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Revenue
₹207 Cr
verified against source
Revenue YoY
35%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
CDSL reported a strong Q2 FY24 with consolidated total income of INR 230 crore (+35% YoY) and net profit of INR 109 crore (+35% YoY), driven by robust Demat account additions (80.28 lakh net new accounts, +67% YoY) and higher market activity. The company's KYC subsidiary, CDSL Ventures, saw operating income surge 67% YoY to INR 43 crore. Management highlighted sustained financial inclusion trends and regulatory tailwinds, including mandatory dematerialization for private companies by September 2024. However, they declined to provide specific revenue guidance, citing market-driven variability. Key risks include potential moderation in IPO-driven KYC income and rising technology costs from infrastructure investments for T+0 settlement readiness.
Colored figures show movement against the previous available record.
Guidance to track
- MCA regulation mandates dematerialization of shares for private companies above certain thresholds by September 2024; CDSL is technologically ready.
- Management explicitly stated they do not provide specific revenue or earnings guidance, citing market-driven variability.
Risks flagged
- KYC income is correlated with IPO activity; a slowdown in IPOs could reduce KYC revenue, though management declined to quantify the impact.
- Technology costs have steadily increased (from ~INR 9-10 crore to INR 15 crore run rate) and are expected to remain elevated due to infrastructure investments for T+0 settlement and growth.
- SEBI fees are based on collections rather than revenue, leading to lumpy expenses; Q2 saw a 50% increase in SEBI charges despite 33% revenue growth.
Key quotes
- We are not in a quarter-to-quarter game plan that, you know, what will be the revenue increase. It's more of a long-term, sustainable game plan, creating the right ecosystem and creating the right building blocks for us to take it forward from there.
- We are in the business of creating the right building blocks for the people to invest whenever there is an opportunity for them to they would like to really invest. And that, for me, is the biggest victory that from a financial inclusion standpoint, more and more people are coming into the ecosystem.
- The SEBI fees are basically based on the collection and not revenue. So if we have collected, say, revenue of previous year or, you know, before three years, then we have to pay 2% of those collected amount to SEBI.
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