BLS International Services Limited CC-May26.pdf · 2026-05-20
Shikha, what's happening with that. There is a factor in value-added services conversion. So, if you look at the conversion, if you look at our net revenue, net revenue has grown by 20%, whereas our application count has grown by 10%. This is for the quarter. So, this ultimately translates that the conversion in the value-added services and our share of value-added services has gone up. Though it is not reflected in the revenue, it is reflected in the net revenue as well as our EBITDA. So, our EBITDA margins and absolute EBITDA are going up. So, there is revenue sharing between the third-party vendors we take for certain services. So, the true picture is that you should take net revenue growth, which is at 20%, whereas application count growth is around 10%.
Thank you, everyone, for joining this call. If you have any questions, you can reach out to EY team or myself. We are available for the calls. Thank you so much and have a good evening.