Corporate Presentation

September 2017

Investor Presentation Q1 FY2018 │ 1

BLS At a Glance

Exceptional track record of delivering quality service to government clients globally

BLS International Integrated G2C Service Model

Leading the Government-Customer (G2C)
Engagements Globally
 Manages non-judgmental and administrative tasks related to
application processing, enabling client governments to focus Visa Processing Citizen and Front End Consular Services
entirely on the critical task of assessment Services Services
 Entered the business in 2005 by being a service provider to the
Embassy of Portugal

 Spectrum of services is continuously expanding to emerge as an

end-to-end consular and citizen services specialist

 Has a leading global market position, being the only Indian G2C Electronic Visa Biometrics and Identity Verification and
service provider listed on NSE and BSE Service (E-Visa) Management Services Attestation Services
Diverse clientele base comprising of:

o Global Diplomatic Missions

o Ministry of Foreign / External Affairs

o State Public Welfare Departments

Value Added
o Overseas Citizen Services Market Services

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Global Market Positioning

Leading global brand in Visa, Passport, Consular Outsourcing and Citizen Services

Amongst top three Players

3 with respect to
Visa / Passport / Consular /
Citizen Services
58 Countries of Operations
9000+
Employee strength
(On-roll + associates)

Offices across the world

12+ 20mn 2320

Over 12 years of global Total applications
working for governments /
experience processed till date1
diplomatic missions

29
Government clients
around the globe

Note: As of August 2017

1. Application count consists of all type of applications i.e. Visa, Passport, Consular, Attestation and Citizen Services Investor Presentation Q1 FY2018 │ 3
Executive Summary

 Industry experience of over 12 years and positioned among top

three players globally
Proven
 Recognised as a market leader in Front End and Citizen
Track Services with a significant first mover advantage
Record  The only consular services specialist in India to be public listed
(listed on NSE, BSE and MSEI)

 Operates a asset light model, wherein the operational assets at

all the offices are lease based
 Efficient capital utilization – funds utilized only for contracts
Unique execution as compared to acquiring assets
Business
 Low Capex – Access to strategic city centric office properties at
Model low upfront capital outlay
 Citizen Service offices are only operated by BLS but developed
by the Punjab Government

 Travel industry dynamics driving consular outsourcing growth

 Over the next 10 Years – Travel sector is expected to grow
Significant rapidly, contributing c. 11.4% of global GDP

Market  With just 31% of the total visa industry currently outsourced
and c.69% remaining untapped, offers a tremendous market
Opportunity opportunity for the future
 Significant upcoming business opportunities with over 18.9
million applications estimated to be in the offing

Investor Presentation Q1 FY2018 │ 4

 Consistent Growth Model

Annual Highlights Quarterly Highlights

Revenue

26.0 FY2013 Q1 FY2017 19.6

USD mn

39.9% 56.3%
5 Yr. CAGR Up Y-o-Y
99.6 FY2017 Q1 FY2018 30.6
EBITDA

2.4 FY2013 Q1 FY2017 1.4

USD mn

52.8% 406.4%
5 Yr. CAGR Up Y-o-Y
13.2 FY2017 Q1 FY2018 6.9
Net Profit

2.2 FY2013 Q1 FY2017 1.1

USD mn

37.1% 300.8%
5 Yr. CAGR Up Y-o-Y
7.8 FY2017 Q1 FY2018 4.5

Note: 1 USD = 64.0 INR Investor Presentation Q1 FY2018 │ 5

 1. Industry Dynamics

2. Company Overview

Discussion Guide 3. Integrated G2C Services

4. Key Contracts – Recent Wins

5. Directors and Leadership Team

6. Performance Review

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1. Industry Dynamics

Investor Presentation Q1 FY2018 │ 7

Growth Drivers – Visa/Consular Outsourcing Industry

Travel industry dynamics driving consular outsourcing growth…

Projected Global Travellers Growth

According to the United Nations World Tourism Organisation
(UNWTO)

1,800
 International travel is consistently increasing with each passing year, driving the
growth in number of visa applications
1,184 1,234

 International tourist arrivals reached a record 1.2 billion in 2015 and is

projected to cross the 1.8 billion mark by 2030
2015A 2016E 2030E
 Estimated number of travellers globally have grown at over 4% y-o-y for 2016
Source: United Nations World Tourism Organisation Report 2015-16

Over the Next 10 Years – Travel Sector is expected to grow rapidly, steering exponential growth in Consular Industry…

Travel sector to contribute Global visitor exports to

Support 23.0% of new Outperform the Global
11.4% of global GDP; up account for 7.1% of total
job creation globally Economic Growth
from c.9.1% in 2016 global exports

Source: World Travel & Tourism Council – Global Economic Impact Report 2017
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FY2018
Market Opportunity – Visa/Consular Outsourcing Industry

Majority of the market remains untapped, offering tremendous growth opportunities

100% = 128 million1 visa applications (P)

 Significant growth with over 40 visa million1
applications being currently outsourced to specialised
service providers globally Not
Identifying Outsourced
69%
Untapped  40 million translates to just 31% of the 128 million1
Opportunities total visa market currently being outsourced Outsourced
31%
 Remaining 69% yet to be tapped by outsourcing
service providers
Source: D&B Visa Application Outsourcing Report 2013

International Tourist Arrivals

 World tourism to grow at around 3.5% for 2017
and at a (2016-2030) CAGR of 2.7% 5.5% 5.5%
4.5%
3.5% 3.5%
Consular business to double over the next few
2.5%
Exponential years, driven by:
1.24
Business
 Growing tourism 0.62 0.58 0.54
Growth 0.30 0.20
 More outsourcing penetration in Visa market
World Europe APAC Americas Africa Middle East

 Increased Passport processing and Attestation services

International Tourist Arrivals 2016 (billion) 2017 Projected Growth
outsourcing market
Source: UNWTO World Tourism Barometer – Advance Release Jan 2017
Note:
1. As per D&B Visa Application Outsourcing Report, outsourced visa applications were 35 million in 2013 and total application count was 113 million. 2013
data has been extrapolated to project 2016 data, by applying travel industry’s standard growth rates Corporate Presentation
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Market Opportunity – Front End & Citizen Services

