thank you, sir.
Thank you. Our next question comes from the line of Varun Subramanian from Ascent Capital. Please go ahead.
Hey, guys. Great numbers. Just a couple of things on the consular services business. I see that if I just compare the nine-month numbers for FY 2025 versus 2026, I think the revenue has come from around INR 440 crores to INR 280 crores. It's actually low growth in that piece, right? 10% of visa revenue, essentially. So if you could just talk about that business, firstly, is that number correct? Secondly, what is the revenue model there? Who are your customers? Is it only India or is it outside India as well? And also, why it's going down and what the margin profile looks like for that because it looks like your margin profile is improving as that revenue share is reducing.
Amit, you can answer because I didn't understand what revenue you're talking about.
Yeah. Our margins have been improving in visa business.
No. Okay. Let me explain. See, if you're in your visa and consular business, you have the net revenue that's coming from visa applications. That number has been steadily going up, right? So if I take your total visa and consular revenue and subtract that, you understood it now? Hello?
We missed out.
Okay. I'm saying that if you take your total visa and consular services revenue, right, and you subtract the visa revenue, which is your net revenue per application revenue, right, that is the consular revenue, correct? Now, that consular revenue has been coming down.
Okay. So there's a difference between the revenue and the net revenue is basically the cost of services that we exclude or we reduce. There is no separate revenue of visa or consular services. It's all clubbed into one.
Okay. So the way we should look at revenue is only the net revenue should be looked at. The gross revenue is typically including the cost of service, basically. And your 40% EBITDA margin is 40% EBITDA margin is on yeah.
So see, if you look at our Visa revenue and you reduce the cost of services, which is a direct services cost, then that is the net revenue.
Okay. And so where does the consular revenue get booked?
This is part of it. The visa and consular is one single segment.
We don't report separately visa and consular services separ ately. It's part of that.
No, but then if I just do number of applications into net revenue per application, so you're grossing up the consular revenue into the net revenue per application. Is that understanding correct?
So that's what I'm trying to tell you, that the visa and consular services is a single segment that we report. We don't separately report visa and consular separately. So if you look at our INR 449 crore of revenue in the visa segment, this is both for visa and consular services. EBITDA of INR 180 crore of 40% is for both the businesses together.
Yeah, exactly. So within that, is the visa revenue INR 362 crore or is that just the net revenue for the entire segment?
Okay. I can explain to you. INR 449 crore is the revenue from operations of the visa and consular services.
There are certain costs of services that we have to incur. This is basically if you look at we have certain at certain places, we have partner models. We have to pay to a partner. We have to pay to certain vendors. Net revenue is the actual revenue that comes to my kitty after paying off various costs, direct costs. INR 362 crore is the net revenue for me.
You can indirectly look at a gross profit.
Gross profit.
Gross profit of the business. Whatever the direct cost we reduce, that is the net profit we get.
Okay. Understood. Understood. That means your cost of services have been coming down. That's because of your own model, the shift to own model.
Absolutely. Exactly. Exactly. Therefore, the employee cost is going up and the others.
Understood. Okay. Okay. That's helpful. Cool. Nothing else on my side. Thanks.
Thank you.
Thank you. Our next question comes from the line of Shikha Mehta from Time and Tide Advisors. Please go ahead.
Hello. Good evening, sir. Am I audible? Can you hear me?
Yes, we can.
Yes. I actually just had one question regarding all our acquisitions. A, do we have acquisitions planned in the future, going forward? Do we have a pipeline of companies we are looking to acquire? And B, internally, do we have an IRR we want to make as BLS on companies acquired by us?
I think on the first part, I can answer that as you have seen, we've been acquiring companies in the last few years. Last year, it said we spent around INR 1,300 crore-INR 1,400 crore on acquisitions. And again, the synergy has just started to come in. We've combined those offices, etc. And so I think definitely we have a M&A team. We are constantly looking at opportunities, but we need to we are very conservative in the kind of companies we want to buy. It gives us long value addition. Regarding the IRR.
