CDSL / Q4-FY25 / claim-ledger

Audit the questions that mattered.

Central Depository Services (India) · Analyst questions, management answers, and the quality of the response where the ledger is available.

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WatchQ4-FY25 · 2025-04-30Back to quarter ↗

Questions audited

Answered directly

13%

Numeric claims

Consistency

contradicted

Question ledger

What was answered, and how?

Supratim Datta · Ambit

evasive

Asked about technology cost breakdown, KRA business impact, and dividend payout ratio.

I do not think we gave out in the public domain as to what is the one-time versus a recurring expense. We have kind of maintained a steady percentage as part of the revenue on the technology cost.

Supratim Datta · Ambit

evasive

Asked for hardware vs application split of technology spend.

We don't give that because, see, there is—I will tell you why we don't give it, Supratin, because it's a combination. It's a fusion cost. You cannot segregate what is infra versus application.

Supratim Datta · Ambit

evasive

Asked about progress of technology modernization journey.

I think you can ask any company. Nobody will say they are completely there in the modernization process because it's a process of continuous change.

Prayesh Jain · Motilal Oswal

evasive

Asked about capacity vs efficiency build-up in technology spend.

I look at it is that there's a proverb in Hindi saying that, [Foreign Language] Intent is efficiency. Whether that is due to capacity build-up because efficiency is also a function of ensuring adequate capacity.

Prayesh Jain · Motilal Oswal

declined

Asked if technology spend as a percentage of revenue would sustain.

You should look at our past and then take a call. I'm sorry. I actually would not be able to give you the future because we don't do future guidance at the quality.

Prayesh Jain · Motilal Oswal

declined

Asked about representation to regulator for increasing issuer charges.

It is all again between us and the regulator. We don't generally reveal that in the public domain. As and when a final call would be taken, that would be kind of announced to the market.

Amit Chandra · HDFC Securities

partial

Asked about fall in KYC revenue and breakup of fetch vs account opening.

Overall, we've seen the number of records itself which are created have fallen down, as well as the number of fetch records also have fallen significantly. That's what has led to the drop in income.

Amit Chandra · HDFC Securities

evasive

Asked about mix between IPO and corporate action revenue and reason for sharp fall.

It is overall market impact and impacted across both those teams. We do not give that different categories in the public domain.

Santosh Keshri · SKK HUF

partial

Expressed concern about insurance repository performance and lack of details.

Actually, if you look at the past performance, we are in this business for almost 14 years. ... Since this is not a mandatory subject, we have been limiting our investments on this business.

Santosh Keshri · SKK HUF

deflected

Questioned direction of company, cash usage, and shareholder friendliness.

Santosh, you need to see that various communications. I think it is your opinion. ... The fact that quarter on quarter, despite markets going through its ups and downs, we continue to grow ... clearly showcases that this is with a customer-centric focus.

Sanketh Godha · Avendus Spark

partial

Asked about divergence between transaction income decline and cash ADTO decline.

See, Sanketh, when we closely monitor the delivery volumes of exchanges with our billable transactions, we don't see that kind of slowdown or decrease compared to what it is.

Sanketh Godha · Avendus Spark

evasive

Asked about market share loss in transaction income.

We don't know the billable transactions of our competition. We only track what is there at our end. You have to compare it with the overall volumes of the.