Central Depository Services (India) Limited — Q2 FY25
CDSL reported a strong Q2 FY25 with consolidated total income of INR 359 crore (+56% YoY) and net profit of INR 152 crore (+49% YoY), driven by robust demat account additions (1...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
38%Questions answered6Evaded / deflected12Questions auditedMixedNumbers vs filing
Answered
Medium priority
Breakup of other income and other expenses, including taxation element.
Asked by Swarna Mukherjee, B&K Securities
Provided specific breakup of other income into two components with exact figures.
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Question
So the first one, other than the, you know, in the P&L that you have reported in the breakup that you have given on different revenue lines, so just wanted to understand that this jump in the other income that we have seen, what would be the underlying heads which would have led to this kind of growth in the numbers?
Girish Amesara, CFO
So in terms of other income, largely it consists of the consolidated statement that we sent and the e-voting income that we earned, is a combination of this. So those are at an amount of INR 22 crores in terms of consolidated account statement, and e-voting income of INR 23 crores for the first half.
Partial answer
Medium priority
Breakup of annual issuer charges between listed and unlisted companies.
Asked by Swarna Mukherjee, B&K Securities
Provided unlisted income figure but did not give listed income or full breakup.
only gave unlisted income, not listed
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Question
And in terms of the annual issuer charges, if you could highlight, you know, what, you know, the breakup between, say, the listed and the unlisted companies, and any impact, if you are seeing on more unlisted companies coming in due to the recent regulation changes.
Girish Amesara, CFO
So in this quarter, we have earned a total income of INR 9.20 crores from unlisted companies.
Evasive
High priority
Quantify impact of pricing cuts on transaction charges this quarter and future expectations.
Asked by Amit Chandra, HDFC Securities
Did not quantify impact for current quarter and declined to comment on future cuts.
no number givenrefused future guidance
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Question
So if you can, you know, quantify what was the impact of the pricing cut for this quarter? And also, you know, in terms of the pricing, obviously, we have seen two rounds. Are we expecting any further, like, moderation in prices?
Nehal Vora, MD and CEO
So, the impact of the pricing cuts will start giving effect from 1 October 2024, where single charge as per SEBI circular we have kind of put in place. And in terms of further cuts, that is future. We don't give future answers.
Answered
Medium priority
Breakdown of unlisted company revenue: one-time vs annuity and number of companies added.
Asked by Amit Chandra, HDFC Securities
Provided exact number of companies added and one-time fee amount.
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Question
So for this INR 9.2 crore revenue from unlisted, how many companies would, like, you would have added in, like, three months, unlisted companies?
Girish Amesara, CFO
In only three months, we have added three thousand four hundred and twenty-eight companies, and one-time fee, issuer admission, fee is around INR 5.15 crore from such companies.
Evasive
Medium priority
Reason for jump in employee expenses and whether elevated technology costs will normalize.
Asked by Amit Chandra, HDFC Securities
Did not confirm normalization; deflected to long-term view without specifics.
no number givenreframed the question
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Question
And also, we have seen the fall in the technology expenses after a long time. So can we assume that the elevated era of, you know, higher, like, technology expenses is behind us, and it can normalize from here on?
Nehal Vora, MD and CEO
Technology is something which constantly evolves. I think it's a more long-term play rather than a quarter-on-quarter play. I would really urge all of you to look at it from that standpoint.
Evasive
High priority
How does new transaction charge of INR 3.5 compare to previous blended yield?
Asked by Supratim Datta, Ambit
Did not provide comparison; told analyst to work it out themselves.
no number givendeferred to analyst calculation
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Question
Could you give us some sense that how different is it from the previous blended yield that you would earn, on transaction charges?
Nehal Vora, MD and CEO
So on the transaction charges, you can kind of work out what would be the average cost with the in the previous quarters. But it has definitely gone through a very rigorous working before we came to the conclusion that three point five would be a reasonable charge given the current scale of the activity.
Declined
Medium priority
What technology products are planned for next 2-3 years?
Asked by Supratim Datta, Ambit
Explicitly declined to provide specifics on future technology products.
refused future guidance
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Question
What I wanted to understand it on technology costs, but what I wanted to understand was on the technology, what are the other products that you made or, you know, you are looking at implementing over the next two to three years?
