New Delhi: BLS e-Services Ltd, which runs rural banking outlets, is looking at acquisitions in the current financial year as part of its inorganic growth strategy.
The company – which has a tie-up with 15 banks including State Bank of India, Bank of Baroda and HDFC Bank – has 21,000 banking correspondent centers across the country.
"We are actively engaged with 2-3 companies. Due diligence is underway. We expect to make acquisitions during the current financial year to boost inorganic growth," said Shikhar Agarwal, Chairman, BLS e-Services Ltd. We do.,
He said the company has earmarked Rs 28.71 crore for the acquisition, adding the money was raised through an initial public offering of Rs 311 crore earlier this year.
Besides, he said, the company is looking at organic growth by expanding its BL stores.
“During FY24, we have grown our reach and network to over 1,00,000
touch points and over 1,000 BLS stores,” he said.
In terms of organic growth, Aggarwal said, the company will focus on cross-selling products such as insurance and other financial services and promoting financial inclusion through business correspondents.
“We remain focused on expanding our network and reach through our B.C.
and digital stores, invest in building an advanced digital infrastructure that can cope with the transaction volumes envisioned given the trajectory of our economy.,
Talking about the recently released annual numbers, he said, the company has reported a 65 per cent rise in net profit to Rs 33.53 crore for the financial year ending March 2024, as against Rs 20.33 crore in the previous financial year. Was crore rupees.
The company's total income increased to Rs 78.71 crore from Rs 73.62 crore in the previous financial year.
The company's total expenses also increased to Rs 64.29 crore during the financial year, from Rs 62.05 crore in FY23.
The company – which has a tie-up with 15 banks including State Bank of India, Bank of Baroda and HDFC Bank – has 21,000 banking correspondent centers across the country.
"We are actively engaged with 2-3 companies. Due diligence is underway. We expect to make acquisitions during the current financial year to boost inorganic growth," said Shikhar Agarwal, Chairman, BLS e-Services Ltd. We do.,
He said the company has earmarked Rs 28.71 crore for the acquisition, adding the money was raised through an initial public offering of Rs 311 crore earlier this year.
Besides, he said, the company is looking at organic growth by expanding its BL stores.
“During FY24, we have grown our reach and network to over 1,00,000
touch points and over 1,000 BLS stores,” he said.
In terms of organic growth, Aggarwal said, the company will focus on cross-selling products such as insurance and other financial services and promoting financial inclusion through business correspondents.
“We remain focused on expanding our network and reach through our B.C.
and digital stores, invest in building an advanced digital infrastructure that can cope with the transaction volumes envisioned given the trajectory of our economy.,
Talking about the recently released annual numbers, he said, the company has reported a 65 per cent rise in net profit to Rs 33.53 crore for the financial year ending March 2024, as against Rs 20.33 crore in the previous financial year. Was crore rupees.
The company's total income increased to Rs 78.71 crore from Rs 73.62 crore in the previous financial year.
The company's total expenses also increased to Rs 64.29 crore during the financial year, from Rs 62.05 crore in FY23.