The preferred partners for Front End and Citizen Services to governments globally

Countries Using Citizen Services

Online Platform
According to United Nations e-Government Survey 2016, significant
increase in the number of countries adopting online platform for
providing Citizen Services globally 45 90

2003 2016

Indian Citizen Services Ecosystem: The Face of Opportunity BLS Continues to Consolidate its Position in Citizen Services:

Several initiatives by the  Globally, EMEA and APAC countries are

Government has shown intent
Indian Govt., to provide adopting e-governance model proactively
and commitment to accelerate International
attractive opportunities for
the adoption of online  Ramp up in Citizen services initiatives
niche service providers like Opportunities
platform for providing Citizen worldwide to enable BLS to penetrate
BLS in the e-service high growth markets globally
Services
ecosystem

At both centre and state  Awarded the first international Citizen

Government is leveraging Services contract from the Embassy of
levels, initiatives are being
solutions and services from Afghanistan
undertaken to promote the First Mover
specialist service providers to
Digital India model for Advantage  Tremendous success in the Punjab e-
realise the vision of Digital
rendering public services governance project has reinforced BLS as
India
effectively a market leader in Citizen Services

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Upcoming Consular Business Opportunities

Significant upcoming business opportunities with millions of applications to be in the offing

Estimated Applications
S. No. Client Government Year
per Year
1 Canada Global 1,500,000 2017

6
2 Czech Republic 244,000 2017
2 Thailand Global for 11 Countries 3,300,000 2017 Global Tenders in 2017
3 Singapore 2,566,000 2017-18
4 Germany 171,000 2017
5 Lithuania 98,000 2017
6 New Zealand 290,000 2017
7 Italy 109,000 2017
8 South Africa 103,000 2017-18
9 Austria 112,000
8,493,000
2017
12 Indian VAC Tenders in
2017-18
1 Swiss Global 3,500,000 2017-18
2 France Global 500,000 2017-18
3 Greece Global 1,100,000 2017-18
4 Australia Global 500,000 2017-18

18
5,600,000
*Estimated Annual
1 UK Global 3,000,000 2018-19
Applications to be awarded
2 Embassy of India, Bahrain 50,000 2018
3 Embassy of India, France 150,000 2018 mn by various Governments
4 Embassy of India, Japan 130,000 2018
5 Embassy of India, Saudi Arabia 500,000 2018
6 Embassy of India, UK 500,000 2018
7 Embassy of India, Washington D.C. 500,000 2019
4,830,000

Source: Internal estimates based upon the information available on the internet for some of the RFPs and the list is non-exhaustive
Note: * Industry estimates Corporate Presentation
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Upcoming Citizen Services Business Opportunities

Significant upcoming opportunities to be capitalized upon

Annual Volume of
S. No. Project Opportunity Client Applications Time Frame
(million)

Bhopal Smart City Development Corporation

1 ICT for Smart City Bhopal2 2 2017-18
Limited

Haryana State Electronics Development

2 CSC-Haryana e-Seva2 20 2018-19
Corporation Limited

3 Odisha e-Governance Project2 Odisha e-Governance Services Limited 25 2018-19

4 Delhi e-Governance3 Delhi e-Governance Society (DeGS) 12 2017

Dept. of IT & E-Governance, Govt. of

5 Maharashtra2 120 2018
Maharashtra

Department of Government Reform,

6 Jharkhand2 60 2018-19
Jharkhand

Source:
1. http://esuvidha.goup.in/wp-content/uploads/2016/07/esuvidha_220716.pdf
2. These are the major projects are in pipeline, and the data is based out on the primary consultation with the departments
3. A tender was published from the Delhi e-Gov Society for hiring Consultant, the process is already on, however there is no published
information yet
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2. Company Overview

Investor Presentation Q1 FY2018 │ 13

Mission, Vision and Values

To become number one G-to-C service provider in the world

Mission Vision

 Our mission is to provide exceptional customer services to To become Number One G-to-C Service Provider in the World
our client governments and applicants. Integration of Partnering with Governments Across the Globe
honesty, discipline, and business ethics are key drivers of our
business Provide a flawless customer journey both in the nation and on a
global scale
 This demonstrates our commitment to provide quality services for
the region through long-term partnerships built around trust,  Accelerate towards a Digital Organisation and adhere to advanced
respect and accountability to our clients security and privacy measures

 Adaptable to new trends and be responsive to demands of the

Values domain

 Customer Focus: Anticipate and exceed customer expectations  Make the application process hassle-free for every customer – so
at all times Governments can focus more time on being productive
 Product Innovation: Innovative solutions and service offerings  Identify key opportunities to derive growth to benefit contributing
to change the paradigm of the domain
to each country’s national security, economic prosperity and
 Operational Excellence: Enhance operational flexibility to cohesive multicultural society
address the most sensitive of client requirements
 High Performance Culture: Empower people through trust,
responsibility, transparency and accountability

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Milestones

Proven track Record of sustainable growth

 Consulate General of India

in Hong Kong
 High Commission of India  Commencement of
in Kuala Lumpur (Malaysia) Consular Services
 Received first visa  Embassy of Hungary Baku (ROSC) in Abuja
application  Commenced (Azerbaijan) (Nigeria) and Beirut
processing order  Started operations operations for  UAE Manpower Contract (Lebanon)
from the Portuguese for Indian Embassy Indian Embassy Embassy of Bangladesh  Citizen Services
Embassy in New in Spain, Kuwait, in Saudi Arabia India Consular Services Contract from the
Delhi (India) Sudan and Russia and Singapore Embassy of Afghanistan

2005 2006-07 2008-10 2011 2012 2013-14 2015 2016 2017

 Commenced  Started VACs for  Initiated foreign  Listed on NSE and BSE
operations for the Indian Embassy in UAE missions abroad (4  Awarded Punjab e-
embassies of Austria, along with other Indian missions for an EU Governance Project
Belgium, Greece, Mission's VACs in country)
Romania and Tunisia South Asian countries  Awarded 1st Global Visa
 Added 7 Indian contract for Major
in India missions abroad Schengen Country –
including high volume Spain
locations of US and
Canada

