Central Depository Services (India) (CDSL) Q1 24/25 earnings summary

Executive summary

• Indian capital markets reached a $5 trillion market capitalization milestone in Q1 FY25, with average daily turnover more than doubling year-over-year to INR 131,000 crore.

• Demat accounts in India surpassed 60 crores, with CDSL holding a 77% share and 12.55 crore accounts as of June 2024, up 42% year-over-year.

• The board recommended a 1:1 bonus share issue to mark the 25th anniversary, pending shareholder approval.

• Launched new multi-lingual eCAS and chatbot services, and completed a 25-city financial literacy campaign.

• Received multiple industry awards, including Global Custodian Legend Award and Tech Circle award for digital execution.

Financial highlights

• Consolidated total income rose 65% year-over-year to INR 287 crore in Q1 FY25; net profit increased 82% to INR 134 crore.

• Standalone operating income rose to ₹170 crore in Q1FY25 from ₹164 crore in Q4FY24 and ₹144 crore in Q1FY24.

• Consolidated revenue from operations for Q1 FY25 was ₹25,738.82 lakh, up from ₹14,968.14 lakh in Q1 FY24.

• EPS improved to ₹10 in Q1FY25 from ₹6 in Q4FY24 and ₹9 in Q1FY24.

• CVL subsidiary income doubled to INR 64 crore, with profit after tax up 140% to INR 28.55 crore.

Outlook and guidance

• No specific revenue or earnings guidance provided; focus remains on proactive technology investment and scaling infrastructure to support market growth.

• Awaiting regulatory developments on compulsory dematerialization for private companies and insurance repository mandates.