Central Depository Services (India) Limited

CDSL/CS/NSE/SK/2024/91 May 04, 2024

The Manager,
Listing Compliance Department,
National Stock Exchange of India Ltd.,
Exchange Plaza, Bandra Kurla Complex,
Bandra (East), Mumbai – 400051.

Symbol: CDSL
ISIN: INE736A01011

Sub: Outcome of the Board Meeting held on May 04, 2024.

Dear Sir/Madam,

This is with reference to our intimation dated April 15, 2024, and in terms of Regulation 30
and 33 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (“SEBI Listing Regulations”) and other applicable provisions, if any, the
Board of Directors in its meeting held on May 04, 2024, have inter alia, considered and
approved the following:

Financial Results

The Audited Standalone and Consolidated Financial Results of the Company for the quarter
(Q4) and year ended March 31, 2024, along with the Statutory Auditor's Report issued by
the Statutory Auditors of the Company, M/s. S. R. Batliboi & Co. LLP, Chartered Accountants.
The Statutory Auditors have given an unmodified opinion on the Standalone and
Consolidated Financial Results of the Company for the quarter (Q4) and year ended March
31, 2024.

Final & Special Dividend

The Board of Directors has recommended a final dividend for FY 23-24 of Rs. 19/- per
equity share of face value of Rs. 10/- (i.e., 190 % on the face value of equity share) and
additionally to commemorate the 25-year silver jubilee celebrations, a special dividend of
Rs. 3/- per equity share of face value of Rs. 10/- (i.e., 30 % on the face value of equity share),
bringing the total dividend payout to ₹ 22 per equity share, subject to the approval of the
shareholders at the ensuing 26th Annual General Meeting (AGM) of the Company.

Regd. Office: Marathon Futurex, A Wing, 25th Floor,

Mafatlal Mills Compound, N M Joshi Marg, Lower Parel (E), Mumbai - 400 013.
Phone: 91-22-2302 3333 • Fax: 91-22-2300 2036 • CIN: L67120MH1997PLC112443
Website: www.cdslindia.com
 Central Depository Services (India) Limited

The copies of the Audited Standalone and Consolidated Financial Results of the Company for
the quarter (Q4) and year ended March 31, 2024, along with the Statutory Auditor's Report
thereon are enclosed herewith as Annexure-A.

The Board Meeting commenced at 10:00 a.m. (IST) and concluded at 01:50 p.m. (IST).

The above information is also available on the Company's website at www.cdslindia.com.

This is for your information and records.

Thanking You,
Yours faithfully,
For Central Depository Services (India) Limited
NILAY Digitally signed by
NILAY RAJENDRA
RAJENDRA SHAH
Date: 2024.05.04
SHAH 13:52:33 +05'30'

Nilay Shah
Company Secretary & Head Legal
ACS No.: A20586
Encl: As above

Regd. Office: Marathon Futurex, A Wing, 25th Floor,

Mafatlal Mills Compound, N M Joshi Marg, Lower Parel (E), Mumbai - 400 013.
Phone: 91-22-2302 3333 • Fax: 91-22-2300 2036 • CIN: L67120MH1997PLC112443
Website: www.cdslindia.com
 Annexure - A

12lh Floor, The Ruby,

29 Senapati Bapat Marg,

. H BATUBOI & CO. LLP

SChartered Accountants
Dadar (West)
Mumbai - 400 028, India

Independent Auditor 's Report on the Quarterly and Yearly Consolidated Financial Results of the
Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended

To
The Board of Directors of
Central Depository Services (India) Limited

Report on the audit of the Consolidated Financial Results

Opinion

We have audited the accompanying statement of quarterly and yearly consolidated financial results of
Central Depository Services (India) Limited ("Holding Company") and its subsidiaries (the Holding
Company and its subsidiaries together referred to as "the Group'')and its associate for the quarter
2024 and year ended March 31, 2024 ("Statement"), attached herewith, being submitted by the
Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations") .
In our opinion and to the best of our information and according to the explanations given to us and
based on the consideration of the reports of the other auditors on separate audited financial results of
the subsidiaries and associate, the Statement:

includes the financial results of the following subsidiaries and associate;

Subsidiaries
.
a CDSL Ventures Limited
.
b CDSL Insurance Repository Limited
.
c CDSL Commodity Repository Limited

Associate
India International Bullion Holding IFSC Limited

ii. is presented in accordance with the requirements of the Listing Regulations in this regard;
and

