CDSL Q2 results: Net profit jumps 24% YoY to Rs 173 crore, revenue up 24%

The company's demat account base registered year-on-year growth of around 17% as of the end of Q2, Vora said.Commenting on the performance, Nehal Vora, Managing Director and Chief Executive Officer of CDSL, said participation in India's securities market continued to remain resilient despite global macroeconomic volatility. The company's demat account base grew around 17% year-on-year as of the end of Q2.He added that the sustained growth in market participation would encourage CDSL to further strengthen its operations and value proposition.Live EventsDuring the quarter, CDSL increased its investments in India International Bullion Holding IFSC Limited (IIBHL) to support the development of IT infrastructure, among other initiatives.The company also made a strategic investment in the Open Network for Digital Commerce (ONDC), an initiative of the Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce and Industry.Separately, CDSL's subsidiary, Centrico Insurance Repository Limited, signed a software development partnership agreement with Shoveltech Solutions Private Limited, a company operating in the health-tech domain.CDSL facilitates the electronic holding, settlement and transfer of securities, catering to various market participants, including depository participants, issuers, investors, registrars and transfer agents (RTAs), clearing corporations and stock exchanges.

It is Asia's first listed depository and manages over 19.34 crore demat accounts, with a network of more than 590 depository participants.Disclaimer: This article has been written by Veer Sharma, who is not a SEBI-registered Research Analyst or an Investment Adviser. Veer Sharma and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication.

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