BLS INTERNATIONAL LTD (NSE: BLS) Q3 2026 Earnings Call dated Feb. 06, 2026
Corporate Participants:
Mr. Gaurav Chugh — Investor Relations
Shikhar Agarwal — Joint Managing Director
Amit Sudhakar — CFO
Analysts:
Mr. Moishe Chandani — Analyst
Stolen key — Analyst
Shreya Kejriwal — Analyst
Varun Subramaniam — Analyst
Shikha Mehta — Analyst
Mehul Panjwani — Analyst
Atharva — Analyst
Deshmukh — Analyst
Abhijit — Analyst
Viren Sameer Deshpandi — Analyst
Ikshit Nari — Analyst
Varun Subramanian — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to BLS International Service Limited Q3NFY 26 earning conference call hosted by Ambit Capital Pvt LTD. As a reminder, all participant line will be in the listen only mode. And there will be an opportunity for you to ask questions after the presentation. Conclude, should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Moishe Chandani from Ambit Capital. Thank you. And over to you sir.
Mr. Moishe Chandani — Analyst
Good evening everyone. On behalf of Ambit Capital, I would like to welcome you all to the Q3FY26 earnings call for BLS International Services Limited. Joining us from the management today we have Mr. Nikhil Gupta, Managing Director. Mr. Shikhar Agarwal, Joint Managing Director. Mr. Amit Sudhakar, Chief Financial Officer. Mr. Lokhnath Panda, COO BLS E Services Limited and Mr. Gaurav Chug, 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 post which the forum will be open for an interactive question and answer session.
Thank you. And over to you Gaurav.
Mr. Gaurav Chugh — Investor Relations
Thank you. Moes. 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. And a disclaimer to this effect has been included in our earnings presentation shared with you earlier. I would like to invite Mr. Shikar Agarwal 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 and A session. Over to you Shikhar.
Shikhar Agarwal — Joint Managing Director
Good evening everyone and thank you for joining us on BLS International’s Q3 and nine month FY26 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 FY26 for the first months. 9 months of FY26 are consolidated revenue and PAC experienced a robust growth of 46% and 36% year on year reaching 2,184 crores and 537 crores respectively. This is nearly to the equivalent of the revenue of last year itself that we have achieved in nine months.
This performance was driven by higher application volumes, multiple contract wins across major geographies, diversification of service portfolios and consolidation of acquired business over the last few years. Q3FY26 was also a strong quarter for the company as revenue grew by 44% year on year driven by healthy momentum across both our businesses. EBITDA for Q3 FY26 increased 25% year on year while PAT recorded a growth of 33% year on year reflecting disciplined execution and operational efficiencies. Our visa and counselor service business continues to witness strong growth traction in Q3 FY26 while the revenue grew 20% year on year, our EBITDA increased by an impressive 28%.
This growth highlights BLS strong execution capabilities and positive impact of our successful transition from a business of a business model from a partner led to self managed model. The number of application process increased by 18% during Q3 rising to 10.7 lakh applications compared to 9.1 lakh in Q3FY25. Net revenue per application also improved by 19% to 3383 in Q3FY26 compared to 2841 in QC. FY25 we continue to expand our global footprint by winning newer contracts and renewing existing contracts. During the quarter the Company secured a five year global contract from Slovak Republic to establish and operate visa application centers in over 80 countries.
The company was also awarded a three year contract by the Ministry of Government of India to establish Indian Visa application Center in China. Further, the company also won 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 MEA Government Government of India to provide attestation and apostle services across 17 major cities in India. Our digital business also continued to witness significant momentum. Revenue from digital service in Q3FY26 more than doubled to 287 crore from 137 crore in Q3FY25 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 plus touchpoints and 45,800 plus service channel partners. The BC business is witnessing significant traction with GTV generated increasing to 27,000 crore during the quarter as compared to 21,000 crores crore during Q3FY25. In addition to this, the company also achieved a significant milestone of having rupees ten thousand crore of aggregate bank balances in the bank amount opened through BLSC services channel.
