Key Highlights
• Date of Call: August 5, 2024
• Market Growth:
• Indian capital markets exceeded USD 5 trillion in market capitalization.
• 110% year-on-year increase in average daily turnover.
Company Performance
• Demat Accounts:
• 42% increase in registered demat accounts, totaling 12.5 crores.
• Over 77% of new accounts opened with CDSL.
• Financial Results:
• Total income rose by 65% to INR 287 crores.
• Net profit increased by 82% to INR 134 crores.
• Bonus Share Issuance:
• Proposed 1:1 bonus share issuance pending shareholder approval.
Management Insights
• Technology and Human Resources:
• Emphasis on proactive technology investments for competitiveness.
• Clarification on regulations for dematerialization of shares.
• Revenue Streams:
• Significant contributions from e-voting and eCAS services.
Future Outlook
• Technology Investments:
• Commitment to building a robust platform without specific forward-looking statements.
• Transaction Charges:
• Recent rate cuts only partially impacted the first quarter.
• Ongoing assessment of transaction charges based on economies of scale.
Regulatory and Market Developments
• Real-Time Settlement:
• Clarification that real-time settlement is still in development.
• Insurance Repository:
• Engaged with 46 insurance companies, processing 1.4 million policies.
Q&A Highlights
• Growth Prospects:
• Discussion on the insurance repository industry and regulatory decisions.
• Technology Charges:
• Historical variation between 10% to 12% of revenue.
• IPO and Corporate Action Charges:
• Significant growth attributed to increased IPOs and market dynamics.
• T+0 and Instant Settlements:
• T+0 implemented on an optional basis with ongoing market feedback.
Conclusion
• Management expressed optimism about future growth while remaining cautious about regulatory changes.

Key Management Participants
• Nehal Vora (MD and CEO)
• Girish Amesara (CFO)
Financial Performance Highlights
• Q4 FY '24 Results:
• 126% year-on-year growth in equity turnover
• Total income increased by 86% to INR 267 crores
• Net profit rose by 105% to INR 129 crores
• Full Fiscal Year Results:
• Total income up by 46% to INR 907 crores
• Net profit increased by 52% to INR 420 crores
• Dividends:
• Final dividend of INR 22 per equity share proposed, pending shareholder approval
Operational Updates
• Demat Accounts:
• Over 1 crore new demat accounts opened
• Employee Count:
• Increased from 279 to 335
• Regulatory Costs:
• Increased from INR 26 crores to INR 38 crores for the financial year
Future Outlook
• No forward guidance provided
• Dematerialization deadline for unlisted companies set for September 2024
• Ongoing regulatory changes in the insurance sector
Technology and Infrastructure
• Investments in technology and personnel emphasized for growth
• Infrastructure development for insurance repository acknowledged as time-consuming
Q&A Highlights
• Corporate Actions:
• Discussion on potential buybacks or special dividends
• Insurance Repository:
• Pricing structure clarified; charges directed at insurance companies
• Transaction Charges:
• Clarified as influenced by various transaction types
• Tech Costs:
• Increase from INR 38 crores to INR 63 crores discussed, with some costs related to insurance technology
Conclusion
• CDSL remains focused on strategic investments while navigating regulatory changes and market dynamics. The call concluded with gratitude for participant inquiries.

Key Highlights
• Date of Call: February 7, 2024
• Participants: Managing Director Nehal Vora, CFO Girish Amesara
Financial Performance
• Q3 Results:
• Total income: INR 236 crores (47% increase YoY)
• Net profit: INR 107 crores (44% increase YoY)
• Nine-Month Results:
• Total income: INR 640 crores (34% increase)
• Net profit: INR 290 crores (36% increase)
Strategic Initiatives
• Focus on enhancing market accessibility and financial inclusion.
• Introduction of new services in multiple languages.
Operational Insights
• Operating Income: Increased variable expenses due to volume growth.
• Demat and Broking Accounts: Growth impacts KYC processes.
Regulatory Changes
• Upcoming Regulations: Companies must dematerialize shares before raising or transferring capital by September 2024.
• Settlement Transition: Move from T+2 to T+1 settlement periods to reduce systemic risk.
Investor Engagement
• Cash Balance: Approximately INR 700 crores.
• AI Utilization: CDSL employs AI tools to enhance operations.
• Shareholder Returns: Discussions on buybacks to be considered by the Board.
Revenue and Expenses
• Demat Accounts: Growth does not directly correlate to proportional revenue increases.
• Operational Expenses: Increases tied to operational growth, not one-off costs.
Additional Inquiries
• Annual Issuer Charges: Calculated based on slab-based and folio-based criteria.
• e-Voting Revenue: Typically peaks in the second quarter; slight year-over-year increase noted.
Conclusion
• Nehal Vora thanked participants and emphasized ongoing efforts to adapt to market changes and regulatory requirements.

CDSL Q2 FY 2023-24 Conference Call Summary
Financial Performance
• Total Income: Increased by 35% to INR 230 crores.
• Net Profit: Rose by 35% to INR 109 crores.
• Demat Accounts: Total reached 12.96 crores, with CDSL holding 9.62 crores.
• Market Trends:
• 8% increase in market capitalization.
• 33% rise in daily turnover.
• CDSL Ventures: Operating income up by 67%.
Management Insights
• Growth Drivers:
• IPOs are market-driven and unpredictable.
• KYC KRA performance linked to market conditions and demat activity.
• Technology Costs: Ongoing investments necessary for growth and regulatory compliance.
• Revenue per Demat Account: Decline noted despite increased account additions; focus on sustainable ecosystem.
Analyst Inquiries
• Revenue Breakdown:
• eCAS revenue: INR 7 crores (up from INR 5.5 crores).
• e-voting revenue: INR 15 crores (up from INR 14 crores).
• Annual Issuer Charges: Increased due to more private companies and folios.
• Private Company Demat: Deadline set by MCA for dematerialization by September 2024.
Strategic Focus
• Long-term Growth: Emphasis on sustainable strategies over short-term targets.
• Employee Costs: Stabilized, but future hiring anticipated to support growth.
• KRA Charges: No breakdown provided; KYC income linked to overall market participation.
Market Position
• KYC Business: CDSL holds approximately 65% market share.
• T+1 Settlement: Ongoing investments to meet SEBI requirements.
Conclusion
• Commitment to Inclusion: CDSL does not charge for demat services to encourage retail investor participation.
• Future Outlook: Challenges in predicting trends due to market fluctuations; final assessments to be made at year-end.

