CHOICEIN · Financial Services
Choice International Ltd. reported revenue of ₹253 cr for January to March 2025, +17.7% on the year and +21.1% on the quarter. It is the highest quarterly revenue in the last 8 quarters on record. Over the last four quarters revenue comes to ₹910 cr, +21.2% on the four before.
Operating profit (EBITDA) was ₹96.0 cr, a margin of 37.9%, +678 bps on the year and +924 bps on the quarter. It is the widest margin of the last 8 quarters (range 25.7% to 37.9%). Operating costs grew +6.1% against revenue growth of +17.7%, so more of each rupee of sales reached operating profit.
Net profit was ₹54.0 cr, +38.5% on the year and +74.2% on the quarter, with earnings per share of ₹2.59. Profit before other income, one-offs and tax grew 35.8%, so the profit growth came from the business itself. The tax rate of 28% is in line with its recent average. Profit over the last four quarters totals ₹163 cr, +25.4% on the four before.
Asset managers and brokers earn fees on assets and activity, so revenue follows market levels and flows; treasury income can lift other income in a good market quarter. The quarterly statements do not carry assets under management, flows and the yield on assets; those come with the filing read.
On earnings per share of ₹7.85 over the last four quarters, the stock at ₹740.00 trades at 94.3 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Finance cost ₹22.0 cr, +83.3% on the year; 23% of EBITDA.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹207 cr | ₹215 cr | ₹201 cr | ₹247 cr | ₹209 cr | ₹253 cr | ₹235 cr | ₹274 cr | ₹303 cr | ₹307 cr | ₹310 cr | ₹373 cr |
| YoY | — | — | +46% | +29% | +1% | +18% | +17% | +11% | +45% | +21% | +32% | +36% |
| EBITDA margin | 32.4% | 31.2% | 26.4% | 30.8% | 28.7% | 37.9% | 35.3% | 32.5% | 37.0% | 37.8% | 33.8% | 33.4% |
| Other income, % of PBT | 5% | 4% | 12% | 3% | 5% | 3% | 5% | 13% | 5% | 8% | 12% | 7% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 28% | 29% | 26% | 23% | 29% | 28% | 24% | 24% | 29% | 22% | 24% | 26% |
| Net profit | ₹40.0 cr | ₹39.0 cr | ₹32.0 cr | ₹46.0 cr | ₹31.0 cr | ₹54.0 cr | ₹48.0 cr | ₹56.5 cr | ₹66.0 cr | ₹68.0 cr | ₹60.6 cr | ₹69.5 cr |
| YoY | — | — | +52% | +53% | −22% | +38% | +50% | +23% | +113% | +26% | +26% | +23% |
| Core profit YoY | — | — | +41% | +59% | −23% | +36% | +58% | +10% | +112% | +11% | +18% | +35% |
| EPS | ₹1.98 | ₹1.93 | ₹1.48 | ₹2.31 | ₹1.47 | ₹2.59 | ₹2.19 | ₹2.75 | ₹2.56 | ₹2.71 | ₹2.72 | ₹3.12 |
| Flags | · | · | 1 | 1 | 2 | 1 | 1 | ✓ | ✓ | ✓ | ✓ | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Choice International Ltd. reported revenue of ₹253 cr (+17.7% on the year) and net profit of ₹54.0 cr (+38.5% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved +35.8% on the year, against +38.5% for reported profit.
1 check raised a question: Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
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