CDSL Q4 profit doubles to Rs 129 crore, income surges 86% to Rs 267 crore

Central Depository Services (India) Ltd (CDSL), a leading depository, has announced stellar financial results for the fourth quarter ended March 2024, with its net profit doubling to Rs 129 crore compared to Rs 63 crore in the same quarter last year.

The company's total income witnessed a remarkable growth of 86 per cent during the quarter, reaching Rs 267 crore, up from Rs 144 crore in the corresponding period of the previous fiscal year, according to a statement issued by CDSL.

For the entire financial year 2023-24, CDSL reported a net profit of Rs 420 crore, marking a surge of 52 per cent from the preceding year. The total income for FY24 stood at Rs 907 crore, reflecting a substantial growth of 46 per cent.

As of March 2024, CDSL boasted over 11.56 crore demat accounts, showcasing its continued dominance and trust within the market.

Nehal Vora, MD & CEO of CDSL, expressed the company's commitment to empowering market participants with digital services like ASBA, e-AGM, eDIS, and Margin pledge mechanism. Vora stressed that these tools enhance capital market efficiency and security, attributing the sustained business and financial growth to the trust placed in CDSL by stakeholders of the capital markets.

The board of directors has recommended a final dividend of Rs 19 per equity share for FY24, subject to approval by shareholders. Additionally, a special dividend of Rs 3 per equity share has been proposed, bringing the total dividend payout to Rs 22 per equity share, pending approval by shareholders.

CDSL plays a crucial role in facilitating the holding and transacting of securities in electronic form and settlement of trades on stock exchanges. With its impressive performance, the company reaffirms its position as a key player in the financial services sector.

(With PTI inputs.)