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Multinagger smallcap stock secures Ayushman Bharat Yojana contract for card processing in Uttar Pradesh

This collaboration aims to streamline Ayushman Card processing, enhance outreach to beneficiaries, and contribute to the growth of the Ayushman ecosystem.

Nitin Kumar Edited By: Nitin Kumar @Niitz1 New Delhi Published on: December 06, 2023 7:16 IST
Ayushman Bharat Yojana
Image Source : FREEPIK A physician in a medical robe with a stethoscope.

Ayushman Bharat, a flagship scheme of the government, has been a huge success. Launched in 2018, it is the world's largest government-funded healthcare program. The scheme offers cashless healthcare benefits of up to Rs 5 lakh per eligible family per year. Recently, the government has awarded a contract for a substantial order for seamless card processing in 10 districts of Uttar Pradesh to its tech-enabled services partner BLS International.

The districts covered under the initiative include Auraiya, Etawah, Kanpur Dehat, Pratapgarh, Kanpur Nagar, Prayagraj, Farrukhabad, Fatehpur, Kannauj, and Kaushambi.

"This strategic collaboration involves the processing of Ayushman Cards on the National Health Authority (NHA) IT Platform," it said in an exchange filing.

The primary objective is centered around streamlining the processing of Ayushman Cards in a time-bound manner, expanding outreach to beneficiaries and contributing to the growth of the Ayushman ecosystem.

"By strategically deploying trained manpower to verify the details and authenticity of Ayushman, it aim to facilitate a more inclusive and convenient processing of Ayushman Cards. This effort is designed to ensure the seamless integration of Ayushman services into the lives of beneficiaries, enhancing overall accessibility and convenience," it said in a statement.

BLS International is a smallcap stock. Its shares on Tuesday settled at Rs 281.90 on BSE. Its shares have given 489 per cent return in two years and 1,093 per cent in three years.

In the second quarter, the visa and consular services provider posted a 60.81 per cent jump in its profit to Rs 82 crore. The profit after tax (PAT) was Rs 50.99 crore during July-September quarter of 2022-23. The consolidated revenue rose 14.3 per cent year-on-year to Rs 407.7 crore, while operating EBITDA witnessed a growth of 52.7 per cent to Rs 86.7 crore.

BLS continues to be one of the world's top three visa and consular services companies. Amongst several others, it processes visa applications for Spain, Italy, Portugal, Germany, Thailand, Hungary, Morocco, India, Vietnam, Malaysia and Slovakia. In fact, it is the only listed company in the domain with operations in 66 countries.

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