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Global Footprint

Over 12 years of delivering diversified services to the global government client base

Visa and Consular Services Indian Mission

 Morocco  Austria  Norway

 Algeria
 Nigeria  Canada  Oman
 Bangladesh
 Oman  China  Philippines
 Bolivia
 Pakistan  Dubai  Poland
 Cameroon
 Philippines  Hong Kong  Russia
 China
 Qatar  Lithuania  Singapore
 Equatorial Guinea
 Russia  Malaysia
 Dominican
Republic  Saudi Arabia
 Ecuador  Senegal Apostille & Attestation
 Egypt  South Africa
 Ghana  Thailand  Ministry of External Affairs, India
 Great Britain  Tunisia  Embassy of UAE, in India
 India  Turkey  Embassy of State of Kuwait
 Indonesia  Abu Dhabi  High Commission of Malaysia
 Ivory Coast  Ajman
 Iran  Sharjah
 Dubai
Front End / Citizen Services
 Iraq
 Jordan  Fujairah
 Punjab State e-Governance Services
 Kazakhstan  Ras Al Khaimah
(Govt. of Punjab)
 Kenya  Umm Al Quwain
 Embassy of Afghanistan
 Kuwait  Ukraine
Presence across 58 Countries and Growing…  Lebanon  Vietnam
 Mauritania  Afghanistan
Strong Brand Recognition Globally

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Application Centres

Well-managed offices with an infrastructure-on-lease being the cornerstone of operations

 Strategically located at central locations, in close proximity to the concerned

2,320 missions, government departments and city centres
Offices across the world working for governments /
diplomatic missions
 Easily accessible by all means of public transport
 All premises are secured through best-in-class electronic and physical security
measures
 Maintained and operated by BLS
(500-20,000) sft.
 Physical infrastructure lease based, except for Punjab offices, wherein it is
Office area range
provided by the client

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High Barriers to Entry

High entry barriers enabling only the select players to meet all the pre-qualification criteria

Outstanding Credentials Required

Strategic Capabilities Required

Security & Technological

Domain Experience Strong Financials
Compliance Innovation
(Multi – Client/Country/ (Minimum – Net Worth &
Counter experience) Annual Turnover Required) (Secure Daily Purging/Web (Continuous technical
Security/Biometric/Physical) evolution)

Service Excellence Global Reach State-of-the-art

Agility
(Hospitable approach (Swift global resource Offices
(Fast cycle adaptability
/Customer service experience deployment/Ethnic (Physical centres with robust
/Integrated process flow)
/quality audits) understanding) security measures)

Top Light 360 Degree

Product Suite Skilled Teams
Management Solutions
(Comprehensive consular (Well trained in CRM, IT
offerings/application systems and high team (Quick implementation (End-to-end integrated
software) productivity) turnaround/ matrix authority service, software and
structure) security portfolio)

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BLS Competitive Advantage

BLS at significant advantage and prequalified to bid for all the contracts in the pipeline

Highly Experienced Strong Financial Position Key Focus on Security & Compliance

 Over 12 years of experience, presence  Listed company with robust corporate  Highest level of security measures in
across 58 countries and 29 government governance ethos compliance to the rules prescribed by
clientele the clients
 High net worth and robust balance
 Managing 2,320 application centres sheet with very low debt  Secured IT servers, advanced electronic
systems, encrypted biometric data and
 Tremendous multi-country, multi-  Continuous topline growth and margin
data backup facility across all offices
counter domain expertise which is one expansion
of the key qualifying criteria for such  Stringent electronic and physical
 Positioned as a prequalified bidder
high profile contracts measures to secure all premises/assets

Investing in Technology Agile Proprietary Processes Service Excellence

 Regular investment in technological  Fast-cycle adaptability with one of the  Certified ISO 9001, ISO 23026:2015,
advancement to provide need-based, leanest and most agile proprietary and ISO 27001
customised solutions to the clients process  Regular surveys conducted to evaluate
 Strong technology deployment helps  Efficiently manage the complex customer satisfaction
effectively manage the high volume workflows for large volumes of
 Regular internal audits also undertaken
workflows applications to ensure adherence to quality control
 Regular technical quality checks  Integrated scheduling and processing systems
systems ensure quick turnaround times

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BLS Competitive Advantage

Highly integrated and differentiated value proposition has been a key success driver

Global Reach State-of-the-art Consular Offices Comprehensive Product Suite

 Present over 58 Countries and been  VACs located at central locations  Comprehensive and differentiated suite
fulfilling dynamic requirements of clients of consular services
 In close proximity to the concerned
across various geographies  Also, includes application softwares and
missions, government departments and
 Wide location access enables response city centres financial modules
consistency and process efficiency  Digital landscape capable to deliver
 All offices are customized to the ethnic,
 Four Global Training Centres (GTCs) to religious and cultural sensitivities of more products and solutions as
manage swift resource deployment and each region operations are expanded
business efficiency across the regions

Skilled Teams Top Light Management 360 Degree Solutions

 Development programs focusing on  Decision making delegated to centre  Global training and resource
CRM, technology and managerial skills heads, with full responsibility and deployment platform
accountability
 Highly experienced in Customer  Quality service, fast turnaround time
hospitality service  Performance driven culture and highly secured solutions
 Talented global teams successfully  Non hierarchical management structure  Trained teams with process driven
creating solutions for diverse challenges enables faster decision making approach
 Strong emphasis on team productivity  Best turnaround times in the project  Customised high impact solutions
implementation

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Awards – Industry Recognition

One of the most celebrated companies in Consular and Citizen outsourcing services globally

Today’s Traveller Award 2017

Driven by striving efforts and unrivalled service
quality, felicitated with Today’s Traveler Award

1
2017 for Best Visa Service Provider

CMO Asia Best CSR Practices Award

2017
Strongly believe in adopting the best workplace
practices. Our outstanding workplace ethics are
2 validated by the award

