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Choice International's Q1 profit surges 50% to ₹32 crore amid revenue growth
1 min read | Updated on July 19, 2024, 14:46 IST
SUMMARY
Financial services firm Choice International reported a 50% increase in profit after tax, reaching ₹32 crore for the quarter ending June 2024, compared to ₹21.3 crore in the same period last year. The company’s total revenue rose by 48% year-on-year to ₹205.9 crore from ₹139.3 crore. The company's managing director, Kamal Poddar, attributed the success to a stock market rally driven by election-focused activities.
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The company's total revenue rose 48% year-on-year to ₹205.9 crore in the April-June quarter from ₹139.3 crore in the year-ago period (FY24).
In comparison, the company posted a Profit After Tax (PAT) of ₹21.3 crore in the year-ago period, Choice International said in a statement.
The company's total revenue rose 48% year-on-year to ₹205.9 crore in the April-June quarter from ₹139.3 crore in the year-ago period (FY24).
"Q1FY25, being focused on elections, led to a stock market rally, with Nifty and Sensex reaching all-time highs and providing excellent returns to investors. Choice has also ended the quarter on a higher note, clocking a revenue growth of 48%, achieving Q1FY25 revenue of ₹206 crore.
"Our EBITDA and PAT for Q1FY25 stood at ₹58 crore and ₹32 crore, respectively, further solidifying our success," the company's managing director Kamal Poddar said.
Choice International said its broking & distribution business contributed 67% of total revenues, followed by advisory business (21%) and NBFC (12%).
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