Choice International Ltd

₹ 341 0.92%

18 May - close price

choiceindia.com BSE: 531358 NSE: CHOICEIN

About

Business Overview
Choice International Ltd was incorporated in 1993. It is an integrated and diversified financial services group. It provides a wide range of financial services that includes Broking & Distribution, Investment Banking, Financial Services to Business Advisory, Regulatory Compliances to Government authorities & other corporate entities, Retail loan distribution, Mutual Fund distribution, technical services, and other ancillary services. The registered office of the Company is in Mumbai.^[1] ^[2]

Key Points

Business Segments^[1]
1. Broking and Distribution Business:
It includes ** Stock Broking, Wealth, Insurance.
KPIs**
Demat Accounts - 848k
Active Accounts - 194k
Stock Broking AUM - Rs. 353 Bn
Wealth Products AUM - Rs. 6,249 Mn
Insurance Premium - Rs. 625 Mn
No. of Policies Sold - 14,567
Company is more prevalent in Tier III and beyond cities.^[2]

Website BSE NSE

Market Cap ₹ 6,800 Cr.
Current Price ₹ 341
High / Low ₹ 348 / 166
Stock P/E 52.8
Book Value ₹ 31.7
Dividend Yield 0.00 %
ROCE 24.8 %
ROE 23.2 %
Face Value ₹ 10.0

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Pros

Company is expected to give good quarter
Company has delivered good profit growth of 85.4% CAGR over last 5 years

Cons

Stock is trading at 10.8 times its book value
Though the company is reporting repeated profits, it is not paying out dividend
Promoter holding has decreased over last 3 years: -5.33%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Finance Industry: Finance & Investments

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	50	60	61	67	92	77	77	96	137	138	191	207	215
	44	39	43	45	66	61	61	72	92	102	142	141	147
Operating Profit	5	21	18	22	26	16	16	24	45	36	49	67	67
OPM %	11%	34%	30%	33%	28%	21%	20%	25%	33%	26%	25%	32%	31%
	2	2	2	0	1	2	2	2	2	1	3	3	2
Interest	4	3	3	3	5	5	5	7	6	7	10	11	12
Depreciation	1	1	1	1	1	1	1	1	1	1	2	2	2
Profit before tax	3	18	16	18	21	12	12	18	40	29	40	56	55
Tax %	29%	28%	28%	25%	27%	34%	29%	24%	25%	28%	25%	28%	29%
	2	13	12	14	15	8	8	14	30	21	30	40	39
EPS in Rs	0.17	0.65	0.59	0.68	0.77	0.39	0.42	0.71	1.52	1.08	1.48	1.98	1.93
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	42	62	62	187	134	152	121	132	176	285	393	751
	32	46	36	160	103	113	85	93	134	194	286	532
Operating Profit	10	16	26	28	30	39	36	39	41	92	107	219
OPM %	24%	25%	42%	15%	23%	26%	29%	29%	23%	32%	27%	29%
	0	-0	-0	0	1	0	0	0	0	1	2	9
Interest	3	9	17	19	19	21	20	17	15	15	22	40
Depreciation	1	1	2	2	2	3	3	3	3	3	5	7
Profit before tax	6	6	6	7	10	16	12	18	23	74	82	181
Tax %	35%	38%	25%	39%	41%	24%	28%	32%	27%	27%	27%	28%
	4	3	5	4	6	12	6	12	17	54	60	131
EPS in Rs	0.73	0.70	1.02	0.86	1.26	1.22	0.59	1.24	1.17	2.69	3.03	6.46
Dividend Payout %	27%	29%	20%	23%	-0%	-0%	-0%	-0%	-0%	-0%	-0%	-0%

Compounded Sales Growth
10 Years:	28%
5 Years:	44%
3 Years:	62%
TTM:	91%

Compounded Profit Growth
10 Years:	43%
5 Years:	85%
3 Years:	97%
TTM:	115%

Stock Price CAGR
10 Years:	47%
5 Years:	90%
3 Years:	143%
1 Year:	91%

Return on Equity
10 Years:	14%
5 Years:	15%
3 Years:	18%
Last Year:	23%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity Capital	10	10	10	10	10	20	20	20	29	50	100	199
Reserves	44	46	50	53	60	146	154	193	234	360	378	432
	29	96	121	119	147	177	166	143	151	220	206	455
	32	38	46	49	70	84	133	146	240	346	424	719
Total Liabilities	114	189	227	232	287	428	473	502	655	976	1,107	1,806
	28	32	32	34	37	78	98	88	86	88	126	141
CWIP	-0	-0	-0	0	1	4	0	0	0	0	5	-0
Investments	15	26	22	22	26	47	22	20	7	11	11	23
	70	131	173	175	222	299	352	395	562	877	965	1,642
Total Assets	114	189	227	232	287	428	473	502	655	976	1,107	1,806

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	-5	-14	-22	28	-20	4	-36	26	-45	-34	263	-148
	-14	-40	13	5	-11	-22	54	13	15	-123	-180	-18
	19	57	6	-22	21	39	-28	-15	23	152	-21	224
Net Cash Flow	0	3	-3	11	-9	21	-11	24	-7	-5	62	58

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	274	308	572	169	313	281	201	251	158	104	107	91
Inventory Days		145	584	32	206	284
Days Payable		952	1,984	164	136	160
Cash Conversion Cycle	274	-499	-828	38	383	405	201	251	158	104	107	91
Working Capital Days	128	242	490	148	323	350	586	553	570	479	209	171
ROCE %	13%	12%	14%	14%	15%	13%	10%	10%	10%	17%	16%

Shareholding Pattern

Numbers in percentages

5 Recently

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	64.31%	64.31%	64.31%	51.45%	51.45%	51.46%	51.46%	55.32%	55.98%	56.27%	57.98%	58.21%
	5.02%	5.02%	5.02%	7.18%	7.03%	14.09%	14.09%	15.12%	14.97%	15.44%	13.58%	12.44%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.04%	0.05%	0.06%
	0.00%	0.00%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	30.66%	30.66%	30.65%	41.36%	41.51%	34.46%	34.47%	29.56%	29.05%	28.26%	28.41%	29.29%
No. of Shareholders	1,947	2,504	2,541	3,560	3,609	5,204	5,057	5,101	6,202	7,234	8,096	18,513

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	46.84%	73.42%	73.42%	73.42%	63.53%	51.45%	55.32%	58.21%
	0.00%	0.00%	0.00%	0.00%	0.00%	7.18%	15.12%	12.44%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.06%
	0.00%	0.00%	0.00%	0.00%	0.01%	0.01%	0.00%	0.00%
	53.16%	26.58%	26.58%	26.58%	36.46%	41.36%	29.56%	29.29%
No. of Shareholders	2,148	2,188	2,145	2,091	1,925	3,560	5,101	18,513

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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