Redefining Excellence: Choice International Soars in the December Quarter
January 18, 2024, Mumbai: Choice International Limited (BSE: 531358, NSE: CHOICEIN), one of the leading financial services companies operating across India (“CIL”, “Choice” or the “Company”), announces its results for Quarter and Nine months ending December 31st, 2023.
Consolidated Financial Performance for Q3 FY24 v/s Q3 FY23
- Total Revenue of Rs. 209.8 Cr v/s. Rs. 98.4 Cr [á113%]
- EBITDA of Rs. 69.2 Cr v/s. Rs. 26.3 Cr [á163%]. EBITDA Margins of 33% v/s 27%
- PAT of Rs. 40.3 Cr v/s. Rs. 13.9 Cr [á190%]. PAT Margins of 19% v/s 14%
- Revenue contribution of 59% Stock Broking, 30% Advisory and 11% NBFC
Consolidated Financial Performance for 9M FY24 v/s 9M FY23
- Total Revenue of Rs. 542.9 Cr v/s. Rs. 255.6 Cr [á112%]
- EBITDA of Rs. 158.4 Cr v/s. Rs. 61.3 Cr [á158%]. EBITDA Margins of 29% v/s 24%
- PAT of Rs. 91.5 Cr v/s. Rs. 29.8 Cr [á207%]. PAT Margins of 17% v/s 12%
Key Business Highlights:
- Number of Demat Accounts stood at 807K, a growth of 26% YoY
- AUM for stock broking stood at Rs. 336 Bn, a staggering growth of 63% YoY
- AUM for mutual funds stood at Rs. 486.4 Cr, surge 34% YoY
- Insurance premium generated Rs. 51.2 Cr, an increase of 433% YoY
- Number of policies sold stood at 10,378, a surge of 174% YoY
- Total Loan book for NBFC segment at the end of Q3 FY24 stood at Rs. 468.4 Cr
- Retail Loan Book for Q3 FY24 stood at Rs. 268 Cr
- Net Non-Performing assets (NNPA) as on 31st Dec, 2023 is 1.05%
- Advisory segment Order book stood at Rs. 620 Cr, increase of 80% YoY
Commenting on the 9M & Q3 FY24 performance Mr. Kamal Poddar, Managing Director said,
“Choice has concluded yet another quarter with an impressive YoY growth of 113%, reporting a revenue of Rs. 209.8 Cr in Q3 FY24. In 9MFY24, we clocked in a revenue of Rs. 542.9 Cr, reflecting a remarkable growth of 112% YoY. Our steadfast performance in the third quarter of FY24 demonstrates our commitment to achieving the goals set for this financial year. Consolidating our success, the EBITDA and PAT for Q3 FY24 stand at Rs. 69.2 Cr and Rs. 40.3 Cr, respectively.
Choice consistently exceeds expectations across all segments.
- The broking & distribution business, which comprises 59% of our total revenues, clocked in a growth of 92% YoY translating to a revenue of Rs. 123.9 Cr in Q3FY24.
- The stock broking business added 39K demat account, taking the total to 807K demat accounts. Choice has consistently maintained its position of 5th Rank in Full Service Brokers category as per NSE’s active (UCC) list. The stock broking vertical has witnessed better user retention and significant focus on Tier III cities and below has enabled this growth
- The AUM for the Mutual Fund business stood at Rs 486.4 Cr, a growth of 34% YoY. The growth is attributed to increased efforts in cross-selling additional services
- Insurance industry in India has been aggressively expanding and so is our Insurance Broking business. Choice Insurance Broking generated premium of Rs. 51.2 Cr in Q3 FY24, a staggering growth of 433% on a YoY basis. The total number of policies sold stood at 10,378, a growth of 174% YoY. Focus has been majorly on corporate B2B and institutional clients leading to an increased rate of conversion
- Our NBFC business, has grown well in the last one and half year, clocking in a total loan book of Rs. 468.4 Cr which includes a retail loan book of Rs. 268 Cr. The focus continues to be on growing the retail loan book. With expansion into Tier III cities and increased focus on digitalization of the entire lending process, this segment is experiencing a huge surge in revenues. Our user-friendly mobile application ‘Choice Money’ has enabled us to provide loans effectively and has streamlined the entire process seamlessly
- The Advisory business, under Choice Consultancy, has been exhibiting excellent performance with a strong order book of Rs. 620 Cr. Last quarter the company had been awarded a prestigious contract to serve as System Integrators for the computerization of Primary Agricultural Credit Societies (PACS) in the state of Bihar. Backed by this, the company won additional contracts for PACS in Maharashtra, Haryana and Tamil Nadu.
The Choice Business Associate (CBA) Network is expanding every quarter driven by the increasing financial awareness among individuals, especially in the less developed regions of the country. Currently our network comprises of 36K+ CBAs who have been pivotal in propelling our growth and is expanding
In the current year, our primary emphasis is on broadening our operations nationwide and transforming financial inclusion into a tangible reality for the people of India. We are driven by the motivation to serve our customers while striving to achieve excellence in every conceivable aspect, encapsulated by our aspiration to be “सर्वश्रेष्ठ”.
