NSDL Shares Hit Nearly Six-Month Low After Q3 Results

The shares of National Securities Depository Ltd. hit nearly six-month low on Thursday after it announced its third quarter results.

NSDL's profit fell 18.8% to Rs 89.6 crore in the third quarter of this financial year. This is in comparison to profit of Rs 110 crore in the previous quarter of this fiscal, according to its stock exchange notification on Wednesday.

Revenue declined by 10.1% quarter-on-quarter for the three months ended December, reaching Rs 360 crore. Operating income, or earnings before interest, taxes, depreciation, and amortization fell 17.6% quarter-on-quarter to Rs 107 crore. The Ebitda margin contracted to 29.9%.

The total income rose 15.4% to Rs 172.2 crore from Rs 198.7 crore reported in the same quarter last year. New Beneficiary Owner market share increased from 6.9% in the third quarter of the previous fiscal to 14.7% in quarter ended December.

NSDL's market share increased in unlisted market as the number of companies admitted stood at 4,446 with an overall market share of 72.5%. In addition, in December the market share by total demat custody value stood at 86.2% of which market share of individual and HUF stands at 66.5%.

NSDL Share Price Today

The scrip fell as much as 4.12% to Rs 970.20 apiece on Thursday, lowest level since Aug. 7. It pared losses to trade 2.95% lower at Rs 982 apiece, as of 10:24 a.m. This compares to a 0.70% decline in the BSE Nifty 50 Index.

It has fallen 7.75% year-to-date. Total traded volume so far in the day stood at 0.33 times its 30-day average. The relative strength index was at 57.91.

Out of five analysts tracking the company, one maintain a 'buy' rating, two recommend a 'hold,' and two suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target stands at Rs 1,127 indicating an upside of 14.8%.

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