Choice International Q2 Profit Rises 23% to Rs 69.47 Crore

New Delhi: Diversified financial services firm Choice International has reported a 23 per cent year-on-year rise in consolidated net profit to Rs 69.5 crore in the quarter ended September, driven by higher income.

It had posted a net profit of Rs 56.5 crore in the corresponding quarter of the previous fiscal, the Mumbai-based company said in an exchange filing on Monday.

Its total income rose by 33 per cent to Rs 379 crore in the second quarter of the current fiscal from Rs 284.1 crore a year ago, it added.

On the business front, Choice added 1.73 lakh demat accounts, taking the total to 13.78 lakh, representing 14 per cent year-on-year growth.

Its client assets under custody stood at Rs 66,300 crore and the Margin Trading Facility (MTF) book reached Rs 463 crore.

Following the quarter ended September, Choice Equity Broking received Rs 900 crore from South Korea’s NH Investment & Securities, completing the strategic investment.

The funds will primarily support MTF expansion, the firm said. Its investment banking business handled five Initial Public Offerings (IPOs) during the quarter, which collectively raised around Rs 680 crore.

The company has 24 IPO mandates in its pipeline, involving estimated fundraising of Rs 6,210 crore.

“Our strongest-ever quarterly performance reinforces our strategy of building complementary businesses around India’s growing investment, financing and development needs,” said Kamal Poddar, Managing Director at Choice International Ltd.

He added that as these businesses scale, priority is to deepen customer relationships and make greater use of the Group’s shared distribution, technology and expertise to drive sustainable earnings.

“The Rs 900 crore investment by NH Group is a significant step in this journey, bringing capital and international expertise to support our next phase of growth. We intend to build on this partnership to expand beyond retail broking and strengthen our institutional, wealth and asset management capabilities,” Poddar said.

Separately, the company’s board has recommended the issuance of bonus shares in the ratio of 1:1, subject to shareholders’ approval.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)