Central Depository Services (India) (CDSL) Q3 24/25 earnings summary

Executive summary

• Indian capital markets ranked as the third best-performing equity market among the top 15 globally at the end of Q3 FY25.

• CDSL celebrated 25 years of operations, crossing 14.5 crore demat accounts, launching new digital services, and receiving multiple industry awards including the Market Infrastructure of the Year Award and Global Custodian Legend Award.

• Retail participation continued to strengthen, with demat accounts in India surpassing 185 million, 79% of which are with CDSL.

• Expanded financial literacy initiatives across 25 cities, focusing on border areas and armed forces.

• Audited financial results for the quarter and nine months ended December 31, 2024, were approved by the Board and received an unmodified audit opinion.

Financial highlights

• Consolidated total income for Q3 FY25 increased by 26% year-over-year to INR 298 crores; net profit rose 21% to INR 130 crores.

• For the nine months ended December 2024, consolidated income grew 47% to INR 944 crores, and net profit increased 47% to INR 426 crores.

• Standalone Q3 FY25 income rose to ₹24,781.49 lakh from ₹18,583.91 lakh in Q3 FY24; net profit was ₹10,492.83 lakh, up from ₹8,572.33 lakh.

• Standalone EBITDA increased to ₹231 crore in Q3FY25, up from ₹146 crore in Q3FY24.

• CDSL Ventures Limited (CVL) reported a 61% increase in income to INR 206 crores and a 65% rise in profit after tax to INR 122 crores for the nine months ended December 2024.

Segment performance

• 9.2 million demat accounts were opened in Q3 FY25, with CDSL's registered investor demat accounts rising 40% year-over-year to 146.5 million.

• Number of issuers increased to 31,557 in Q3FY25 from 24,858 in Q3FY24; ISINs managed rose to 91,593.

• Subsidiary CVL remains the largest KYC Registration Agency with over 8.57 crore records.

• CIRL holds over 16 lakh insurance policies and partners with 48 insurers.

• Depository Activity remains the largest contributor to revenue and profit.