A thread on Central Depository Services (India) Ltd #CDSL#Depository
1/ About the Company
CDSL is one of the two securities depository in India
A depository is a facilitator for holding of securities in the dematerialised form and an enabler for security transactions
BSE Ltd is the promoter of the company and owns 20% of the company
2A/ Number crunching
Annual Issuer Charges for FY21 – INR 861M (+11.6% YoY)
CAGR 13.7% FY17-21
5% CAGR in no. of securities
8% CAGR in folio charges
1.23Crores Demat accounts added during FY21
First Indian Company to reach 3 Cr. Demat accounts
2B/ Number crunching
Consolidated Revenue grew by 53% (YoY)
Consolidated Operating Profit up 138% (YoY)
Consolidated PAT increased by 88.7% (YoY)
Cash flow from operating activity grew to INR 193 Cr. from INR 82 Cr.
60% Dividend payout policy
The company has been debt-free
3/ Subsidiaries
CVL is the largest KYC Registration Agency (KRA) in the country
2.81 crore fully digitized KYC records FY21
CIRL is an insurance repository with 6.03 lakh e-insurance accounts FY21
CCRL is a commodity repository with 3258 registered warehouses FY21
4/ Competitive Landscape
Duopoly Market between NSDL & CDSL
However NSDL is not listed and hence there is lack of information
CDSL has a higher number of registered demat accounts as it became the first Asian depository to reach 3 Cr. Demat accounts
5/ Sectoral Analysis
Barriers for entry imposed
Indian equity markets have presented strong growth
Dematerialization of shares is compulsory for all companies resulting in increased business
Total Demat Accounts in India – 5.15 Cr. (Jan 2021)
Growing awareness in smaller cities
6A/ Future Outlook
Agreement with Nepal stock exchange to set up a depository and clearing and settlement system
MoU with Korea, New York, Russia, Japan, etc to increase cooperative relationship
CDSL became the first depository to open a branch at IFSC at Gift City
6B/ Future Outlook
The management’s focus is on value creation for customers, product digitization and automation on KRA
Increased availability in tier-2, tier-3 and tier-4 markets
Gaining market share over competitor to boost business
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The company has an installed capacity of 𝟐 𝐜𝐫𝐨𝐫𝐞𝐬 𝐩𝐚𝐢𝐫𝐬 per year and exports footwear to Asian, African and Middle East nations.
There are total 4 manufacturing plants situated at Jaipur and Chomu.
Lehar Footwears largely deals in:
Open-footwear segment (slippers/sandals) and school shoes, with style ranges from casuals wear to formal wear, daily wear to sportswear for every member of family.
#Didyouknow
Ethos Ltd. is India’s largest luxury and premium watch retail player?
The co. has 13% share in the total retail sales in premium and luxury segment and a share of 20% when seen in exclusively luxury segment in FY20. #ethos#ipo
1)It has 50 stores are spread across 17 cities. Ethos has also opened Boutiques in partnership with prominent market leading brands like Rolex.
2)On the co.'s website, visitors can research about the latest watch launches, reviews and choose from over 7,000 premium, bridge to luxury, luxury & high luxury watches across 50 brands and as of Dec 31, 2021, their website had 21,844,216 number of visitor sessions.
Rainbow Children’s Medicare Ltd (RCML) is a leading multi-specialty pediatric, obstetrics & gynecology hospital and had the highest number of hospital beds amongst players in the maternity and pediatric healthcare delivery sector, as of Mar 31, 2021 in India?
1)The co. has 14 hospitals and 3 clinics operating in 6 cities, with a total bed capacity of 1,500 beds, as of Sept 30, 2021.
2)Their core specialties are pediatrics, which includes newborn and pediatric intensive care, pediatric multi-specialty services, pediatric quaternary care (including multi organ transplants); and obstetrics and gynecology, which includes normal and complex obstetric care.
#Didyouknow
Magma Housing Fiannce Ltd (MHF) is a national scale affordable housing financing company with a presence across 16 states?
The company enetered in to General Insurance business through Magma HDI General Insurance Company, a joint venture with HDI
Global SE.
1)The HDI Global SE brand, is a part of Hannover based Talanx group, the 3rd largest German insurance Group operating in around 150 countries in the world.
2)In 2012-13, Magma launched loans for Mortgaged Finance following the acquisition of the mortgage business of GE India.
#Didyouknow
Gujarat Pipavav is a South-West Gujarat based port with an MNC
promoter (APM Terminals–Maersk Group)?
It lies at a strategic international maritime location, which connects India with the Far East on the one side and MiddleEast, Africa, Europe & US on the other. #GPPL
1)GPPL’s revenues has experienced subdued growth of 4.2% CAGR to Rs.734 cr over FY18-21 due to the pandemic, driven by:
• Container cargo revenues degrowing at 3.4% CAGR to Rs.392 cr (17.1% volume CAGR to 748 mn TEU),
2)• Liquid cargo revenues degrowing at 2.4% CAGR to Rs.85 cr (12.3% volume CAGR decline to 0.7 mn MT), and
• Dry bulk cargo revenues growing at 24.2% CAGR to Rs.165 cr (19.9% volume CAGR to 3.1 mn MT).
S Chand & Co is the leading K-12 education content company in terms of revenue from operations in Fiscal 2016, with a strong presence in the CBSE/ICSE affiliated schools and increasing presence in the state board affiliated schools across India?
1)The co. offers 55 consumer brands across knowledge products and services including S. Chand, Vikas, Madhubun, Saraswati, Destination Success and Ignitor.
2)Revenue can be estimated to be around Rs5bn in FY22 aided by price hike of ~5-10%. After having managed a successful turnaround in FY21, NCF implementation remains a key factor to monitor (announcement expected in FY23) as it would set the growth trajectory for next 2-3 years.