Capitaline

Analyst Meet / AGM 09-May-19

Conference Call

Central Depository Services

Maintains higher incremental market share of 63-64% in FY2019

Central Depository Services conducted a conference call on 08 May 2019 to discuss the financial results of the company for quarter ended March 2019. Bharat Sheth, CFO of the company addressed the call:
Highlights:

The company has maintained higher incremental market share of 62% in terms of beneficiary owner addition in Q4FY2019. The company has opened 25 lakh new accounts compared with 14 lakh accounts opened by the other depository in FY2019, while maintaining incremental market share of 63-64% in FY2019.
The number of beneficiary owner accounts has increased to 1.73 crore end March 2019 from 1.48 crore end March 2018.
The company has posted strong growth in other income driven by mark-to-market gains of Rs 21 crore. This has led to decline in the tax rate 23% in FY2019 from 26% in FY2018
The revenue breakup for Q4FY2019 - annual issuer income Rs 17.92 crore, transaction charges Rs 9.83 crore, e-voting charge is Rs 1.89 crore, IPO corporate action charges Rs 4.16 crore, KYC online data charge Rs 7.52 crore.
The revenues of the company were impacted due to subdued market condition and lower IPOs in FY2019.
The company has generated one-off document verification charges of Rs 2.85 crore in CVL on government projects, while the company expects to generate these charges for one more quarter.
As per the company, the regulatory requirement is for cash of Rs 300 crore, of which Rs 100 crore is for CDSL, Rs 75 crore for CVL, Rs 50 crore for CIRL, Rs 30 crore for CCRL, Rs 24 crore for DP deposit and some amount for government project.
The revenues for CDSL insurance were Rs 50 lakh, CDSL commodities Rs 67 lakh and GST side were Rs 60 lakh in FY2019.
The company has so far onboarded 520 universities in National Academics Depository, while updated about 10.5 million records. As per the company, the pricing in National Academics Depository depends on charges per record uploaded by the universities and verification of records by verifier. The charges will be decided by the MHRD from September 2019.
The company has added 1400 unlisted companies in FY2019.
The number of KYC account has increased to 1.9 crore.
The company expects new Managing Direct to be elected by June 2019.
In commodity repository business, the company has added 712 new service providers and 150 repository participants.
The investments of the company are mainly AAA rated portfolios, and do not pose any concerns.

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