.
iii gives a true and fair view in conformity with the applicable accounting standards, and other
accounting principles generally accepted in India, of the consolidated net profit and other
comprehensive income and other financial information of the Group for the quarter and
year ended March 31, 2024 .
Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs), as specified under
Section 143(10) of the Companies Act, 2013, as amended ("the Act") Our responsibilities under those .
Standards are further described in the " Auditor's Responsibilities for the Audit of the Consolidated
.
Financial Results" section of our report We are independent of the Group and its associate in
accordance with the 'Code of Ethics' issued by the Institute of Chartered Accountants of India together
with the ethical requirements that are relevant to our audit of the financial statements under the
provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities
.
in accordance with these requirements and the Code of Ethics We believe that the audit evidence
obtained by us and other auditors in terms of their reports referred to in "Other Matters" paragraph
below, is sufficient and appropriate to provide a basis for our opinion.

.. . .
S R Batliboi & Co LLP, a Limited Liability Partnership with LLP Identity No AAB-4294
. . . -
Regd Office : 22, Camac Street Block *B\ 3rd Floor Kolkata 700 016
 .
S.R BATUBOI & Co LLP
Chartered Accountants
.
Central Depository Services (India) Limited

Management ' s Responsibilities for the Consolidated Financial Results

The Statement has been prepared on the basis of the consolidated annual financial statements The .
Holding Company's Board of Directors are responsible for the preparation and presentation of the
Statement that gives a true and fair view of the net profit and other comprehensive income and other
financial information of the Group including its associate in accordance with the applicable accounting
standards prescribed under section 133 of the Act read with relevant rules issued thereunder and other
accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing
.
Regulations The respective Board of Directors of the companies included in the Group and of its
associate are responsible for maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of their respective companies and for preventing
and detecting frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent; and the design,
implementation and maintenance of adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the Statement that give a true and fair view and is free from material
misstatement, whether due to fraud or error, which have been used for the purpose of preparation of
the Statement by the Directors of the Holding Company, as aforesaid .
In preparing the Statement, the respective Board of Directors of the companies included in the Group
and of its associate are responsible for assessing the ability of their respective companies to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless management either intends to liquidate the Group or to cease
.
operations, or has no realistic alternative but to do so

The respective Board of Directors of the companies included in the Group and of its associate are also
responsible for overseeing the financial reporting process of their respective companies .
Auditor 's Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our
.
opinion Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with SAs will always detect a material misstatement when it exists .
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of the Statement .
As part of an audit in accordance with SAs, we exercise professional judgment and maintain
.
professional skepticism throughout the audit We also:

• Identify and assess the risks of material misstatement of the Statement, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit
.
evidence that is sufficient and appropriate to provide a basis for our opinion The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control .
Obtain an understanding of internal control relevant to the audit in order to design audit
.
procedures that are appropriate in the circumstances Under Section 143(3)(i) of the Act,
we are also responsible for expressing our opinion on whether the company has adequate
internal financial controls with reference to financial statements in place and the operating
effectiveness of such controls .
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Board of Directors .
SM . BATUBOI & Co. LLP
Chartered Accountants

Central Depository Services (India) Limited

• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the ability of the Group and
its associate to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditor 's report to the related disclosures in the
Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our auditor's report. However, future
events or conditions may cause the Group and its associate to cease to continue as a going
concern .
• Evaluate the overall presentation, structure and content of the Statement, including the
disclosures, and whether the Statement represent the underlying transactions and events in a
manner that achieves fair presentation .
• Obtain sufficient appropriate audit evidence regarding the financial results/ financial
information of the entities within the Group of which we are the independent auditors and
whose financial information we have audited, to express an opinion on the Statement. We are
responsible for the direction, supervision and performance of the audit of the financial
information of such entities included in the Statement of which we are the independent
auditors. For the other entities included in the Statement, which have been audited by other
auditors, such other auditors remain responsible for the direction, supervision and
.
performance of the audits carried out by them We remain solely responsible for our audit
opinion.
We communicate with those charged with governance of the Holding Company and such other entities
included in the Statement of which we are the independent auditors regarding, among other matters,
the planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit. We also provide those charged with
governance with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably
be thought to bear on our independence, and where applicable, related safeguards.

We also performed procedures in accordance with the Master Circular issued by the Securities
Exchange Board of India under Regulation 33 (8) of the Listing Regulations, to the extent applicable.