Hospitality India and World Annual

Awards 2014
Recognizes the Company’s contribution in
setting new standards of exceptional service

3 quality globally

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3. Integrated G2C Services

Investor Presentation Q1 FY2018 │ 22

Visa, Passport and Consular Services

Visa/Passport applications outsourcing and technology services specialist

Managing administrative and non-judgemental tasks for the government clients

Visa Processing Consular Services E-Visas Biometric & Identity Verification &
Management Attestation

Establishing and Managing Offers Passport services incl.: Online system to provide e- Exceptional capabilities to Skilled pool of trained
dedicated Visa Application  Issuance, renewal and visa services including: provide: experts who:
Centers (VACs) correction of passports  Allows applying for  Complete range of  Accept documents on
 VACs managed by trained  Accepts applications for visas online background verification behalf of the of the
staff OCI/PIOs as well  Online payment services along with Govt. and facilitate the
 Receive visa applications gateway biometric solutions Ministry Attestation /
 Government contracts for Apostille process
and disseminate Machine Readable Passports  Obtain confirmation  Collection of finger
information (MRPs) letters prints, facial photo,  Extend value added
 Capture data digitally & retina scan, etc. services including
Other Consular services offered:  Notifications via e- with/without passport translation, state
physically mail/text message
 Associated documents, processing attestation services,
 Biometric scans national identification cards  Supported with a etc.
 Manage documentation,
 Schedule interviews and renunciation of corresponding video conferencing
 Conduct financial citizenships government inspection facilities, authentication
reconciliation  Notarial services solution and reporting services

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Value Added Services

BLS also offers a range of value added services for travellers' convenience

Standard Services Premium Services Platinum Services

Photocopy Premium Lounge Travel Desk Email/Printing Mobile Biometrics

Courier Services Form Filling Translation Services Prime Time Visa

Call Center
Appointment

Walk-In Without
Internet Facility SMS Alerts Insurance Help Desk Appointment

Other Platinum Services

Include: Keep My Passport
Other premium services include: Video Conferencing for
Service, On-Demand Mobile
Interviews, Video Visa Consultation, Kids Section
Visa, Super Priority Visa

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Front End and Citizen Services

Capitalising upon the existing operational expertise to expand into Citizen Services

Citizen Services – Global Dynamics1 Citizen Services Overview – India2

Governments around the globe are focusing upon delivering  Under the ambit of Digital India, the Indian Government has
Citizen Services through centralized centres/online platform taken several initiatives, towards digitizing Citizen Services

 Aimed at providing electronic services to every citizen

Driven by unique expertise to process millions of applications
 44 Mission Mode projects covering a wide range of domains such
globally, BLS further diversified to ‘Front End and Citizen
Services’ which complements the core consular service process as land and agri, health, education, passports, police, courts,
commercial taxes, treasuries etc.

 Computerization of departments and roll out of the centers by

As part of the Company’s long-term strategy, continuing to
delivering IT infrastructure, software, manpower and operation for
build Citizen Service ecosystem that is aligned to our existing
technology platform 5-10 years tenure (depending upon the contractual terms)

Vision of Digital India encompasses:

Enabling BLS to further consolidate its position into the niche
Citizen services space, which is one of the most emerging
businesses across the world Digital
Governance and Digital
Infrastructure as
Services on Empowerment of
a Core Utility to
Key Contract wins include: Demand Citizens
Every Citizen
 Citizen Services Contract from the Embassy of Afghanistan
 e-governance contract from the Government of Punjab, India

Source: 1. United Nations e-Governance Report 2016

2. Digital India website (Government of India) Corporate Presentation Sep Q1
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Typical Process Flow for G2C Services

Agile, secure and highly scalable systems and processes developed over the years

E-Application

Physical
submission
STEP 1 STEP 2 STEP 3 STEP 4
Information Submission Data Capture Biometric Data
Enquiry / Reception & Management Collection, if Applicable

Last Mile Delivery STEP 5

Verification, Processing and
Approval

Consular / Citizen Services

STEP 9 STEP 8 STEP 7 STEP 6

Retrieval Consolidation Data Procession at Transmission of Quality Check
& Passback, if applicable the Mission / Data to the Mission / Consolidation of Reports
Document Printing at Sewa kendra SSDG Sewa Kendra

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Operations Team Structure

Key emphasis on employee skill development aligned to the global industry practices

Operations Head  Focused training on CRM and technical skills as well as managerial
capacity building
Regional Head  Global resource pool of 9,000+ employees
 All the employees recruited during the quarter have received the
Country/District Head best-in-class induction and orientation training
 Strong foothold in local legal compliances and staff retention

Operations Team/HR  Well organized and pre-defined hierarchy

 Attractive retention policies, local hiring and deployment
Head – Projects and Training Centre Heads  Completely automated and computerized HR process

Head – Finance / Admin Submission Officers

Head – Quality and Audit Back Office Staff

Head – Security (IT & Physical) Runners

4 GTC One Dedicated 9000+ Trained
(Global Training Team Employees
Centers) (Global Resource Pool) (On-Roll + Associates)
Head – Legal / Compliance Security Guards

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4. Key Contracts – Recent Wins

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Spain Global Visa Contract – Gateway to EU

BLS is the first Indian company to secure a visa outsourcing contract from a major EU nation

Signing of the Visa Outsourcing Contract1 Key Contract Highlights

 Awarded a contract from the Ministry of Foreign Affairs and
Cooperation, Spain (Spain MAEC)* with a value of €175 million
 Opened 118 visa application centers to support the embassies
and consulates of Spain around the world

1st €175 mn
Global Contract for Major
Schengen Country to any Estimated Contract Value
Indian Company

43+ 118
Embassy / Consulate Consulate Offices (VACs)
Operations Opened

1.8 mn 1,300+
Average Annual Applications Global Employees Added
to be processed (On-roll + associates)

Note:
1. BLS International Services Ltd entered into contract with Spanish Government on 12th December, 2016 for global visa processing Corporate Presentation Sep Q1
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Punjab e-Governance Project – India

