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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹278 Cr
verified against source
Revenue YoY
26%
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 26% YoY revenue growth to ₹298 crore and 21% YoY PAT growth to ₹130 crore for Q3 FY25, driven by continued demat account additions (14.65 crore accounts, 40% YoY growth) and market infrastructure leadership. However, transaction income faced headwinds from a 20% price cut and lower market volumes, with ADTO declining. Management emphasized long-term technology investments and financial inclusion, with no specific near-term guidance. Key risks include sustained market weakness impacting transaction and KYC revenues, and potential inability to raise issuer charges without regulatory approval.
Colored figures show movement against the previous available record.
Guidance to track
No guidance to track were recorded for this quarter.
Risks flagged
- Lower market volumes and reduced investor participation could further pressure transaction-based income and KYC-related revenues.
- Annual issuer charges have not been increased since 2015; any hike requires SEBI approval, which may not be forthcoming.
- Management indicated continued investment in technology and people, with no plans to cut discretionary spending even if revenue growth slows.
Key quotes
- We continue to build our value proposition, keeping it probably one of the preferred depositories for investors to open accounts.
- Our intent has never been to look at market share or competitive edge. Our intent has always to create the value proposition for the stakeholders.
- Only 7% of the Indian population is yet in the Indian securities market. And I think there's enough space for everybody to thrive and succeed.
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