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ICICI Securities Report
Central Depository Services Ltd. remains a stable play on capital markets and is a prime beneficiary of higher retail participation.
This led to 53% growth in FY21 revenues split 101%/10% between market linked/non-market linked components.
While CDSL's leadership in demat account additions and cost control remained strong achievements in FY20/FY21, the cyclical nature of retail business is an inherent limitation to secular earnings growth.
Going ahead, growth will become challenging on the high base of FY21 (Q1 FY22 sequential revenues grew only 14%).
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