CDSL Profit Soars 24% on Strong Demat Account Growth

Central Depository Services (CDSL) announced a robust performance for the September quarter, with net profit climbing 24% to ₹174 crore compared to ₹140 crore in the same period last year. Revenue also saw a healthy increase, reaching ₹394 crore.

During the quarter, CDSL facilitated the opening of approximately 75 lakh new demat accounts, and its Assets Under Custody exceeded ₹89 lakh crore. CDSL's Managing Director & CEO, Nehal Vora, highlighted the market participation's resilience amidst global economic volatility. The demat account base grew by about 17% year-on-year.

CDSL has been actively strengthening its operations and value proposition. The company made strategic investments, including in India International Bullion Holding IFSC to support IT infrastructure. Furthermore, CDSL invested in Open Network for Digital Commerce, a government initiative, and its subsidiary, Centrico Insurance Repository, partnered with Shoveltech Solutions for software development.

In terms of governance, Geetha Gangadharan joined CDSL's Governing Board in August as a Non-Independent Director. Farokh Patel was appointed Chief Regulatory Officer and Compliance Officer, and Kinjal Shah became Chief Technology Officer in September. CDSL remains committed to promoting informed investing as part of SEBI's Project Jagrook.