The loan lead generation business also witnessing strong traction as the company generated loan leads worth 9,700 plus crore during the quarter which has significantly increased from 2,900 plus crore in the last quarter. Another key highlight for the digital business was winning a 100 crore project from government of Bihar for establishment of the permanent enrollment centers for this mandate complements the recently received order from UIDI to operate Seva Kendras with aggregate value of around 2000cr. We are continuing to strength our technology across both our business 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 rewarding its shareholders through years by way of dividends. In line with this, the board has approved an interim dividend of 200% of face value I.e. rupees 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 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 risable disposable income are anticipated to lead in 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 partner for public service delivery. Our well diversified presence across geography and service lines, expanding scale in priority markets and a strong pipeline of engagement positions us to build on our momentum.
Now I’ll handle over the call to Mr. Amit Sudhakar, our CFO to walk you through the financial performance. Thank you. Amit.
Amit Sudhakar — CFO
Yeah, yeah. Thank you. Thanks Jagat. Good evening everyone. I’m pleased to share the consolidated financial result for the third quarter and nine months ending December 31, 2025. In Q3FY26, our total revenue grew from 44% year on year to rupees 737 crore up from rupees 513 crore last year. This came from steady growth in both our visa and digital businesses. EBITDA for the quarter rose 25% to rupees 198 crore compared to rupees 158 crore last year. The profit before tax was rupees 191 crore up 36% from rupees 140 crore in the same quarter last year. Profit after tax grew by 33% to rupees 170 crore from 128 crore in Q3 FY25.
Now looking at the nine month consolidated financials for FY26, revenue increased to rupees 21. 84 crore up 46% from 1501 crore last year nine months. EBITDA grew 35% to rupees 615 crore from 455 crore last year. Profit after tax was rupees 537 crore, a 36% jump from 394 crore last year. We nearly hit last full year numbers in just nine months thanks to more visa applications and better operation efficiency coming to the segment highlights in visa and consular services for Q3 FY26 recorded revenue of rupees 449 crore up 20% from 376 crore 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 rupees 180 crore with a margin at 40%, an improvement of 275 basis points from 37% margin last year. For nine months, visa and counselor service segment revenue rose at 13% to rupees 1,369 crore from 1207 crore in nine months. FY25 EBITDA jumped by 35% to rupees 558 crore with margin improving to 41% from 34%. Reflecting our focus on efficiency and profitability in digital business, Q3 revenue more than doubled to rupees 287 crore from rupees 137 crore. EBITDA for the quarter was at 18 crore for nine months. Digital business segment revenue reached to rupees 815 crore up from 293 crore in nine month FY25.
A beta for the nine month FY26 was 57 crore compared to rupees 42 crores last year. The company continues to generate strong cash flows and healthy balance sheet. Hence the board has declared an interim dividend of rupees two per share with the. With that over to the moderate for questions. Thank you.
Questions and Answers:
operator
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 touch on telephone. If you wish to remove yourself from the question queue, you may press star and two participants are request to use handsets while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. Our first question come from the line of one stolen key from RSP and Venture. Please go ahead.
Stolen key
Hi, good evening management. Am I audible?
operator
Yes you are. Please proceed right with the question.
Stolen key
Yeah. So as we saw in this quarter our visa applications grow very well to 17 yoy. Okay. And the management also talking like many from many quarters that many big contracts are coming globally for awarding. So my question on that that can you just say in next one year or two years which of the countries contracts are going to renew and how much debt will be worth like company wise I know that there will be opportunity of very big but just the company wise that in next one or two years which big company is going to give a big order?
Shikhar Agarwal
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.
Stolen key
Okay. And the second question is on employee expense this quarter the employee expense grew significantly from like QQFICE it was 108 to 123. So is there any one offer these the expenses due to the UIDI centers I assume?
Shikhar Agarwal
Yes, I think this is primarily because of the uidi.
Stolen key
So like this will be from the normal range from now on, right? This will continue in the future also there is no one off. Okay. And just one of a bookkeeping question. Can you just give a revenue of ASPL citizenship 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? Hello.