Other Matters

a) The accompanying Statement includes the audited financial results and other financial information,
in respect of:

Two subsidiaries, whose financial results include total assets of Rs 40,212.29 lakhs as at March
31, 2024, total revenues of Rs 6,240.52 lakhs and Rs 19,432.46 lakhs, total net profit after
tax of Rs 2,981.01 lakhs and Rs.8,551.03 lakhs, total comprehensive income of Rs. 2,979.04
.
lakhs and Rs. 8,497.14 lakhs, for the quarter and the year ended on that date respectively, and
net cash inflows of Rs. 545.09 lakhs for the year ended March 31, 2024, as considered in the
Statement which have been audited by their respective independent auditors.

One associate, whose financial results include Group's share of net profit of Rs. 189.04 lakhs
.
and net loss of Rs. 137 lakhs, Group's share of total comprehensive income of Rs 197.22 lakhs
.
and total comprehensive loss of Rs 102.23 lakhs for the quarter and for the year ended
March 31, 2024 respectively, as considered in the Statement whose financial results, other
financial information have been audited by their respective independent auditors .
S.SL BATLIBOI & Co. LLP
Chartered Accountants

Central Depository Services (India) Limited

The independent auditor ' s report on the financial results of these entities have been furnished to us by
the Management and our opinion on the Statement in so far as it relates to the amounts and disclosures
included in respect of these subsidiaries and associate is based solely on the reports of such auditors
and the procedures performed by us as stated in " Auditor 's Responsibilities for the Audit of the
Consolidated Financial Results" paragraph.

Our opinion on the Statement is not modified in respect of the above matter with respect to our reliance
on the work done and the reports of the other auditors.

b) The Statement includes the results for the quarter ended March 31, 2024 being the balancing figures
between the audited figures in respect of the full financial year ended March 31, 2024 and the published
audited year- to- date figures up to the end of the third quarter of the current financial year.

For S.R. Batliboi & Co. LLP

Chartered Accountants
ICAI Firm Registration Number: 301003E/E300005

per Jayesh Gandhi

Partner
Membership No.: 037924
UDIN: 2. HO 31 [ ZH GK EtV O I I 2-i
°
Place: Mumbai
Date: May 04, 2024
CENTRAL DEPOSITORY SERVICES ( INDIA) LIMITED CIN : L 67120 MH 1997 PLC 112443
Regd Office : A - 2501, Marathon Futurex, N . M . Joshi Marg, Lower Parel , Mumbai - 400013
Statement of consolidated financial results for the quarter and year ended March 31, 2024
( 1 in Lakh )
Particulars Quarter ended Year ended
Mar 31, 2024 Dec 31, 2023 Mar 31, 2023 Mar 31, 2024 Mar 31, 2023
Audited Audited Audited Audited Audited
1 Income
a . Revenue from operations 24, 078.22 21,447.94 12,476.50 81, 225.66 55 ,508.68
b. Other Income 2, 658.68 2, 148.00 1 , 905.31 9 , 504.73 6,584.83
Total Income 26, 736.90 23 , 595.94 14, 381.81 90, 730.39 62,093.51

2 Expenses
a . Employee benefits expenses 2, 759.73 2,368.49 1, 852.56 9, 642.53 8 , 085.40
b. Depreciation and amortisation expenses 801.35 689.89 546.66 2, 723.37 1, 948.04
c. Finance Cost 2.20 2.67 3.38 11.01 13.35
d . Computer technology related expenses 2 , 014.81 1, 570.20 1, 078.52 6 , 332.32 3, 839.55
e. Other expenses 4, 514.53 4, 364.02 2, 592.56 16 , 311.69 11, 249.40
Total expenses 10, 092.62 8 , 995.27 6 , 073.68 35 , 020.92 25 , 135.74

3 Profit before share of net profits of investments

accounted for using equity method and tax ( 1 - 2 ) 16 , 644.28 14 , 600.67 8 , 308.13 55 , 709.47 36, 957.77

4 Share of net profits of investments accounted for

using equity method
Share of profit / ( Loss) of associate 195.87 ( 101.12 ) ( 122.41 ) ( 108.31 ) ( 442 , 34)
5 Profit before tax ( 3 + 4) 16 , 840.15 14 , 499.55 8 , 185.72 55 , 601.16 36 , 515.43

6 Tax expenses
a . Current tax 3 , 342.88 3, 623.55 1 , 802.51 12, 332.75 9, 260.14
b . Deferred tax 595.13 127.30 279.48 1 , 472.36 ( 137.53 )
c. Adjustment of tax relating to earlier periods ( 39.42 ) 0.64 ( 208.28) ( 159.36) ( 203.19 )
Total tax expenses 3, 898.59 3 , 751.49 1, 873.71 13 , 645.75 8 , 919.42