Can you elaborate on conservative? Sorry. When you say we are extremely conservative, you mean on a valuation front? You mean on the kind of companies we look to acquire?
I meant on synergies. We look at only allied services, visa counselor, or government services business, which can provide synergies to our business. The valuations are healthy. We can grow the business quickly. From our existing offices, we can synergize. There can be cost reduction, etc. So those are the couple of parameters that we look at before buying.
So then the U.K. acquisition we did, I don't think that actually synergizes with our business, right? So what was the thought process there?
We have already answered that in the last investor call also, about that acquisition, that we are wanting to get into allied services. That was one of the things that we did. Going forward, to utilize the experience as we want to get into more travel services. Going forward, we want to get into hotel management kind of experience where there is no upfront CapEx deployment.
Is the understanding correct that if we find another possible acquisition in hotel management at a good valuation, we would look to acquire, or is this a one-off?
No. No. No. As we have explained that last time also, that this was that we did to understand experience, gain experience, and now we utilize that experience to get into management contracts or asset-heavy models.
Understood. Yeah, sir. Lastly, on the IRR generated to BLS as an investor in these acquired companies, what range do we look at?
Amit, we look at the ROI, at least in double digits, minimum to get a return. Especially when it's outside India, that is quite a decent return which we are looking at.
So, say, on iDATA or Aadifidelis, etc., we look at getting double-digit returns over a longer-term period of time as a company that has invested in these businesses.
That's right.
So, I mean, is it possible for you to give a payback period or something of sorts? Because we have a very large goodwill on our books. And if you give a payback period, maybe even ballpark on the three, four companies we've acquired recently, it would help us understand your thought process much better.
Currently, what we have acquired, they all have a payback between five-seven years.
five-seven years. Oh, okay. Understood.
Thank you. Our next question comes from the line of [Mehul Panjwani] from [40 Cents ]. Please go ahead.
Yeah. Thank you so much for the opportunity. Sir, I'm new to our company. So I would like to understand what all entails in the digital services, what all services come under our digital offerings?
So in digital offerings, we have basically currently three verticals. One is the business correspondent, which is the banking, wherein we provide the last-mile banking. Then we have a loan distribution company which we acquired last year. And the third is the e-governance where we provide we call it G2C, government to citizen. We provide services on behalf of the government to the citizens. So these are the three verticals we have.
Sir, please correct me if I'm wrong. Sir, BLS E-Services, which is again a listed arm, is that catering to all the digital services, or is that wrong understanding?
No, that's correct. That is the one which is providing all the three services.
Okay. Okay. Okay. Thank you so much, sir.
Thank you. Our next question comes from the line of Atharv from Sonar Capital. Please go ahead.
Hello, sir. The geographies or visa categories are currently seeing the strongest growth for BLS. Do you expect this trend is continuing over the next quarter or the next year also?
See, globally, all the geographies for us are growing. We have seen good growth coming in from the Middle Eastern market, the South Asian, East Asian market, India, China, Latin American countries. Definitely, the trend we see continuing. Going forward, definitely, there is some war that is happening between Russia and Ukraine that gets streamlined, which there is hopes and definitely we'll see a good growth in volume coming from that region as well. Because pre-COVID, that was a very big volume for us, pre-war. But I think after this ends, probably the volumes if they come back, then that could be a very big reason.
Okay. So now India and Europe trade deal is almost done. So do you expect some more volumes from Europe also?
It's too soon. As you know, the trade deal was announced, but it will take time for it to get ratified by different bodies in Europe. But definitely, there will be a jump in the relationship between Europe and India. And definitely, we see that volumes could increase in the future because of that.
Okay, sir. That's all from my side.
Thank you. Our next question comes from the line of Siyaa Deshmukh from Pune E-Stock Broking Limited. Please go ahead.
Hello? Am I audible?
Yes, ma'am, you are.
