Mumbai (Maharashtra) [India] September 7 (ANI/PRNewswire): BSE-listed Choice International Limited, a diversified conglomerate in the personal finance services spectrum has reported 1338 per cent growth in April-June net profit to Rs 1110.60 lakhs compared to a net loss of Rs 89.67 lakhs in the corresponding quarter last year.
Total income of the hybrid fintech company during the first quarter grew by 58 per cent as compared to corresponding previous quarter to Rs 4,394.91 lakhs largely driven through its stock brokerage income. It includes Rs 908.06 lakhs on account of gain on fair value of one traded security classified as fair value through profit and loss statement.
Sequentially, net profit and total income grew by 161 per cent and 13 per cent over the preceding quarter of Jan-Mar, respectively.
EBITDA margin for the quarter under review grew to 47 per cent, up 29 basis points over the same quarter last year.
"Having achieved momentum in our stock brokerage operations, we would now explore and diversify our revenue segments through insurance broking and loan against shares in the next quarter. The two segments would expedite the momentum in our top-line to ensure 100 percent growth in FY21 revenues with our war chest of funds for inorganic growth and thereby created value for our stakeholders," said Kamal Poddar, Managing Director, Choice International, while commenting on the first-quarter performance.
"Choice would also foray into digital lending against shares and intends to leverage its strong-hold in stock brokerage business and scale this segment up rapidly as part of driving revenue growth," Poddar said.
Its various online platforms include www.choicebroking.in for stock brokerage, www.investica.com for mutual funds, and shortly would explore a digital platform for insurance.
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