7 Net profit after tax ( 5 - 6) 12 , 941.56 10 , 748.06 6, 312.01 41, 955.41 27 , 596.01

Attributable to:
a . Shareholders of the Company 12, 925.68 10, 742.39 6,310.40 41, 910.58 27, 593.90
b. Non Controlling interest 15.88 5.67 1.61 44.83 2.11

8 Other comprehensive ( loss) / income

Items that will not be reclassified to profit or loss
a . Remeasurements of the defined benefit plans ( 25.54) ( 22.48 ) 19.13 ( 352.83 ) 43.94
b. Income tax on above 6.45 5.65 (4.82 ) 88.83 ( 11.06)

Items that will be reclassified to profit or loss

a . Foreign Currency translation reserve ( 45.07 )
b. Share of other comprehensive income / ( Ioss ) of 8.18 1.90 ( 20.91) 34.77 174.44
investments accounted for using equity method

Total Other comprehensive (loss) / income ( net of ( 10.91) ( 14.93 ) ( 6.60) ( 229.23) 162.25
tax )

9 Total comprehensive income after tax ( 7 + 8 ) 12, 930.65 10 , 733.13 6, 305.41 41, 726.18 27, 758.26

Attributable to :
a . Shareholders of the Company 12 , 915.94 10, 727.47 6,301.65 41 , 682.53 27 ,755.93
b. Non Controlling interest 14.71 5.66 3.76 43.65 2.33

10 Paid up equity share capital 10 ,450.00 10 ,450.00 10 ,450.00 10,450.00 10,450.00

( face value per share T 10 each )

11 Other equity excluding revaluation reserve as per 1, 35 , 884.34 1, 10, 922.99

Balance sheet

12 Earnings per equity share

( face value per share T 10 each)
Basic and diluted earnings per equity share ( T ) 12.37 10.28 6.04 40.11 26.41
( Not annualised except yearly data )

, o Mumba
-&&
 Notes:
1 These consolidated financial results comprise of Central Depository Services (India) Limited ("Holding Company ) and its
"

subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group") and its associate. These have been
reviewed by the Audit Committee on May 3, 2024 and approved by the Board of Directors on May 4, 2024. The consolidated
financial results have been prepared in accordance with the recognition and measurement principles laid down in Indian
Accounting Standards ( IND AS) prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued
thereunder and other accounting principles generally accepted in India. The statutory auditors, S. R. Batliboi & Co. LLP have
expressed an unmodified audit opinion on these consolidated financial results.
2 Segment Information:
( t in Lakh) ,
Quarter ended Year ended
Mar 31, 2024 Dec 31, 2023 Mar 31, 2023 Mar 31, 2024 Mar 31, 2023
Particulars Audited Audited Audited Audited Audited
Segment Revenue
Depository Activity 18,508.36 16,957.20 9,829.13 64,095.70 45,059.96
Data Entry and Storage 5,514.40 4,441.01 2,638.00 16,965.63 10,294.56
Repository 67.06 50.76 38.59 222.54 197.31
Total 24,089.82 21,448.97 12,505.72 81,283.87 55,551.83
(11.60 ) (1.03) (29.22 ) (58.21) (43.15)
Less : Inter Segment Revenue
Total Income 24, 078.22 21,447.94 12,476.50 81,225 ,66 55, 508.68

Segment Results
Depository Activity 10,799.19 9,999.37 5,109.36 37,098.72 24,946.80
Data Entry and Storage 3,331.63 2,583.75 1,406.73 9,601.34 5,767.83
(145.22 ) (130.45) (113.27) ( 495.32 ) (341.69)
Repository
Total 13,985.60 12,452.67 6,402.82 46,204.74 30,372.94
Add / ( Less) : Other unallocable 2,854.55 2,046.88 1,782.90 9,396.42 6,142.49
income **
Profit before Tax 16 ,840.15 14,499.55 8, 185.72 55 ,601.16 36, 515.43
(3,898.59) (3,751.49) (1,873.71) (13,645.75) (8,919.42)
Less : Provision for taxation
Profit after Tax 12,941.56 10,748.06 6,312.01 41,955.41 27, 596.01
**0ther unallocable income mainly includes interest income, dividend income, income from investments, share of profit/ (loss)
of associates and other unallocable miscellaneous income.
( in Lakh)
As at March
^
As at
Particulars 31, 2024 March 31, 2023

