BSE-listed Choice International H1 net profit at Rs 10.22 crore, up 74% on year

"Our broking services have continued to be our strongest segment which has contributed 70% and 91% in Revenue and PBT respectively during the six-month period under review," said Kamal Poddar, managing director of the company. "In the first quarter of FY 21, an unrealized profit of Rs. 9.08 crore was recorded, a reversal of which resulted in a net loss of Rs 0.89 crore in the second quarter.

MUMBAI, India, Nov. 10, 2020 /PRNewswire/ -- BSE-listed financial conglomerate - Choice International Limited - reported a net profit of Rs 10.22 crore on consolidated revenue of Rs 77.15 crore, up 74% and 22%, respectively for the six-month period of Apr-Sep over the same period last year. During the six-month period under review, the emerging hybrid fintech company improved its EBITDA margin to 31 percent from 30 percent last year.

The half-yearly results were approved at the board meeting held on Tuesday. "Our broking services have continued to be our strongest segment which has contributed 70% and 91% in Revenue and PBT respectively during the six-month period under review," said Kamal Poddar, managing director of the company.

"In the first quarter of FY 21, an unrealized profit of Rs. 9.08 crore was recorded, a reversal of which resulted in a net loss of Rs 0.89 crore in the second quarter. The consolidated revenue for the second quarter stood at Rs. 33.20 crore. Further, with the declining cases from the pandemic and easing of lock-down measures, we are hopeful of capitalizing on the chaos and emerge much strong with our organic and inorganic initiatives," Poddar said. The acquisition of our insurance broking company is awaiting regulatory approval and our strategic alliance with a digital platform for providing loans against securities will soon materialize with the launch of the application, he said.

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 corporation that regularly gives back to society. Logo: https://mma.prnewswire.com/media/1249684/Choice_International_Logo.jpg 

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