BLS E-Services share: Newly listed stock rises 30% in post-Q3 results rally

BLS E-Services share price has been in an uptrend since its Q3 results 2024 were declared on 12th February. In the post-Q3 results rally, BLS E-Services share price has surged from ₹309.30 apiece to ₹399.60 per share on NSE, delivering to the tune of 30 percent in the last five straight sessions. After listing over 100 percent premium on 6th February 2024 at the Indian stock market exchanges, BLS E-Services share price has managed to maintain the bull trend and strong Q3 results fueled that rally further.

BLS E-Services Q3 results 2024

In Q3FY24 results declared on 12th February 2024, the company's consolidated revenue stood at ₹71.65 crore, compared to ₹69.07 crore in the corresponding quarter of the previous financial year. Operating EBITDA witnessed a growth of 15.7 percent to ₹10.31 crores. The company’s operating EBITDA margins stood at 14.4 percent and expanded by 150 bps. The expansion is primarily driven by an improved business mix. Given the asset-light nature of the business, the company continues to generate significant returns for its shareholders Management continues to focus on Inorganic growth opportunities across Rural Banking Outlets, E-Governance, and E-Services businesses.

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Commenting on the company’s performance, Shikhar Aggarwal, Chairman at BLS E-Services Ltd., said, We are thrilled to announce the successful listing of BLS E-Services Ltd's shares on the prestigious NSE & BSE through an initial public offering, marking a significant milestone in our journey towards technological and service excellence in the E-Governance, Business Correspondent, and Assisted E-services sectors. This IPO has successfully raised ₹310 Crores, earmarked for both organic and inorganic growth opportunities, highlighting the confidence of the investors in our vision and our robust growth strategy."

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Multibagger IPO

As mentioned above, BLS E-Services IPO is one of the multibagger IPOs that the Indian primary market has delivered in 2024. BLS E-Services IPO was launched at a price band of ₹129 to ₹135 per equity share. The stock listed on BSE at ₹309 apiece whereas it listed on NSE at ₹305 apiece, delivering listing gain to the tune of 125 percent to the lucky allottees.

However, the stock didn't end here only and continued to attract the buying interest of investors post-listing and touched a lifetime high of ₹423.70 apiece on the listing date itself. However, the stock retraced from this new high and ended at ₹366 per share on the listing date. This profit-booking continued till 13th February when the scrip ended at ₹309.30 apiece.

But, the post-results rally fueled upside movement in the scrip and the stock has rallied from ₹309.30 to ₹399.60 apiece in the last five sesssions, delivering to the tune of nearly 30 percent to the bottom fishers.

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