CDSL reports 68% jump in profit after tax at Rs 48.87 cr for Sept quarter

Topics CDSL | Q2 results

Leading depository CDSL on Monday reported a 68 per cent jump in profit after tax at Rs 48.87 crore for the three months ended September 30, 2020.

In comparison, the depository had posted a profit after tax (PAT) of Rs 29.06 crore in the same quarter preceding fiscal, Central Depository Services (India) Limited or CDSL said in a statement.

Total income for the quarter ended September 30, 2020, increased by 46 per cent to Rs 101.16 crore from Rs 69.35 crore in the year-ago period.

During the last three months, the number of new active beneficial owners accounts with CDSL has increased by 29 lakh taking the total number of active beneficial to 2.61 crore.

As on September 30, CDSL has 593 depository participants offering services from over 20,000 locations across the country. These depository participants comprise of clearing members, banks, custodians and non-banking financial companies.

"The last five months have made it clear that innovation and digitisation is the key to business resilience. The new normal has led to an increase in demand for digital products and online services.

"While I am encouraged with our stable increase in the financial performance, but our core objective remains to provide secured services for ease of doing business to all market participants," said Nehal Vora, MD and CEO at CDSL.

CDSL, which allows investors to deposit securities by opening an account in electronic form (dematerialised), gets its revenues from transaction charges, accounts maintenance charges and settlement charges paid by depository participants as well as annual fees, corporate action and e-voting charges paid by companies whose securities are admitted in the depository's system.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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