Rolled out Punjab Citizen Services (e-governance) Project in a record time of three months

 Awarded the Punjab e-Governance project, India’s largest Citizen Services project under the Right
to Service (RTS) Act in FY2015-16
 Contract was secured from the Punjab e-Governance Society through a highly competitive process
 All government services to be provided through a single window system
 BLS would be delivering more than 223 services to the people of Punjab across 22 districts
 BLS will collect government fee and service charges upfront along with the applications
 Physical infrastructure provided by PSeGS; IT infrastructure and manpower to be supplied by BLS
 All utility bills to be deposited through these Citizen Service Centers (CSCs)
 All transactions, facilities, manpower requirement and consumables to be optimised and managed

Partnering with Market Leaders 133 600,000 2.3 mn

Citizen Services Applications processed Applications processed
currently delivered in first 100 Days during FY2016-17

22 2,147 223
Citizen Service Total service to be
Districts covered
Centres2 delivered

Note:
1. All Information as per RFP available at (http://www.dgrpunjab.gov.in/)
2. Centers are constructed by Government and operated by BLS Corporate Presentation
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Citizen Services Contract – Afghanistan

Reinforced as a global market leader in the Citizen Services domain

Awarded a Citizen Services contract from the Embassy of Afghanistan worth USD
5.0 million for the five Gulf countries on 20th June, 2017

Citizens Service Centers (CSCs) to be located across the five Gulf countries including
UAE, Kuwait, Oman, Bahrain and Qatar for the nationals of Afghanistan

Opened 8 CSCs in a very short span of 30 days, to support the Embassy of

Afghanistan and Consulates General of Afghanistan

Key highlight is the processing of over 0.2 million applications through eight CSCs
for the Afghans citizens all over UAE, Kuwait, Oman, Bahrain and Qatar, till date

Spectrum of Citizen Services under this contract include:

Biometric Data Collection

Accepting documents on behalf of Ministry Attestation / Apostille services Value Added services like Translation, etc.
with / without passport

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5. Directors and Leadership Team

Investor Presentation Q1 FY2018 │ 32

Board of Directors

Strong corporate governance standards

A Chartered Accountant by profession, with over 35 years of experience in audit, consulting, finance and leadership roles in
both MNCs and Indian conglomerates. Prior to joining BLS, he served as the Managing Director and CEO of a manufacturing
Mr. Nikhil Gupta company for over a decade, where he was instrumental in its turnaround and subsequent multifold growth to become an
Managing Director industry leader. He has also been formerly associated with Price Waterhouse Coopers, Novartis India, Raychem RPG and
RPG Cables. Holds Economics (Hons) from Delhi University and is an Associate Member of the Institute of Chartered
Accountants of India (Merit List).

Has been associated with the Company since 2014 and looks after various verticals of the Company. A young, vibrant and
Mr. Shikhar Aggarwal dynamic professional, he holds a Bachelor’s degree from Delhi University. In a very short span of time, his proactive
Joint Managing Director initiative-taking strategy has helped take the business operations to a new level. He is actively managing all international
operations and is also instrumental in Business Development for new international projects.

Has joined the board of the Company during FY2016-17. He has a decade long experience across diverse fields including
Finance, Management, Administration and Human Resource. He has spearheaded various organizations including BLS
Mr. Karan Aggarwal Polymers, BLS Ecotech, BLS International and was instrumental in setting up three green field textile projects in group
Executive Director companies of BLS. Graduated in Finance & Management from University of Bradford, UK and has completed a specialization
course in Finance from Harvard University.

Has been superannuated from chairmanship of Indian Oil Corporation, India’s largest commercial enterprise. Prior to
Joining Indian Oil, he was Chairman and Managing Director of Bharat Petroleum Corporation Ltd (2002-2005). He was also
Mr. Sarthak Behuria Chairman (part-time) of Chennai Petroleum Corporation and Bongaigaon Refinery & Petrochemicals. He is currently
Independent Director associated with Adani Group, heading the LNG and LPG business of the Group. He has been conferred the Honorary
Fellowship of Energy Institute, UK. An alumnus of St. Stephen’s College, Delhi University and the Indian Institute of
Management (IIM) Ahmedabad.

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Board of Directors

Key emphasis on independence and transparency of the board

Holds Bachelor's degree in Mechanical Engineering from Banaras Hindu University, CAIIB and Diploma in Industrial Finance
from Indian Institute of Bankers. He is highly experienced, holding accredited position in various organisations of repute.
Throughout his career Mr. Kohli has excelled in various fields and has been awarded with various honours some of them are
mention hereunder:
Mr. Surinder Singh Ranked 22nd in the list of India's Best CEO's ranking over the period 1995 to 2011, by the Harvard Business Review
Kohli
Independent Director Awarded the Wharton-Infosys Ltd. "Enterprises Transaction Award of Technology”
Received the “Best Bank Award” for excellence on promotion of Kishan Credit Card scheme IBA for the year 2002
Received the “Golden Peacock Award” for Excellence in Corporate Governance for the year 2001-2002
Conferred B.H.U. Distinguished Alumni's Award 2003

Currently, is the Chancellor of Vel Tech Technical University, Chennai. He has been Director/distinguished Scientist at
Mr. Ram Prakash Bajpai Central Scientific Instrument Organization, Chandigarh. He has experience of more than 50 years in electronics,
Independent Director microelectronics, material science, nanoelectronics and optoelectronics and has held high profile government positions in
the past. Holds a Doctorate degree from IIT Delhi and D.S.C. from Hokkaido University, Japan

Ms. Shivani Mishra

Independent Director Has wide experience of over seven years in the field of Finance & Accounts. Holds a Master’s degree in Commerce and
Master’s in Business Administration

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Leadership Team

Transcending next phase of growth, steered by the ingenious and experienced leadership

Mr. Ajay Milhotra, Chief Financial Officer

Has over 25 years of work experience and worked as a Chief Financial Officer, for various high profile listed and private companies. He
specializes in the diverse areas of finance including accounting, strategic planning, investor relations, corporate law, taxation, governance, risk &
etc. Working as a CFO, he managed global funds, while being an integral part of the debt raising and IPO initiatives. He has worked for Indian
and globally listed organisations such as Dion in the IT sector, UCP and Homex in the real estate and construction sectors. He has also developed
a unique set of skills in M&A and international budgeting, with a track record of transferring these skills cross industry.

