Fintech

Hybrid fintech firm Choice International FY21 net profit at Rs 167 mn

BSE-listed Choice International Limited, a fintech conglomerate, reported a net profit of Rs 167 million on a revenue of Rs 1,687 million for the year 2020-21 (Apr-Mar), up 35 per cent and 30 per cent 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 Rs 24 million and INR 497 million, respectively.

FUND RAISING

The board at its meeting on Friday also approved to raise equity funds of Rs 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.

This story is provided by PRNewswire. ANI will not be responsible in any way for the content of this article.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Source: https://www.business-standard.com/article/companies/hybrid-fintech-firm-choice-international-fy21-net-profit-at-rs-167-mn-121062600313_1.html

Donovan Larsen

Donovan is a columnist and associate editor at the Dark News. He has written on everything from the politics to diversity issues in the workplace.

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