BQ Blue's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BloombergQuint's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Central Depository Services India Ltd. remains a stable play on capital markets and is prime beneficiary of higher retail participation. This is reflected in 53%/60% growth in FY21/22 revenue split 69%/31% between market-linked/non-market linked components as on nine months FY22.
While CDSL's leadership in demat account additions and cost control remain strong achievements in FY20-FY22, the cyclical nature of retail business is an inherent limitation to factoring in more than 15% structural growth.
Going ahead, growth will become challenging on the high base of FY21/FY22.
Yet, the high possible revenue growth during a retail upswing as seen in FY21/22, dominant position in the duopoly depository market and tailwinds of digitisation and momentum in Indian capital markets are strong investment arguments for the company.
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