Holds Bachelor of Commerce (Hons.) from the University of Delhi, is a qualified Chartered Accountant, a qualified Company Secretary, and an
MBA from University of Birmingham, UK.

Mr. Jitendra Sahu, Senior Vice President Mr. Merzban Majoo, Senior Vice President Ms. Charu Khosla, Senior Vice President –
– Global Operations Business Development
Responsible for managing operations and
key relationships across geographies, With more than 25 years of experience, he is Responsible for managing and leading BLS
focusing on growth and expansion in new responsible for managing the global International business across geographies,
markets. Over 16 years of experience in operations of the Company. With his focusing on Strategy, Operations, Business
operations and global projects, in countries innovative ideas for enhancing employee Development and managing Key Client and
like France, UK, Switzerland, Australia, productivity and customer satisfaction, BLS partner relationships.
Thailand and India. has achieved a benchmark in Operational
Efficiency.

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Leadership Team

Transcending next phase of growth, steered by the ingenious and experienced leadership

Mr. Gautam Aggarwal, Chief Human Resources Officer Ms. Vaishali Sharma, Head Corporate Communications

A conscientious HR professional with 15+ years of experience in In a career spanning over 11 years, she has amassed functional
the realm of creating an impacting blend of HR & Business to cause skills in the areas of sales, marketing, communications and
effective Business HR Partnering. His major stints were with DSM branding working across different industries in different capacities.
Sinochem Pharmaceuticals (A Dutch-Chinese JV) as Director HR & She is responsible for spearheading all the communication
OD - AMEA and Wrigley's (US MNC) as Head - Business HR while channels (external and internal) at BLS International. She has an
his total experience pans industry sectors like Pharma, FMCG / innate flair for advertising and inspires creative teams to deliver
Retail, Telecom (Services & Infrastructure) and Manufacturing. outstanding work.

He brings strong experience in Strategic HR, driving change and She is a professional wearer of many hats and has worked with
growth. versatile companies naming, G4S, Convergeyes, Paharpur Group
and SLCM.

Mr. Prabal Banerjee, IT Head Mr. Vicky Jain, Operation Head – Call Center Operations

Has more than 15 years of experience in the field of Information Has more than 16 years of experience in companies like Serco and
Technology and leads an expert team of Software Developers and Spice. He is heading the Company’s Call Centre operations, which
Database Engineers, who are instrumental in setting up the IT he is successfully leading since its inception
infrastructure and deploying the software application successfully

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6. Performance Review

Investor Presentation Q1 FY2018 │ 37

Excellence driven Performance

Value creation through enhanced transparency and accountability

Audit and Transparency EY – Business Transformation

 Deploy strong governance ethos whereby increasing transparency between the  Ernst Young (EY) is advising BLS, to bring in
audit committee, the auditor and the public is of key importance best global practices on Corporate Governance

 All BLS offices worldwide are audited through the network of HLB International  Aspire to be amongst the best managed (run)
UK, an international forum of independent accounting firms adhering to best-in- companies – ensuring sustainability of efficiency
class global standard practices in operations and capital efficiency

 Formed in 1969, HLB International is present across 140 countries through its  To align operating processes as an enabler to
member firms, in over 660 offices and well recognised for highest quality standards growth and profitability, EY to develop Standard
Operating procedures (SOPs)
 All member firms to maintain utmost transparency, with most of the chosen
members ranked among the top 12 nationally, at countries of their origin  ‘Business and Governance’ SOPs are the key
identified areas of transformation
 HLB Hamt, member of HLB International, is the Global Audit Partner of BLS
(Excl. India)  Change management initiative adopted with an
objective of aligning People, Process, Technology
 HLB Hamt is one of the leading accounting firms and an ISO 9001:2008 and and Transparency to the overall corporate
ISO/IEC 27001:2005 certified Organization strategy and vision

 S.S. Kothari Mehta & Co., the Statutory Auditors in India, are also the member of
HLB International

Corporate Presentation
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Operational Performance

Consistent increase in volumes driven by an increasing customer base and new contract wins

Total Applications Count (Million)

Annual Trend Quarterly Trend

825.0%

4.1
2.591,2

2.0
1.6 1.5

0.9
0.28

FY2013 FY2014 FY2015 FY2016 FY2017 Q1 FY2017 Q1 FY2018

Note:
1. Including Punjab count
2. Application count for Punjab is 1.85 million and nil for Q1FY17 Corporate Presentation
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 Quarterly Result Highlights

Significant increase in operating margins driven by higher yield per application processed

Revenue Gross Profit EBITDA Net profit

(USD million) (USD million) (USD million) (USD million)

56.3% 197.2% 406.4% 300.8%

Y-o-Y
Growth
37.8%
22.5% 14.8%
30.6
11.6 5.8%
19.6 19.9% 6.9
4.5
6.9%
3.9
1.1
1.4

Q1 FY2017 Q1 FY2018 Q1 FY2017 Q1 FY2018 Q1 FY2017 Q1 FY2018 Q1 FY2017 Q1 FY2018

Gross Profit Gross Margin EBITDA EBITDA Margin Net Profit Net Profit Margin

Q1 FY2018 Performance Discussion

 Revenue increased by 56.3% y-o-y to reach USD 30.6 million from 19.6 million last year. Topline growth is mainly driven by revenue contribution
from the Spain MAEC contract and the Punjab e-Governance project
 Spain MAEC and Punjab project were operationalized in Q1 FY2018, adding considerably to the Company’s revenues
 EBITDA increased by 406.4% y-o-y while margins were up to 22.5% from 6.9% same period last year. This is on account of overall revenue growth
coupled with strategic cost optimization

 Net profit margin up to 14.8% from 5.8% last year

Note: 1 USD = 64.0 INR Corporate Presentation

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Annual Financials Trend

Topline and profitability growth with a significant margin expansion

Revenue (USD million) Gross Profit (USD million) and Margin (%)

