Choice International

₹322 -1 | 0.3%

WEBSITE BSE:531358 NSE : CHOICE INT. 10 May, 16:01

Market Cap ₹6420 Cr.

Stock P/E 49.0

P/B 10.9

Current Price ₹322

Book Value ₹ 29.6

Face Value 10

52W High ₹357.8

Dividend Yield 0%

52W Low ₹ 164.5

Edit Ratio

Choice International Research see more...

Overview Inc. Year: 1993Industry: Finance - Stock Broking

Choice International Ltd, collectively with its subsidiaries, offers diverse financial services in India. The agency operates via four segments: NBFC & Other Services, Broking & Distribution services, Consulting & Outsourcing Services, and Technical Services. It offers investment banking services, along with mergers and acquisitions, private equity, venture capital, angel investments, pipe deals, control and leverage buyouts, and strategic advisory; company finance, along with working capital finance, corporate loans, financial institution guarantee, letter of credit, trade and project finance, mezzanine finance, and company debt restructuring advisory; and service provider banking comprising IPO, certified institutional placement, rights issue, follow on issues, buy backs, takeovers, institutional trading platform, and pre-IPO placement. The company also provides IPO readiness offerings, which include pre-IPO due diligence, ROC compliance, company governance, DHRP documentation, financial statements, promoter organization and institution entities, timing the market, and expedite the IPO adventure; management consulting services comprising commercial enterprise and transaction advisory, taxation, governance, danger and compliance, business technique control, and corporate services; authorities advisory offerings; tax advisory offerings; and IT solutions, which include cloud and enterprise software program, ERP/CRM/SAAS integration, managed database and protection, bot improvement, device integration, and controlled offerings. In addition, it offers equity and equity derivative, commodity derivative, currency derivative buying and selling; wealth management offerings, which consist of studies and advisory, economic planning, and capital gain bonds; coverage broking services; housing, personal, and commercial enterprise loans; and depository, mutual fund distribution, and portfolio management offerings. Choice International Ltd incorporated in 1993 and is primarily based in Mumbai, India.

Choice International Share Price

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Peer Comparison

Choice International Quarterly Results

#(Fig in Cr.)	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Net Sales	67	92	77	77	96	137	138	191	207	215
Other Income	0	1	2	2	2	2	2	3	3	2
Total Income	68	93	79	78	98	140	139	194	210	216
Total Expenditure	45	66	61	61	72	92	102	142	141	147
Operating Profit	22	27	18	17	26	47	38	52	69	69
Interest	3	5	5	5	7	6	7	10	11	12
Depreciation	1	1	1	1	1	1	1	2	2	2
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	18	21	12	12	18	40	29	40	56	55
Provision for Tax	5	6	4	3	5	10	8	10	16	16
Profit After Tax	14	15	8	8	14	30	21	30	40	39
Adjustments	-0	0	0	0	0	0	-0	0	0	-0
Profit After Adjustments	14	15	8	8	14	30	21	30	40	39
Adjusted Earnings Per Share	0.7	0.8	0.4	0.4	0.7	1.5	1.1	1.5	2	2

Choice International Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	41	59	57	184	130	143	127	129	169	284	385	751
Other Income	1	3	5	3	5	9	4	6	7	3	11	10
Total Income	42	62	62	188	135	152	131	135	176	287	396	759
Total Expenditure	32	46	36	160	103	113	103	96	134	194	287	532
Operating Profit	10	15	26	28	32	39	29	39	41	92	109	228
Interest	3	9	17	19	19	21	20	17	15	15	22	40
Depreciation	1	1	2	2	2	3	4	3	3	3	5	7
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	6	6	6	7	10	16	5	18	23	74	82	180
Provision for Tax	2	2	2	3	4	4	1	6	6	20	22	50
Profit After Tax	4	3	5	4	6	12	3	12	17	54	60	130
Adjustments	0	0	0	0	0	0	-3	0	0	0	-0	0
Profit After Adjustments	4	3	5	4	6	12	0	12	17	54	60	130
Adjusted Earnings Per Share	0.8	0.7	1.1	0.9	1.3	1.3	0	1.3	1.2	2.7	3	6.6

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	36%	44%	22%	25%
Operating Profit CAGR	18%	41%	23%	27%
PAT CAGR	11%	71%	38%	31%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	94%	138%	85%	46%
ROE Average	15%	14%	11%	10%
ROCE Average	17%	16%	13%	13%

Choice International Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	54	56	60	63	80	166	167	213	263	410	477
Minority's Interest	0	0	0	0	0	0	0	0	0	1	5
Borrowings	10	11	13	14	9	5	4	4	26	37	89
Other Non-Current Liabilities	2	3	4	4	5	5	7	11	8	7	29
Total Current Liabilities	48	119	150	151	193	252	287	274	357	522	506
Total Liabilities	114	189	227	232	287	428	465	502	655	976	1107
Fixed Assets	28	32	32	34	37	78	98	86	84	87	125
Other Non-Current Assets	20	31	27	27	34	59	34	29	16	36	115
Total Current Assets	66	126	168	171	215	291	333	386	554	853	867
Total Assets	114	189	227	232	287	428	465	502	655	976	1107

