Shares of BLS E-Services slumped sharply on Monday afternoon after the company posted its earnings for the quarter ended December.

What Happened: BLS E-Services posted its first quarterly results after getting going public earlier this month. During the October-December period, the company’s consolidated revenue amounted to ₹71.65 crore, marking a small rise from ₹69.07 crore posted in the preceding quarter.

The company’s EBITDA experienced a growth of 15.7% YoY, reaching ₹10.31 crore. EBITDA margin expanded to 14.4%, exhibiting a 150 basis points improvement, primarily attributed to an enhanced business mix.

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Looking ahead, the company said that it will participate in multiple contracts and tenders for e-governance services. Furthermore, the company expressed keen interest in collaborating with both private and public sector banks to facilitate business correspondent services for Indian citizens.

BLS E-Services shares made a blockbuster debut at the bourses, listing at a premium of 128.9% over the IPO price on February 6. The stock opened at ₹305 on the NSE and at ₹309 on the BSE, significantly higher than the issue price of ₹135.

Price Action: BLS E-Services share price was down 2.42% to close at ₹336 on Monday.

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