BLS International Services Limited CC-Nov25.pdf · 2025-11-12
Congrats on the good set of numbers. My first question is regarding the visa application globally. What is the total number of visa applications that have been handled? Out of which is -- how much is in-house and how much is outsourced? What I actually wanted to understand is that for the next 2 to 3 years, what could be the potential of that outsourcing of the total visa applications that are being handled?
Secondly, on the visa business, if you look at the EBITDA margin, I think it is an all-time high EBITDA margin, roughly around 42% EBITDA margin. Just wanted to understand what percentage of your whole visa business has been converted to a self-centered model, which we used to manage by a partner model. It's a 100% self-owned model, or it's 10%, 5% is remaining on the partnered model. Because if it's remaining, then I think margin expansion could also be a big change in Visa's business. What are your thoughts on this?