Choice International Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	1	2	5	2	13	4	24	14	37	30	26
Cash Flow from Operating Activities	-5	-14	-22	28	-20	4	-12	26	-45	-34	263
Cash Flow from Investing Activities	-14	-40	13	5	-11	-22	31	13	15	-126	-180
Cash Flow from Financing Activities	19	57	6	-22	21	39	-29	-15	23	152	-21
Net Cash Inflow / Outflow	0	3	-3	11	-9	21	-11	24	-7	-8	62
Closing Cash & Cash Equivalent	2	5	2	13	4	24	14	37	30	26	87

Choice International Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	0.77	0.73	1.07	0.9	1.32	1.28	0.04	1.3	1.22	2.69	3
CEPS(Rs)	1.01	1.01	1.46	1.3	1.73	1.55	0.72	1.66	1.45	2.86	3.26
DPS(Rs)	1	1	1	1	0	0	0	0	0	0	0
Book NAV/Share(Rs)	11.19	11.68	12.63	13.28	14.6	13.02	13.07	15.3	15.17	18.5	21.53
Core EBITDA Margin(%)	22.02	21.41	36.3	13.11	20.69	21.16	19.04	25.79	20.34	31.47	25.48
EBIT Margin(%)	21.6	24.14	41.47	13.86	22.55	25.49	19.64	27.58	22.7	31.39	27.02
Pre Tax Margin(%)	13.82	9.56	11.07	3.68	7.88	11.02	3.56	14.13	13.52	25.95	21.28
PAT Margin (%)	9.02	5.94	8.29	2.24	4.62	8.42	2.62	9.65	9.9	18.89	15.6
Cash Profit Margin (%)	11.87	8.19	12.3	3.37	6.33	10.36	5.44	12.33	11.73	20.08	16.85
ROA(%)	4.11	2.3	2.26	1.8	2.32	3.37	0.75	2.57	2.89	6.57	5.77
ROE(%)	8.68	6.38	8.09	6.67	9.03	12.39	2.67	9.17	9.46	18.64	15.08
ROCE(%)	12.72	12.13	14.11	14.02	14.36	13.78	8.42	11.74	11.15	18.54	16.93
Receivable days	166.67	258.57	479.99	182.31	281.93	295.16	263.86	223.88	180.8	101.45	93.41
Inventory Days	12.13	17.47	49.34	18.41	23.93	34.17	60.93	78.71	42.54	20.86	14.85
Payable days	3024.65	888.6	1802.73	156.28	513.09	129.74	178.03	0	0	0	0
PER(x)	14.01	9.78	5.71	10.01	8.7	20.42	331.55	12.24	20.96	21.18	47.17
Price/Book(x)	0.96	0.61	0.48	0.68	0.78	2.01	1.12	1.04	1.69	3.08	6.58
Dividend Yield(%)	1.95	2.93	3.44	2.33	0	0	0	0	0	0	0
EV/Net Sales(x)	1.51	1.4	1.95	0.64	1.23	2.56	2.21	1.9	2.69	4.29	7.2
EV/Core EBITDA(x)	6.16	5.29	4.29	4.24	5.07	9.32	9.86	6.26	10.96	13.16	25.47
Net Sales Growth(%)	-15.21	44.82	-3.45	224.91	-29.22	9.61	-11.1	1.39	30.99	68.14	35.72
EBIT Growth(%)	14.13	61.87	65.84	8.55	15.2	23.89	-31.5	42.19	7.8	132.53	16.83
PAT Growth(%)	-0.05	-4.63	34.72	-12.06	45.69	99.91	-72.31	273.1	34.42	220.79	12.06
EPS Growth(%)	-25.03	-4.63	46.25	-15.75	46.37	-2.65	-96.57	2855.91	-5.87	120.13	11.42
Debt/Equity(x)	0.53	1.72	2.01	1.88	2.11	1.42	1.33	0.98	0.73	0.6	0.48
Current Ratio(x)	1.38	1.06	1.12	1.13	1.11	1.15	1.16	1.41	1.55	1.63	1.71
Quick Ratio(x)	1.36	1.02	1.05	1.08	1.07	1.09	1.07	1.3	1.53	1.59	1.7
Interest Cover(x)	2.78	1.66	1.36	1.36	1.54	1.76	1.22	2.05	2.47	5.77	4.71
Total Debt/Mcap(x)	0.56	2.81	4.16	2.77	2.68	0.71	1.19	0.94	0.43	0.19	0.07

Choice International Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	64.31	51.45	51.45	51.45	51.45	55.32	55.97	56.27	57.98	58.21
FII	5.02	0	7.03	14.09	14.09	15.12	14.97	15.44	13.58	12.44
DII	0.01	7.19	0	0	0	0	0	0.04	0.05	0.06
Public	30.65	41.36	41.51	34.46	34.46	29.56	29.05	28.26	28.4	29.29
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	2.56	2.56	2.56	5.12	5.12	5.51	5.57	5.6	5.77	11.61
FII	0.2	0	0.35	1.4	1.4	1.5	1.49	1.54	1.35	2.48
DII	0	0.36	0	0	0	0	0	0	0	0.01
Public	1.22	2.06	2.07	3.43	3.43	2.94	2.89	2.81	2.83	5.84
Others	0	0	0	0	0	0	0	0	0	0
Total	3.98	4.98	4.98	9.95	9.95	9.95	9.95	9.95	9.95	19.94

Pros

Company has delivered good profit growth of 37% CAGR over last 5 years
Company is almost debt free.

Cons

Though the company is reporting repeated profits, it is not paying out dividend.
Company has a low return on equity of 14% over the last 3 years.
Stock is trading at 10.9 times its book value.

* 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.