Choice International reports stellar performance in Q3 FY24 with significant revenue growth

Choice International Limited, a leading financial services company in India, announced its financial results for the quarter and nine months ending December 31, 2023. The company reported a substantial increase in total revenue, achieving Rs. 209.8 Cr in Q3 FY24 compared to Rs. 98.4 Cr in the same period last year, marking a 113% year-over-year (YoY) growth. This significant revenue growth was complemented by a notable increase in EBITDA and Profit After Tax (PAT).

Key Financial Highlights

– EBITDA reached Rs.69.2 Cr in Q3 FY24, a 163% increase compared to Rs. 26.3 Cr in the same quarter last year.

– PAT rose to Rs. 40.3 Cr, a 190% increase from Rs. 13.9 Cr in the same period last year.

– Revenue contributions: 59% from Stock Broking, 30% from Advisory, and 11% from NBFC (Non-Banking Financial Company).

Robust Financial Growth for Choice International in the Third Quarter of FY24 Across Diverse Segments

Nine-Month Financial Performance

For the nine months of FY24, Choice International reported a total revenue of Rs. 542.9 Cr, a 112% increase compared to Rs. 255.6 Cr in the previous year. The EBITDA and PAT for this period also saw significant rises, with EBITDA at Rs. 158.4 Cr and PAT at Rs. 91.5 Cr.

Diverse Business Segment Growth

Choice International’s growth is attributed to its diverse business segments. The company’s stock broking business, contributing 59% to the total revenue, saw a 92% YoY growth, translating to Rs. 123.9 Cr in Q3 FY24. Notably, the stock broking business added 39K demat accounts, taking the total to 807K.

The Mutual Fund business experienced a 34% YoY growth, with AUM standing at Rs. 486.4 Cr. The insurance broking business generated a premium of Rs. 51.2 Cr in Q3 FY24, a 433% growth YoY. The total number of policies sold stood at 10,378, a 174% increase YoY.

The NBFC segment showed significant progress, with a total loan book of Rs. 468.4 Cr, including a retail loan book of Rs. 268 Cr. The advisory business under Choice Consultancy demonstrated excellent performance with a strong order book of Rs. 620 Cr, gaining prestigious contracts in various Indian states.

Comment from Managing Director

Kamal Poddar, Managing Director of Choice International, commented on the performance, stating, “Choice has concluded yet another quarter with an impressive YoY growth of 113%, reporting a revenue of Rs. 209.8 Cr in Q3 FY24. Our steadfast performance in the third quarter of FY24 demonstrates our commitment to achieving the goals set for this financial year.”