CDSL Q4 profit doubles to Rs 129 cr

New Delhi: Leading depository CDSL on Saturday said its net profit doubled to Rs 129 crore for the three months ended March 2024.

It had posted a net profit of Rs 63 crore in the same quarter a year ago, Central Depository Services (India) Ltd (CDSL) said in a statement.

Total income rose 86 per cent to Rs 267 crore in the March quarter of 2023-24 from Rs 144 crore in the year-ago period.

For the entire financial year 2023-24, the depository clocked a net profit of Rs 420 crore, marking a surge of 52 per cent from the preceding year. Total income stood at Rs 907 crore in FY24, a growth of 46 per cent.

CDSL had over 11.56 crore demat accounts in March this year.

"We remain committed to empowering market participants with digital services like ASBA, e-AGM, eDIS, and Margin pledge mechanism. These tools enhance capital market efficiency and security, and our sustained business and financial growth is a result of the trust placed in us by the stakeholders of the capital markets," Nehal Vora, MD & CEO said.

The board also recommended a final dividend of Rs 19 per equity share for FY24, subject to the approval of shareholders.

Additionally, a special dividend of Rs 3 per equity share was recommended, bringing the total dividend payout to Rs 22 per equity share. This is subject to the approval of shareholders.

CDSL facilitates holding and transacting in securities in the electronic form and settlement of trades on stock exchanges.