Amit Sudhakar
Which other companies are talking about ASPL.
Stolen key
Citizenship Idata and the UK hotel we have acquired last quarter.
Shikhar Agarwal
So adi Fiddlers about 200 crore was a revenue. Citizen Invest is about 12 crores. And third one UK hotel is about 11 crores.
Stolen key
Okay. And Idita.
Shikhar Agarwal
Data is about 70 crores.
Stolen key
70 crores. Okay. And are you going to continue the visa application? If you see there’s a travel is going on. So the 15 growth you have mentioned for the FY26. Will it be continued to FY27 and 28 also?
Shikhar Agarwal
Yeah, we have already said that we will next five years. Our target is to achieve, you know 20 to 25 growth.
Stolen key
Okay. Thank you and best of luck for the future.
operator
Thank you. Our next question comes from the line of Shreya Kejriwal from Moneyvester Wealth Management. Please go ahead.
Shreya Kejriwal
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 on basis. So could you elaborate like the. What’s the key driver behind this and how we should think about the margin normalization going ahead.
Shikhar Agarwal
Amit, you can take this.
Amit Sudhakar
Yeah. So the organic growth has been in the range around 26% in the current quarter.
Shreya Kejriwal
The inorganic growth. The second question. The 26. Yeah, the 26%. You’re talking about the inorganic. Right. Okay. And. And my second question was regarding the er. Margin. Hello sir, am I audible?
Shikhar Agarwal
Yeah, we can hear you.
Shreya Kejriwal
Yeah. So my second question was regarding the EBITDA margin. As I see that on year. On year basis the margin has been contracted. So like what’s the key driver behind this? Like how should we think about the margin normalization going forward?
Amit Sudhakar
So as we have explained it in the last call. Also the sales mix has changed a little bit because of Vita business. We have improved our margins by a while. If you see the segment results. Yes, the growth has been more than in the digital business. Growth has been more than 100% there. The margins have contracted because of Adi Fiddlers which is at a lower EBITDA margin. Business.
Shreya Kejriwal
Okay, sir, that was helpful. Thank you, sir.
operator
Thank you. Our next question come from the line of Varun Subramaniam from Essencapital. Please go ahead.
Varun Subramaniam
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 FY25 versus 26. I think the revenue has come from around 440 crores to 280 crores. It’s actually DE growth in that piece. Right. EXO visa revenue, essentially. So if you could just talk about that business. Is there a. Firstly, is that number correct? Secondly, what is the revenue model there? Why 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.
Shikhar Agarwal
Amit, you can answer because I didn’t understand what revenues you’re talking about.
Amit Sudhakar
Yeah, margins have been improving in. In visa business.
Varun Subramaniam
Okay, let me. Let me explain. See, if you. Look, 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 consider revenue and subtract that. You understood right now. Hello. 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 a. That is a consular revenue. Correct. Now that consular revenue has been coming down. Okay.
Amit Sudhakar
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.
Varun Subramaniam
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.
Shikhar Agarwal
Yeah.
Amit Sudhakar
See, if you look at our visa revenue and you reduce the cost of. Services, which is a direct service cost. Then that is the net revenue.
Varun Subramaniam
Okay. And so where does the consular revenue get booked?
Amit Sudhakar
Part of it. The Visa and Counselor is one single segment.
Shikhar Agarwal
We don’t report separately. Visa and Consular Services, you know, separately. It’s part of that.
Varun Subramaniam
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.
Amit Sudhakar
So that’s what I am trying to, you know, tell you, that the Visa and Consular Services is a single segment that we report. We don’t separately report Visa and Counselor separately. So if you look at our 449crores of revenue in the visa segment, this is both for Visa and consular services. EBITDA. 180 crores or 40% is for both. The. Both the businesses together.
Varun Subramaniam
Yeah, exactly. So within that is the visa revenue. 362. Or is that just the net revenue for the entire segment?
