Sep 26, 2022 09:25 AM
Finance firm Choice International announced Q1FY23 Result :
Commenting on the initiative, Mr. Kamal Poddar, Managing Director said: “Building on our stellar performance during FY22, we recorded a strong start of the fiscal year 2023. We at Choice are confident of continuing our growth journey driven by our resilient business model due to the diverse nature of our business. I am glad to showcase our achievement during the Q1 FY23. Customer confidence on Choice broking service continued to remain strong reflected through increase in number of Demat accounts by 21% and number of Active clients by 7.5%, on QoQ basis. Choice ranked 16th as per NSE’s active UCC list. Further to this assets held by our stock broking clients increased to Rs. 160 bn a growth of over 80% YoY. Similarly, AUM for mutual funds stood at Rs. 3,176 mn. We generated insurance premium of Rs 118 mn, a growth of 99% YoY.
NBFC business was one of our prime focuses during the quarter and we continue to build a strong team to facilitate our transformation from institutional lending to retail lending which is expected to be one of primary driver for future growth. We started digital lending for retail during the quarter with a focus on Tier 3-5 cities, which received a very encouraging initial response. Our retail Loan book stood at Rs 22.3 Mn within the first 15 days of launch. During the quarter our total Loan Book grew by 13% YoY to Rs. 3.22 Bn. The execution of Jal Jeevan mission project during the quarter was in line with our expectation, which is part of our Advisory business. During the quarter we experienced growth of 25% YoY for this segment to Rs. 207 mn.
During the quarter, our revenue recorded a robust growth of 24.1% to Rs. 745 Mn and expect this growth trajectory to continue going forward. Our consolidated EBITDA and PAT for Q1 FY23 was Rs. 176 mn and Rs. 77 mn, respectively. Our consolidated margins during the quarter were impacted due to higher cost on account of launch of new retail lending business during the quarter, we expect the margins to normalize on full year basis. “
|Sep 22, 2022||Bonus||1:1|
Choice International was established in 1993 with the vision to provide performance-enhancing advisory services to global corporations. Since then, the firm has built a strong reputation globally as a provider of business consulting solutions targeting diverse facets of running a business enterprise.
Shakambari Corporate Park, 156-158 J B Nagar Andheri (E), Mumbai, Maharashtra, 400099
Sharex Dynamic (India) Pvt Ltd
|AGM Date (Month)||:||Sep|
|Face Value Equity Shares||:||10|
|Market Lot Equity Shares||:||1|
|Book Closure Date (Month)||:||Sep|