5 yr. CAGR: 39.9%; FY2017 Growth: 26.1% y-o-y 5 yr. CAGR: 43.5%; FY2017 Margin: up 8.3 pps y-o-y

24.0% 26.6%
99.6
18.7% 18.4% 18.2%
79.0 26.5
70.4
60.3
12.9 14.4
11.3
26.0
6.2

FY2013 FY2014 FY2015 FY2016 FY2017 FY2013 FY2014 FY2015 FY2016 FY2017

EBITDA (USD million) and Margin (%) Net profit (USD million) and Margin (%)

5 yr. CAGR: 52.8%; FY2017 Margin: up 5.9 pps y-o-y 5 yr. CAGR: 37.1%; FY2017 Margin: up 1.7 pps y-o-y

13.3% 8.5%
7.8%
9.4% 6.1%
7.4% 13.2 5.3% 5.2%
6.5% 6.5% 7.8
4.8
4.5 5.8 3.2 3.7
3.9 2.2
2.4

FY2013 FY2014 FY2015 FY2016 FY2017 FY2013 FY2014 FY2015 FY2016 FY2017

Note: 1 USD = 64.0 INR Corporate Presentation

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Key Annual Ratios

Attractive returns with continuous operational cash flows increase

Return on Equity1 (%) Return on Capital Employed2 (%)

FY2017 ROE up by 4.7 pps y-o-y FY2017 ROCE up by 1.7 pps y-o-y

62.2% 63.4%

44.3% 46.5%
33.3% 35.2% 32.6% 31.6%
30.5% 29.9%

FY2013 FY2014 FY2015 FY2016 FY2017 FY2013 FY2014 FY2015 FY2016 FY2017

Earnings per Share (USD) Operating Cash Flows/Net Profit (x)

5 yr. CAGR: 37.1%; FY2017 Growth: 61.8% y-o-y Continuously increasing earnings and quality of profit
1.8x
0.76
1.1x
0.47
0.36
0.31 0.6x 0.5x 0.6x
0.22

FY2013 FY2014 FY2015 FY2016 FY2017 FY2013 FY2014 FY2015 FY2016 FY2017
Note:
1. Return on Equity = Net profit / Average Shareholder’s Equity
2. Return on Capital Employed = EBIT / Average Capital Employed
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3. 1 USD = 64.0 INR
Leverage Position

Significantly low leverage coupled with asset light model resulting in strong financial position

Asset profile1
Particulars
Mar 2017 Mar 2016 Mar 2015
(USD million) 27.7%
25.7%
23.0%

46.4
Short Term Debt 5.5 - -
16.2 21.4

Long Term Debt 7.6 0.6 0.9 FY2015 FY2016 FY2017

Total assets (USD mn) Return on Assets (%)

Total Debt 13.1 0.6 0.9

Less: Cash & Cash Per Share2 – Net Worth and Cash (USD)
10.4 6.7 2.5
Equivalent
2.5
Net Debt 2.7 (6.0) (1.6) 1.8
1.3
0.9 1.0
Net Worth 25.7 18.6 13.1 0.5 0.6
0.1 0.1 0.2

Debt/Equity (x) 0.51x 0.03x 0.07x FY2013 FY2014 FY2015 FY2016 FY2017

Note:
BV/Share (USD) Cash/Share (USD)
1. Return on Assets = Net profit / Average Total Assets
2. Figures are pre stock split. Stock split was recorded on April 27, 2017
3. 1 USD = 64.0 INR Corporate Presentation
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Shareholders Information

Consistently outperforming the broader market indices

Shareholding Profile LTM Share Price Performance

210.0 1,400
Promoter
74.2% 190.0 1,200

Rebased to BLS's Share Price

Public
170.0
25.8% 1,000

Trading Vol. (000's)

150.0
800
130.0
Dividend Profile FY2016-17 600
110.0

400
Total Dividend 90.0
Particulars of Par Value Dividend Declared
Amount
Dividend (Rs. per share) (% of Par Value)
(Rs. per share) 200
70.0

Interim Dividend 10 5.0% 0.50

50.0 -
Jul-16 Sep-16 Nov-16 Dec-16 Mar-17 Apr-17 Jun-17
Final Dividend 10 30.0% 3.00
Total Voulume BLS International 94.8%

Total 35.0% 3.501 NSE Nifty 500 17.8% S&P Global Emerging Markets 16.4%

Note:
1. Pre dividend distribution tax Corporate Presentation Sep Q1
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Summary of Annual Financials

Consolidated Profit & Loss Statement (USD million) FY2013 FY2014 FY2015 FY2016 FY2017
Revenues
Net Sales / Income from Operations 25.9 60.2 70.3 78.9 99.2
Other Operating Income 0.0 0.1 0.1 0.1 0.4
Total Revenue 26.0 60.3 70.4 79.0 99.6
Gross Profit 6.2 11.3 12.9 14.4 26.5
Expenses
Cost of Services Consumed 19.7 49.1 57.4 64.6 73.1
Employee Benefit Expenses 2.4 5.2 5.5 5.1 6.5
Other Expenditure 1.4 2.2 2.9 3.4 6.7
Total expenses excl. D&A 23.5 56.4 65.8 73.2 86.3
EBITDA 2.4 3.9 4.5 5.8 13.2
Depreciation and Amortisation Expenses 0.2 0.6 0.8 0.9 4.1
EBIT 2.3 3.4 3.8 5.0 9.2
Other Income 0.0 0.0 0.0 0.0 0.0
Finance Costs 0.0 0.1 0.0 0.1 0.9
PBT - Pre Exceptional 2.3 3.3 3.7 4.9 8.3
Exceptional Item 0.0 0.0 0.0 0.0 0.0
PBT 2.3 3.3 3.7 4.9 8.3
Tax Expenses 0.0 0.1 0.1 0.1 0.5
PAT before Minority Interest 2.2 3.2 3.7 4.8 7.8
Minority Interest 0.0 0.0 0.0 (0.0) (0.0)
PAT net of Minority Interest 2.2 3.2 3.7 4.8 7.8
Basic EPS (USD) 0.22 0.31 0.36 0.47 0.76
Margins (%)
Gross Margin 24.0% 18.7% 18.4% 18.2% 26.6%
EBITDA Margin 9.4% 6.5% 6.5% 7.4% 13.3%
PAT Margin 8.5% 5.3% 5.2% 6.1% 7.8%
Note:
1. Calculated EPS is pre stock split. Stock split was recorded on April 27, 2017
2. 1 USD = 64.0 INR Corporate Presentation
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Summary of Annual Financials