Amit Sudhakar
So Okay, I. I can explain you. 449 crores is the revenue from operations of the visa and consular services. There are certain cost of services that we have to incur. This is basically, you know, if you look at. We have certain. At certain places we have partner models. So we have to pay to a partner, we have to pay to certain vendors. So net revenue is the actual revenue that comes to my kitty after paying off various cost associated direct cost. So362core.362crores is the net revenue for me.
Shikhar Agarwal
You can indirectly look at like a gross. Gross profit. Gross profit of the business. Whatever the direct cost, we reduce.
Varun Subramaniam
Understood? Understood. So that means your cost of services have been coming down. That’s because of your own model. The shift to own model. Understood. Okay. Understood. Okay. Okay. That’s helpful. Cool. Nothing else on my side. Thanks.
Shikhar Agarwal
Thank you.
operator
Thank you. A next question come from the lineup. Shikha Mehta from Time and Tide Advisors. Please go ahead.
Shikha Mehta
Hello. Good evening, sir. Am I audible? Can you hear me?
Shikhar Agarwal
Yes, we can.
Shikha Mehta
Yes. So I actually just had one question regarding. Regarding all our acquisitions. So A, do we have acquisitions planned in the future, you know, 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?
Shikhar Agarwal
I think on the first part I can answer that. As you have seen, you know, we’ve been acquiring companies in the last few years. Last year it said we spend around 13 to 1500 crores on acquisitions. And again, you know, the synergies have started to come in. We’ve combined those offices, etc. And so I think definitely, you know, we have a team, we are constantly looking at opportunities. But we need to be very conservative in the kind of companies you want to buy. It gives us long value addition.
Shikha Mehta
Regarding the ir, 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 looked at.
Shikhar Agarwal
Like I meant on synergies. You know, we look at only allied services, visa counselor or government services business which can provide synergies to our business. You know, the valuations are healthy. You know, we can grow the business quickly. We can from our existing offices we can synergize, there can be cost reduction, etc. So those are the couple of parameters that we look at.
Shikha Mehta
So then the UK acquisition we did, I don’t think that actually synergizes with our business. Right. So what is that?
Shikhar Agarwal
We have already answered that in the last investor call also about that acquisition that we are wanting to get into allied services and that was a one off thing that we did and going for, you know, to utilize the experience. As you know we want to get into more travel services and going forward we want to get into hotel management kind of experience where there is no upfront capex deployment.
Shikha Mehta
So 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?
Shikhar Agarwal
No, this is no. As we have explained that last time also that this was that we did to understand experience, gain experience and now we’ll utilize that experience to get into management contracts not in asset heavy.
Shikha Mehta
Understood? Yes sir. And lastly on the IRR generated to BLS as an investor in these acquired companies, what do we look, what range do we look at.
Shikhar Agarwal
The ROI at least in double digit minimum to get a return and especially when it is outside India that is quite a decent return which we are looking at.
Shikha Mehta
So say on Idata Adifid list etc, we look at getting double digit return over a longer term period of time as a company that has invested in these businesses.
Shikhar Agarwal
That’s right.
Shikha Mehta
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, you know the three four companies we’ve acquired recently it would help us understand your thought process much better.
Shikhar Agarwal
So currently what we have acquired they are all have a payback between five to seven years.
Shikha Mehta
Five to seven years. Oh okay, understood.
operator
Thank you. Our next question come from the line of Mehul Panjwani from 40 Cent. Please go ahead.
Mehul Panjwani
Yeah, thank you so much for the opportunity. Sir, I’m new to our company so I would like to understand what water entails in the digital services. What all services come under our digital offerings.
Shikhar Agarwal
So in digital offerings we have basically currently three verticals. One is a business correspondent which is a 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.
Mehul Panjwani
And sir, please correct me if I’m wrong. BLF E services which is again a listed arm is is that catering to all the digital services or is that wrong understanding?
Shikhar Agarwal
No, that’s correct. That is the one which is providing all the three services.
Mehul Panjwani
Okay. Okay. Okay. Thank you so much.
operator
Thank you. Our next question comes from the line of Atharva from Sonar Capital. Please go ahead.