Conference Call Overview
• Date: August 10, 2023
• Participants: MD and CEO Nehal Vora, CFO Girish Amesara
• Purpose: Discuss financial performance and industry trends in compliance with SEBI regulations.
Financial Performance
• Consolidated Income: Increased by 19% to INR 174 crores.
• Net Profit: INR 74 crores for the quarter.
• Market Trends: Strong growth in Indian capital markets, increased retail participation, and demat accounts.
Management Insights
• Demat Accounts Growth: Attributed to buoyant market conditions and IPO activity.
• Operational Costs: Rising due to regulatory expenses and increased annual issuer fees.
• Technology Focus: Commitment to enhancing investor experience through innovative technology.
Q&A Highlights
• Market Cycles: Growth in folios linked to overall market participation.
• Subsidiary Revenue Concerns: Recent muted performance explained by less active months, no significant pricing pressure.
• E-Voting Adoption: Emphasis on technology and value propositions to drive adoption.
• Insurance Repository: Potential for growth acknowledged, but current participation remains voluntary.
• Transaction Income: Muted growth attributed to low delivery volumes in early quarter months.
• Employee Costs: Significant year-on-year increase due to specialized human resources and regulatory compliance needs.
Future Outlook
• New Services: Potential for new income sources related to insurance depository and loans against insurance policies.
• Technology Investments: Ongoing upgrades to maintain high-quality services and support market participation.
• Regulatory Notices: Recent SEBI notices confirmed to have no financial implications.
Conclusion
• Nehal Vora expressed gratitude to participants and emphasized the commitment to technological advancement for stakeholders.
• The call concluded with thanks from the moderator on behalf of HDFC Securities.

Conference Overview
• Date: May 3, 2023
• Participants: Key management including MD Nehal Vora and CFO Girish Amesara
• Focus: Discussion of Q4 FY2023 earnings and capital market performance
Financial Performance
• Demat Accounts:
• 32% increase in registered demat account investors (over 8.3 Crores)
• Standalone Income:
• Rose by 13% to Rs. 544 Crores
• Net Profit:
• Increased by 3% to Rs. 272 Crores (standalone)
• Consolidated net profit fell by 11% to Rs. 276 Crores
Key Issues Discussed
• Employee Costs:
• Increased by 60% in 2023, now 15% of sales
• Due to increased manpower and regulatory requirements
• KYC Business Impact:
• 30-35% decline in new demat and broking accounts affecting KYC revenues
• Capex and Technology Spending:
• Ongoing investments aligned with regulatory reforms and business growth
Market Insights
• Investment Portfolio:
• Dominated by listed spaces due to higher investor numbers
• Revenue Challenges:
• Attributed to a 33% drop in delivery volumes on exchanges
• Growth Potential:
• High potential for growth among India's young and expanding middle class
Questions and Responses
• Transaction Income:
• Decline in average realizations despite new accounts due to reduced delivery volumes
• Account Aggregator Model:
• Ongoing discussions about benefits and revenue model
• Provisioning Costs:
• Reversal of Rs. 2.4 Crores in debtor provisions reported
Conclusion
• The call concluded with management emphasizing their commitment to innovation and regulatory compliance, while addressing various concerns raised by participants.

Key Executives and Financial Performance
• Date of Call: February 3, 2023
• Participants: Nehal Vora (Managing Director), Girish Amesara (CFO)
• Demat Accounts: Increased to 7.78 crores, a 40% rise YoY.
• Total Income: ₹160.87 crores (Q3 FY '23), down from ₹162.93 crores (Q3 FY '22).
• Net Profit: ₹74.77 crores, compared to ₹83.63 crores in the prior year.
Market Conditions and Challenges
• Trading Volumes: Muted due to geopolitical issues and rising interest rates.
• Active Accounts: Specific numbers not disclosed for privacy.
• Revenue Decline: Noted in CDSL Ventures Limited and new demat/broking accounts.
Capital Expenditures and Technology
• Capital Expenditures: ₹17 crores spent up to December, in line with budget.
• Technological Investments: Ongoing enhancements post-ransomware attack; focus on integration and compliance.
Revenue Streams and Future Outlook
• E-voting Income: Dropped from ₹14.18 crores to ₹3.78 crores.
• KRA Records: Decrease in record creation and fetches.
• Future Capex: No specific outlook provided; discussions on technology investments ongoing.
Employee Costs and Regulatory Concerns
• Employee Costs: Significant increase noted; focus on regulatory and operational functions.
• Price Adjustments: No changes in transaction or issuer charges; future adjustments depend on regulatory decisions.
Security Measures and Customer Service
• Data Security: Robust measures in place, including transaction pins and two-factor authentication.
• Customer Service: Monitoring of customer queries; growth in demat accounts indicates satisfaction.
• Transparency: Emphasis on long-term infrastructure despite current market challenges.
Conclusion
• Market Recovery: Dependent on market activity; customer feedback will be considered for service improvements.