So I had two questions. The first was, Slovak Republic contract and iDATA acquisitions can contribute what kind of value in the top-line terms? And the second was, which quarter can be considered strongest for the company?
Amit, you want to answer that, or we cannot tell those numbers?
See, volumes, you'll be able to know once these contracts have been acquired. But quarter-wise, Q1 and Q4 and Q1 are the ones which are the highest volumes and revenues we get.
Okay. Sure. Thank you.
Thank you. Our next question comes from the line of Abhijeet from PI Assets. Please go ahead.
Thanks for the opportunity. I hope I'm audible. Regarding the Slovak Republic contract, should we expect a temporary margin compensation due to consolidated expenses before the centers reach optimum utilization?
We will be utilizing a lot of centers from our existing centers as well across the world. So there will be economies of scale. So definitely, initially, in any contract that we win or deploy in different countries, there is an investment. But after that, it is quite streamlined.
There was a mention of AI in the industry presentation. How are you leveraging AI, and can you quantify the impact AI had on your bottom line in the last quarter?
See, it's very difficult to quantify right now kind of savings that we have made. But we have implemented AI in a very practical manner in different departments of the organization, right, from HR to call center to customer engagement. So our answer percentage has increased. A lot of calls have been picked up. Quality has improved. Our recruitment has become better. We are able to recruit more people faster. Very difficult to quantify in terms of costs, but we definitely have cost savings that we have seen in terms of some of the angles. But I think it's too soon to quantify exactly the number.
But there will be savings, right?
Correct. Not only savings, there will be also efficiency. Yeah.
Okay. And lastly, I just wanted to get your views on the reason behind allocation of capital and management bandwidth to the digital segment because it effectively dilutes the consolidated margin profile. Also, regarding this, how do you see the mix of visa and digital services over the next two years?
See, as you have said, that this was because of one of the acquisitions that we did of Aadifidelis Solutions, which is at a 3% EBITDA margin. The digital business definitely is growing. And as we see that we can add more services to that loan business, more margin will come in. So we definitely feel the mix will maintain because we see major growth coming in both the segments of the business.
Do you foresee margin expansion in the digital services?
I mean, visa business also, if you see the margin has expanded to upwards of 40% now in the last few years. So definitely, we see a growth in the future in the digital business as well. But right now, as and when we introduce more value-added services and salary services, we will see a growth.
That's right. The reason I was asking is that because the contribution of visa segment itself is coming down gradually. So even if the margin has expanded to, say, 30% or 40%, the net impact on the blended margin, I mean, it's not that meaningful simply due to the fact that there is severe margin contraction happening in the digital services.
Yeah. Amit, I think what we have discussed is that this was the acquisition that we did to enhance the company. And I think we are very happy with that because going forward, we can grow that company from our existing centers and Zero Mass. So definitely, we feel that whatever is achieved now will maintain, and our target is to improve as well.
Got it. That's from my end. Thank you.
Thank you. Our next question comes from the line of Viren Deshpande from Alphapeak Investment. Please go ahead.
Hello, sir. Congratulations for the good set of numbers. The digital services you explained have been doing quite well and all those things. That is good. Actually, as you explained that, the salaries and employee benefits have gone up now almost by more than 50% year-over-year. So what will be the percentage of the if you take the blended level of our turnover is about INR 740 crores in this quarter, and the employee cost is INR 123 crores? So what do you expect to be the normalized employee cost going forward?
So, see, if you see our last year audited numbers, our employee cost was about 14.75%. Now our nine-month is about 15.5%. So overall, if you see, we are in that range of 15% employee cost.
Okay. It will be similar. Because of this UIDAI or BR and all those things which what we are doing, that is not going to increase it significantly.
No, no. See, we have got people on board, and revenue will start coming now from this quarter onwards.
Okay. Okay. But as you mentioned, it will be in the range of around 15%, 14.5%-15%, similar to the last year's level. Okay. And secondly, what are the cash and cash equivalent at the end of this quarter?