Atharva
Hello sir. The which geographies or visa categories are currently seeing the strongest growth for bls and do you expect this trend is continuing over the next quarter or the next year also.
Shikhar Agarwal
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, you know, the trend we see continuing going forward if definitely there is some, you know, war that is happening between Russia and Ukraine, that gets streamlined, which there is hopes and definitely we will 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 region.
Atharva
Okay, so now India and Europe trade deal is almost done. So do you expect some more volumes in from Europe also?
Shikhar Agarwal
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, you know, jump in the relationship between Europe and India. And definitely we see that volumes could increase in the future because of that.
Atharva
Okay, so that’s all from my side.
operator
Thank you. Our next question come from the line of Sia Deshmukh from Pune e Stock Broking Ltd. Please go ahead.
Deshmukh
Hello. Am I audible?
operator
Yes ma’, am, you are.
Deshmukh
So I had two questions. The first was Slovik contract and MBA international acquisition can contribute what kind of value in the top line terms. And second was which quarter can be considered strongest for the company.
Shikhar Agarwal
Amit, you want to answer that or we cannot tell those numbers?
Amit Sudhakar
The volumes you’ll be able to know once these contracts have been active. But quarter wise, the Q4, Q1 and Q4 and Q1 are the ones which are the highest volumes and revenues we get.
Deshmukh
Okay, sure. Thank you.
operator
Thank you. Our next question come from the line of Abhijit from PI Assets. Please go ahead.
Abhijit
Thanks for the opportunity. Hope I’m audible. Regarding the Slovak Republic contract, should we expect a temporary margin compression due to consolidated expansion before the centers reach optimum utilization?
Shikhar Agarwal
We will be utilizing a lot of centers from our existing centers as well across the world. So, you know, there will be economies of scale. So definitely initially in any contract that we, you know, we know or deploy in different countries there is a, you know, investment. But after that it is quite streamlined.
Abhijit
And there Was a mention of AI in the investor presentation. So how are you leveraging AI and can you quantify the impact AI had on your bottom line in the last quarter?
Shikhar Agarwal
See, it’s very difficult to quantify right now 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 we 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 a cost saving that we have seen in terms of some of the angles. But I think it’s too soon to quantify exactly the number.
Abhijit
But there will be savings, right?
Shikhar Agarwal
Correct. Also efficient.
Abhijit
And lastly, just wanted to get your views on the reason behind allocation of capital and management bandwidth to the digital segment because it effectively values the consolidated margin profile. And also regarding this, how do you see the mix of Visa and digital services over the next two years?
Shikhar Agarwal
We have said that this was because of one of the acquisitions that we did of Artificial 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 bank.
Abhijit
So do you foresee margin expansion in the digital services?
Shikhar Agarwal
I mean Visa business also, if you see the margin has expanded to upwards of 40% now in the last few years. So definitely, you know, we see a growth in the future in the digital business as well. But right now as in. And we introduce more value added services, ancillary services. We will see.
Abhijit
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’s severe margin contraction happening in the digital services.
Shikhar Agarwal
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, you know, 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 improvise it.
Abhijit
Got it. That’s for my. Thank you.
operator
Thank you. The next question come from the line of Viren Sameer Deshpandi from Alpha Speak Investment. Please go ahead.
Viren Sameer Deshpandi
Hello sir. Congratulations for the good set of numbers and the digital services you explained have been doing quite well and all those things. That is good. But actually the as you explained that the salaries and employee benefits have gone up now almost by more than 50% year on year. So what will be the percentage of the. If you take the blended level of our turnover is about 740 crores in this quarter and the employee cost is 123 crores. So what do you expect to be the normalized employee cost. Going forward?
Shikhar Agarwal
So see if you see if you see our last year audited numbers our employee cost was about 14.75%. Now our nine month is about 15 and a half. 15 and a half percent. So overall if you see we are in that range of 15%.
