BSE-listed hybrid fintech company Choice International reports INR 167 million net profit for FY21

MUMBAI, India, June 25, 2021 /PRNewswire/ -- BSE-listed Choice International Limited, a fintech conglomerate, reported a net profit of INR 167 million on a revenue of INR 1,687 million for the year 2020-21 (Apr-Mar), up 35% and 30% respectively over the previous year.

The revenue growth for the year under review was largely driven through the stock brokerage income though the non-banking financial company (NBFC) business performed relatively in light of the pandemic.

Commenting on the annual performance, Kamal Poddar, Managing Director, Choice International, said, "The company's digital initiative through its fintech model has started delivering dividends during the pandemic year. To add further momentum to the initiative, we have several more fintech products lined up for launch that would drive the company's revenue growth in the next financial year."

For the fourth quarter of Jan-Mar, the company reported a net profit and revenue of INR 24 million and INR 497 million, respectively.

FUND RAISING

The board at its meeting on Friday also approved to raise equity funds of INR 600 million via rights issue as per regulatory norms. The proceeds from the fund raised would be deployed to leverage its strong hold in the stock brokerage business and drive exponential growth in other business segments like loan distribution, wealth management, insurance broking, investment banking etc.

About Choice International

Choice Group is an end-to-end financial services conglomerate, encapsulating a diversified range of financial products. We keep widening our service portfolio to keep pace with technological progress. We have a duty towards our trusted stakeholders which comes top on our priority list, but Choice Group is not just about business; we are also a socially responsible corporate which regularly gives back to society.

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Contact :
Ronak Agarwal
[email protected]
9930333788
Choice International Ltd