CDSL · Financial Services
Central Depository Services (India) Ltd. reported revenue of ₹257 cr for April to June 2024, +71.3% on the year and +6.6% on the quarter.
Operating profit (EBITDA) was ₹154 cr, a margin of 59.9%, +659 bps on the year and −149 bps on the quarter. Operating costs grew +47.1% against revenue growth of +71.3%, so more of each rupee of sales reached operating profit.
Net profit was ₹134 cr, +81.1% on the year and +3.9% on the quarter, with earnings per share of ₹6.42. Profit before other income, one-offs and tax grew faster, at +95.9%; other income, one-offs or tax held the headline back. The tax rate of 23% is in line with its recent average.
Asset managers and brokers earn fees on assets and activity, so revenue follows market levels and flows; treasury income can lift other income in a good market quarter. The quarterly statements do not carry assets under management, flows and the yield on assets; those come with the filing read.
On earnings per share of ₹22.95 over the last four quarters, the stock at ₹1,287.00 trades at 56.1 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Finance cost rising, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹214 cr | ₹241 cr | ₹257 cr | ₹322 cr | ₹278 cr | ₹224 cr | ₹259 cr | ₹319 cr | ₹304 cr | ₹263 cr | ₹293 cr | ₹394 cr |
| YoY | — | — | +71% | +56% | +30% | −7% | +1% | −1% | +9% | +17% | +13% | +24% |
| EBITDA margin | 60.7% | 61.4% | 59.9% | 62.1% | 57.9% | 48.7% | 50.2% | 55.7% | 52.6% | 44.1% | 47.1% | 57.9% |
| Other income, % of PBT | 14% | 17% | 17% | 16% | 13% | 25% | 24% | 12% | 17% | 6% | 29% | 10% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 23% | 23% | 28% | 23% | 21% | 32% | 23% | 23% | 23% | 29% | 25% |
| Net profit | ₹107 cr | ₹129 cr | ₹134 cr | ₹162 cr | ₹130 cr | ₹100 cr | ₹102 cr | ₹140 cr | ₹133 cr | ₹80.0 cr | ₹118 cr | ₹173 cr |
| YoY | — | — | +81% | +49% | +21% | −22% | −24% | −14% | +2% | −20% | +15% | +24% |
| Core profit YoY | — | — | +96% | +54% | +19% | −32% | −21% | −15% | −3% | +2% | +3% | +30% |
| EPS | ₹5.14 | ₹6.18 | ₹6.42 | ₹7.75 | ₹6.22 | ₹4.80 | ₹4.90 | ₹6.71 | ₹6.38 | ₹3.84 | ₹5.62 | ₹8.32 |
| Flags | · | · | ✓ | ✓ | ✓ | 1 | 1 | 1 | 1 | 1 | 1 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Central Depository Services (India) Ltd. reported revenue of ₹257 cr (+71.3% on the year) and net profit of ₹134 cr (+81.1% on the year) for April to June 2024.
Profit before other income, exceptional items and tax moved +95.9% on the year, against +81.1% for reported profit.
None of the 6 checks that could run raised a question.
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.