Viren Sameer Deshpandi
So it will be similar because of this UIDI or their BR and all those things which what we are doing that is not going to increase it significantly.
Shikhar Agarwal
No, no. See we have got people on board and revenue will start coming now from this quarter onwards.
Viren Sameer Deshpandi
Okay. Okay. But as you mentioned it will be in the range of around 15%. 14 and a half. 15% similar to the last year’s level. And secondly this what are the cash and cash equivalent at the end of this quarter?
Shikhar Agarwal
About 14, 1400 crores.
Viren Sameer Deshpandi
And what was it last quarter?
Shikhar Agarwal
It was about 12 something, 1290 or something.
Viren Sameer Deshpandi
So there is a accretion of about 100 crores. Okay. This Chinese operations which we. Which 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 Covid etc. Do you see a good significant revenue coming from that Chinese operations? Hello.
Shikhar Agarwal
Yeah, we see a good jump in revenue in the future.
Viren Sameer Deshpandi
Because exclusively we will be operating from Indian side. So that will be a good booster for us. Thank you sir. All the best.
Shikhar Agarwal
Thank you.
operator
Thank you. Our next question comes from the line of Ikshit Nari the an individual investor. Please go ahead.
Ikshit Nari
Am I audible?
operator
Yes you are.
Ikshit Nari
So so. Good evening. I hope you heard the name of company called Atlas. So the new age business like Atlas who gives hazel 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 type of service businesses? Can you please elaborate on this?
Shikhar Agarwal
See we are in the business of exclusive government contracts wherein anyone who has to apply for A visa for the government we work for will have to go through us. So any company, you know, any travel agent, any travel agent or any startup or any company that does the visa domain has to go through one of the providers, you know, 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.
Ikshit Nari
Okay, and my second question is on slide 10. It’s mentioned that your digital services margin drastically reduced from 14.2% to 7%. So can you please explain about that?
Shikhar Agarwal
Amit, you can explain that?
Amit Sudhakar
Yeah, we, as we explained earlier, this is because of the ADI FID list, the new acquisition we did last year. And there the margins are around 3 to 4% EBITDA margins. So that mix has changed the overall percentage.
Ikshit Nari
Okay, okay. Okay. Thank you. Thank you so much, sir.
operator
Thank you. Our next question comes from the line of Varun Subramanian from Ascent Capital. Please go ahead.
Varun Subramanian
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 the new contracts, have they been discussing implementing visas as a process instead of the manual process 1, 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 explain who’s a large customer for us now or a source of income moves to exclusively E visa for, you know, 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?
Shikhar Agarwal
I think if you do your research and you see that in Europe, they have announced in the next few years, they are also digitization part of the process. You know, so that will lead to an increase in volume for us itself. And people will have to still come to the centers to do the biometric. So it is only part of the process that we will only handle. So all the governments that we are working for, you know, we are, the numbers will grow in the near future and the government should handle the capacity better. They want to digitize part of the process where we will be digitizing it for them.
You know, certain applications will come in that category. All will be processed through us. So we see, you know, the new technologies that are coming in the future as enhancing our business. You know, biometric was not there five, seven years back. It got reduced seven years back. So definitely we feel that, you know, we have very good grip on the market and we are in touch with the governments. We feel that going forward itself, we will see a good growth in numbers, as you can see, more volumes in coming in. And we are adopting whatever technology is coming on.
Varun Subramanian
So in case of, let’s say a renewal. So if I would that. Not if that didn’t require.
Shikhar Agarwal
Okay, no, no.
Varun Subramanian
So the customer will still have to come to a BLS center. That’s. That’s the main point. Okay, that. That’s very helpful. Thanks. That’s nothing else for me.
operator
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.
Mr. Gaurav Chugh
Thank you everyone for joining this call today. If you have any further questions or clarifications, you can reach out to Gaurav, Chug or EY team. Thank you so much. Have a good weekend.
operator
Thank you so much, sir. Ladies and gentlemen, on behalf of BLS International Service Limited, that concludes this conference. Thank you for joining us. And you may now disconnect your lines.