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BSE-listed Choice International Limited, a fintech conglomerate, reported net profit of Rs 167 million on revenue of Rs 1,687 million for the year 2020-21 (Apr-Mar), an increase of 35 and 30 percent respectively from the previous year.
Revenue growth for the year was largely driven by brokerage revenues, although the non-banking financial corporation (NBFC) performed relatively well in the face 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 give the initiative even more momentum, We still have a number of fintech products to launch that would drive the company’s revenue growth in the next fiscal year.”
For the fourth quarter of January-March, the company reported net profit and sales of Rs 24 million and INR 497 million respectively.
COLLECTING FUNDS
The board of directors also approved at its meeting on Friday to raise equity funds of Rs 600 million through rights issue as per the legal standards. The proceeds of the fund raised would be used to leverage its strong position in the stock brokerage business and drive exponential growth in other business segments such as loan distribution, wealth management, insurance brokerage, investment banking etc.
This story is provided by PRNewswire. ANI is in no way responsible for the content of this article.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content was automatically generated from a syndicated feed.)
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