CDSL Share Price Hits Over Three-Month Low As Q3 Net Profit Falls Sequentially

Central Depository Services (India) Ltd.'s share price plunged to hit its lowest level since October 9 even as the company reported a 21% year-on-year growth in its net profit for the quarter ended December 2024.

The company reported a bottom-line of Rs 130 crore compared to Rs 107 crore in the same quarter a year ago. The net profit growth lagged the growth in its total income, which was up 29.7% at Rs 278 crore.

An exchange filing by the company said that during the December quarter, approximately 92 lakh new demat accounts were opened.

However, on a sequential basis, both total income and profit fell.

In the September quarter, the company had posted a net profit of Rs 161.96 crore and total income of Rs 358.51 crore.

The scrip fell as much as 9.2% to Rs 1,362.05 apiece, the lowest level since October 9. It pared losses to trade 8.1% lower at Rs 1,381 apiece, as of 9:43 a.m. This compares to a 0.5% decline in the NSE Nifty 50 Index.

It has risen 56% in the last 12 months. Total traded volume so far in the day stood at 1.26 times its 30-day average. The relative strength index was at 23.23, indicating that the stock may be oversold.

Out of 10 analysts tracking the company, two maintain a 'buy' rating, six recommend a 'hold,' and two suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 10.8%.