India's Financial Sector Holds Immense Potential For Growth

Kamal Poddar, Managing Director Choice International Ltd.

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In FY23, your revenue zoomed by 38.2 per cent while your net profit increased by 12.1 per cent. What factors contributed to your performance?

Our revenue has experienced significant growth due to our concentrated efforts in two primary sectors: Stock broking and B2G consulting services. By strategically targeting semi-urban and rural regions, we have expanded our customer base to include individuals who previously had limited access to financial services. This strategy aligns with the government's objective of promoting financial inclusion and making financial services accessible to all. One indicator of our success is the substantial increase in our demat accounts, which grew by over 50 per cent in the last financial year. Our hybrid model, combined with our branch expansion and robust CBA network, has played a vital role in our revenue and profit growth. By leveraging both digital channels and personal interactions, we have been able to effectively serve a diverse range of clients. Looking ahead, we remain committed to sustaining our growth trajectory and expanding our revenue in the coming years.

Furthermore, our consulting services have experienced exponential growth as well. We have been actively consulting the governments on various projects in the areas of water management, roads and highways, etc. As a result, our Order Book for FY23 has reached an impressive ₹380 crore which is also scheduled to be converted into revenue over the next 3-4 years period.

What is your outlook on the Indian financial services sector?

The Indian financial services sector has witnessed significant growth and transformation over the years. The sector plays a crucial role in the country's economic development and has been influenced by various factors such as regulatory reforms, technological advancements, and changing consumer behaviour.