About INR 1,400 crore.
Okay. What was it last quarter?
It was about 12 something, 1,290 or something.
Okay. So there is an accretion of about INR 100 crore for now. Okay. And these Chinese operations, which are what we have been allowed by the Ministry of External Affairs to set up offices across China for this purpose, has the work started there? And because there is expected to be a lot of exchange between India and China, which had been halted post-COVID, etc., so do you see a good significant revenue coming from that Chinese operations? Hello?
Yeah. We see a good jump in revenue in the future.
Okay. Because exclusively, we will be operating from Indian side.
Correct. Correct.
Okay. So that will be a good booster for us. Okay. Thank you, sir. All the best.
Thank you.
Thank you. Our next question comes from the line of Ikshit Naredi, an individual investor. Please go ahead.
Am I audible?
Yes, you are.
So, sir, good evening. I hope you heard the name of a company called Atlys. So the new-age business like Atlys, who gives hassle-free visa services in India of almost all the countries. And personally, I even tried that, and they did a great job. So what negatives and positives will have on our business from these types of service businesses? Can you please elaborate on this?
See, we are in the business of exclusive government contracts, wherein anyone who has to apply for a visa for the governments we work for will have to go through us. So any company, any travel agent, any travel agent or any startup or any company that works in the visa domain has to go through one of the providers, us or our competitors, for applying for any visa. So we are in the business of exclusive outsourcing, and that is what we are focused on.
Okay. My second question is, on slide 10, it's mentioned that your digital services margin drastically reduced from 14.2%-7%. Can you please explain about that?
Amit, you can explain that. Yeah. As we explained earlier, this is because of the Aadifidelis, the new acquisition we did last year. And there, the margins are around 3%-4% EBITDA margins. So that mix has changed the overall percentage.
Okay. Okay. Okay. Thank you. Thank you so much, sir.
Thank you. Our next question comes from the line of Varun Subramanian from Essent Capital. Please go ahead.
Thanks for taking my question again. I have one question on the e-visas. So I just wanted to check in terms of when you go to governments or embassies to renew contracts, have they been discussing implementing e-visas as a process instead of the manual process, one? And what part of that process will necessitate people to still come to an embassy? Maybe the biometrics part is one that stands out. But if you could just walk me through what an e-visa process would look like, let's say, if someone Nepal who's a large customer for us now or a source of income moves to exclusively e-visa for their visa application process, how would that affect our business? How would we still play a role, and what would be the revenue impact according to you?
I think if you do your research and you see that in Europe, they have announced in the next few years, they are also digitizing part of the process. So that will lead to an increase in volume for us itself. And people will have to still come to the centers to give the biometrics. So it is only part of the process that we will only handle will be digitized. So all the governments that we are working for, the numbers will grow in the near future. And the governments who handle the capacity better, they want to digitize part of the process where we will be digitizing it for them. Certain applications will come in that category. All will be processed through us. So we see the new technologies that are coming in the future as enhancing our business. Biometrics was not there five, seven years back.
It got reduced 7 years back. So definitely, we feel that we have a very good grip on the market, and we are in touch with the governments. We feel that going forward itself, we will see good growth in numbers, as you can see, more volumes coming in. And we are adopting whatever technology is coming on.
In case of, let's say, a renewal, so would that not require that didn't require?
No, no. That does not.
The customer will still have to come to a BLS center. That's the main point.
Correct.
Okay. That's very helpful. Thanks. That's nothing else for me.
Thank you. Ladies and gentlemen, due to the time constraint, that was the last question for today. I would like to hand the conference over to the management for the closing comments. Thank you, and over to you, team.
Thank you, everyone, for joining this call today. If you have any further questions or clarifications, you can reach out to Gaurav Chugh or EY team. Thank you so much. Have a good weekend.
Thank you so much, sir. Ladies and gentlemen, on behalf of BLS International Services Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.