BLS International

Answer on point by point

1. They have acquired two business in the last one year and IData gross margin on per application is higher than BLS. Plus, organically per application was increased
2. There is 3 Major player in this industry, VFS Global 50% , BLS International 15-16%, TLS 20% market share …so some kind of entry barriers in this industry
3. Acquistion cost higher than Book value. P/BV is higher
   read Temasek to pick up 18% stake in VFS Global for $950 mn: Report
   my post dated 18.10.2024
4. Unaware, but good question
5. Already separate entity with 51% holding. They have different plan like enter into NBFC market in the future (My Assumption)
6. Good question, ask in the next physical / con call
7. They delivered in the past and its good for investors to track.
8. Unaware

You can read Shankar Nath post on this company. To get fair idea of the business and working style