Nehal Vora, MD and CEO
It will be difficult to specify what would be there, and that's again a futuristic statement, just futuristic statements.
Evasive
High priority
Plans for rewarding shareholders with cash dividend or acquisition using large cash balance.
Asked by Santosh Keshri, SKK HUF
No specific plans or amounts mentioned; generic statement about rewarding shareholders.
no number givenvague commitment
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Question
Any other plan for rewarding shareholders with some cash dividend, or do you have any plans for using this cash for some acquisition purposes?
Nehal Vora, MD and CEO
We will continue to wanting to reward shareholders as and when it goes forward. Our overall endeavor has been to do it. But also there are newer products and technologies.
Partial answer
Medium priority
Reason for increase in trade receivable balance from INR 86 crore to INR 124 crore.
Asked by Santosh Keshri, SKK HUF
Gave a directional answer but did not provide the actual percentage or confirm if any balances are stuck.
no specific percentage given
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Question
Even compared, if you compare with the March balance, there also it's been an increase from INR 86 crore- INR 124 crore. So is this because of the revenue scaling up, our receivable balances will also go up, or this is because of some stuck balances which we hope to realize?
Nehal Vora, MD and CEO
I think the way you should look at it is as a percentage of the total revenue which is generated. I think the percentages are nearly the same or probably lower in this year, and as the scale of activity grows, this will also grow.
Evasive
Medium priority
Market share of CDSL in unlisted companies converting to demat form.
Asked by Sanketh Godha, Avendus Spark
Did not provide market share; cited lack of published data.
no number givenreframed the question
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Question
Just wanted to understand on incremental new companies which are converting themselves into dematized form, how much we are enjoying the market share?
Nehal Vora, MD and CEO
So, in terms of market share, there is no published specific numbers across the thing. But we continue to engage and continue to ensure that the value proposition is given for these.
Answered
Medium priority
Whether employee cost includes one-off variable cost that won't repeat.
Asked by Sanketh Godha, Avendus Spark
Clearly stated no one-off costs; explained it's regular appraisal and increments.
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Question
Sir, this employee cost what we reported around INR 31 crores. Just wanted to understand, is there anything one-off variable cost which will not repeat next year, in subsequent quarters?
Nehal Vora, MD and CEO
No, there is no question of one-time bonus. It's an annual appraisal cycle, and there is a variable cost as well as the salary increments which happen every year.
Partial answer
Medium priority
Reason for high growth in other expenses (excl employee, depreciation, tech).
Asked by Sanketh Godha, Avendus Spark
Gave qualitative examples but did not quantify the contribution of each expense driver.
no specific breakdown by line item
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Question
The jump in that other expenses, admin and other expenses, seems to be very high, around 52% quarter-on-quarter and almost 90% year-on-year. So still want to understand the color of these expenses, what is leading to it?
Girish Amesara, CFO
So if you look at the overall, you know, operation, if you look at increase in the operating income, so similarly, the operating expenses is also increased. For example, I can give you an example that, you know, due to larger scale of retail operations, we have to also send various kinds of SMS alerts, email alerts.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Consolidated total income Q2 FY25: INR 359 crores, up 56% YoY | ₹359 cr | ₹322 cr | Overstated vs filing |
| Consolidated net profit Q2 FY25: INR 152 crores, up 49% YoY | ₹152 cr | ₹162 cr | Understated vs filing |
| Standalone total income Q2 FY25: INR 324 crores, up 78% YoY | ₹324 cr | ₹322 cr | Matches filing |
| Standalone net profit Q2 FY25: INR 171 crores, up 95% YoY | ₹171 cr | ₹162 cr | Overstated vs filing |
| CVL profit after tax H1 FY25: INR 66.5 crores | ₹66.5 cr | ₹162 cr | Understated vs filing |
| Unlisted company revenue Q2: INR 9.20 crores | ₹9.2 cr | ₹322 cr | Understated vs filing |
| Pledge income for Q2: INR 7.30 crores | ₹7.3 cr | ₹322 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.