Source of Funds Application of Funds

Consolidated Balance Sheet
(USD million)
FY2017 FY2016 FY2017 FY2016

Fixed Assets 12.3 3.8

Net Worth 25.7 18.6
Other Non-Current Assets 4.9 0.3

Share capital 1.6 1.6 Trade Receivables 9.3 0.3

Reserves & Surplus 24.1 17.0 Cash & Cash Equivalents 10.4 7.4

Total Debt 13.1 0.6 Other Current Assets 9.5 9.6

Long Term Debt 7.6 0.6 Less: Trade Payables 2.0 1.1

Short Term Debt 5.5 0.0 Less: Other Current Liabilities 5.1 1.0

Other Non-Current Liabilities 0.4 0.2 Net Current Assets 22.1 15.3

Total Sources of Funds 39.2 19.4 Total Application of Funds 39.2 19.4

Note:
1. 1 USD = 64.0 INR Corporate Presentation
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Summary of Quarterly Financials

Consolidated Profit & Loss Statement (USD million) Q1 FY2018 Q1 FY2017

Revenues
Net Sales / Income from Operations 19.4 30.5
Other Operating Income 0.2 0.1
Total Revenue 19.6 30.6
Gross Profit 3.9 11.6
Expenses
Cost of Services Consumed 15.7 19.0
Employee Benefit Expenses 1.4 1.9
Other Expenditure 1.1 2.8
Total expenses excl. D&A 18.2 23.7
EBITDA 1.4 6.9
Depreciation and Amortisation Expenses 0.2 1.5
EBIT 1.1 5.4
Other Income 0.0 0.0
Finance Costs 0.0 0.4
PBT - Pre Exceptional 1.1 5.0
Exceptional Item 0.0 0.0
PBT 1.1 5.0
Tax Expenses (0.0) 0.4
PAT before Minority Interest 1.1 4.5
Minority Interest (0.0) (0.0)
PAT net of Minority Interest 1.1 4.5
Basic EPS (USD) 0.01 0.04
Margins (%)
Gross Margin 37.8% 19.9%
EBITDA Margin 22.5% 6.9%
PAT Margin 14.8% 5.8%
Note:
1. Calculated EPS is adjusted for stock split. Stock split was recorded on April 27, 2017
2. 1 USD = 64.0 INR Corporate Presentation
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Disclaimer
This presentation is prepared by BLS International Limited (BLS or the loss arising directly or indirectly from the use of, reliance of any information intentions expressed in forward looking statements due to a number of
“Company”) for general information purposes only, without regard to contained in this presentation or for any omission of the information. The factors, including without limitation future changes or developments in our
specific objectives, suitability, financial situations and needs of any information shall not be distributed or used by any person or entity in any business, our competitive environment, technology and application, and
particular person and does not constitute any recommendation or form part jurisdiction or countries were such distribution or use would be contrary to political, economic, legal and social conditions. It is cautioned that the
of any offer or invitation or inducement to sell or issue, or any solicitation of the applicable laws or Regulations. It is advised that prior to acting upon this foregoing list is not exhaustive.
any offer to purchase or subscribe for, any securities of the Company, nor presentation independent consultation / advise may be obtained and
shall it or any part of it or the fact of its distribution form the basis of, or be necessary due diligence, investigation etc may be done at your end. You This presentation is not an offer to sell or a solicitation of any offer to buy
relied on in connection with, any contract or commitment thereof. This may also contact us directly for any questions or clarifications at our end. the securities of the Company in the United States or in any other
presentation does not solicit any action based on the material contained jurisdiction where such offer or sale would be unlawful. Securities may not
herein. Nothing in this presentation is intended by the Company to be This presentation contain certain statements of future expectations and
be offered, sold, resold, pledged, delivered, distributed or transferred,
construed as legal, accounting or tax advice. other forward-looking statements, including those relating to our general
directly or indirectly, into or within the United States absent registration
business plans and strategy, our future financial condition and growth
under the Securities Act, except pursuant to an exemption from, or in a
The information contained in this presentation is only current as of its date. prospects, and future developments in our industry and our competitive and
transaction not subject to, the registration requirements of the Securities
All actions and statements made herein or otherwise shall be subject to the regulatory environment. In addition to statements which are forward looking
Act and in compliance with any applicable securities laws of any state or
applicable laws and regulations as amended from time to time. There is no by reason of context, the words ‘may, will, should, expects, plans, intends,
other jurisdiction of the United States. The Company’s securities have not
representation that all information relating to the context has been taken anticipates, believes, estimates, predicts, potential or continue’ and similar
been and will not be registered under the Securities Act.
care off in the presentation and neither we undertake any obligation as to expressions identify forward looking statements. Actual results,
the regular updating of the information as a result of new information, performances or events may differ materially from these forward-looking
future events or otherwise. We will accept no liability whatsoever for any statements including the plans, objectives, expectations, estimates and The Company’s financial year ends on March 31.
Investor Presentation Q1 FY2018 │ 48
BLS International Services Ltd.

Corporate Office: 912, Indra Prakash Building, 21, Barakhamba

Road, New Delhi – 110001 (India)

Phone: +91-11-43750006, 43760006

Fax: +91-11-23755264
E-mail: [email protected]
[email protected]

For further information, please contact:

Vaishali Sharma [email protected]
Head- Corporate +91 11 23716531
Communications

Karish Manchanda [email protected]

Churchgate Partners +91 22 6169 5988

Investor Presentation Q1 FY2018 │ 49