Segment assets
Depository Activity 39,358.09 32,651.61
Data Entry and Storage 7,097.15 3,444.15
Repository 463.30 426.52
Unallocated 131,246.39 109,194.72
Total 178,164.93 145,717.00
Segment liabilities
Depository Activity 17,011.03 12,774.31
Data Entry and Storage 2,264.23 1,312.74
Repository 285.92 234.86
Unallocated 7,885.00 5,681.34
Total 27,446.18 20,003.25

3 The figures for the quarter ended March 31, 2024 and March 31, 2023 are arrived at as difference between audited figures for
the year ended and the audited figures for the nine months ended for the relevant financial years.

4 The Board of Directors of Central Depository Services (India) Limited has recommended final dividend of =? 19 per equity
share and special dividend of 3 per equity share of the face value of K 10 per share for the financial year 2023-24. ( Previous
^
year 16 per equity share of the face value of 10 per share each ), subject to the approval of the Shareholders.
^ ^
5 The Consolidated Balance Sheet is disclosed in Appendix I and Consolidated Cash flow statement is disclosed in Appendix II.

6 Figures for the previous period / year have been regrouped / reclassified and rearranged wherever necessary to correspond
with the current period / year classification / disclosure.

7 Audited financial results of Central Depository Services ( India) Limited (Standalone Information)
( in Lakh)
Quarter ended Year ended
^
Year ended
Particulars Mar 31, 2024 Dec 31, 2023 Mar 31, 2023 Mar 31, 2024 Mar 31, 2023
Audited Audited Audited Audited Audited
Total income 20,470.96 18,583.91 11,268.82 74,289.01 54,406.75
Profit before tax 12,757.95 11,634.06 6,623.29 47,279.41 34,448.89
Profit after tax 9,742.97 8,572.33 5,165.66 36,331.92 27,208.17

The audited results of Central Depository Services (India ) Limited for the above mentioned quarters / period are available on
the Company's website www.cdslindia.com and on the National Stock Exchange website www.nseindia.com. The information
above has been extracted from the audited standalongjinancial results for the quarter and year ended March 31, 2024.

For and on behalf of Board of Directors of

CENTRA!DEPOSITORY SERVICES ( INDIA) LIMITED

Nel ira
£’
-' i t
umbai: f«aaV 04, 20 afe Managing Director & CEO
#1
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 Appendix - 1
Central Depository Services ( India ) Limited CIN: L67120 MH 1997 PLCX 12443
Consolidated Balance Sheet as at March 31 , 2024 ( T in Lakh )

Particulars As at March 31 , 2024 As at March 31, 2023

ASSETS
1 Non - current assets
a. Property, plant and equipment 31, 223.43 9, 793.79
b . Capital work in progress 17, 316.32
c. Intangible assets 2 , 802.44 2 , 439.03
d. Intangible assets under development 382.23 113.10
e. Right - of - use assets 126.92 226.47
f. Financial Assets :
i. Investments
Investments in associate 2 , 469.21 2, 571.44
Other investments 56,946.38 44,192.81
ii . Loans 3.73 7.91
iii . Other financial assets 1, 852.59 1,188.51
g. Deferred tax assets ( net) 24.47 26.46
h. Non current tax assets ( net) 1, 463.28 1, 960.87
i. -
Other non current assets 1, 012.01 303.93
Total Non - Current Assets 98 , 306.69 80 , 140 , 64
2 Current assets
a. Financial Assets
i. Investments 55,512.86 46, 904.97
ii. Trade receivables 6, 682.81 3, 766.59
iii. Cash and cash equivalents 1, 848.38 5, 036.31
iv. Bank balances other than ( iii) above 3, 437.37 2 , 066.11
v. Loans 5.48 5.86
vi. Other financial assets 9, 134.19 6 ,131.51
b. Other current assets 3, 237.15 1, 665.01
Total Current Assets 79 , 858.24 65 , 576.36

Total Assets ( 1 + 2 ) 1, 78, 164.93 1, 45 , 717.00

EQUITY AND LIABILITIES

1 Equity
a . Equity Share capital 10 , 450.00 10, 450.00
b . Other Equity 1,35,884.34 1,10 , 922.99
Equity attributable to owners of the Company 1, 46 , 334.34 1 , 21, 372.99
-
c. Non controlling Interests 4, 384.41 4, 340.76

Total Equity 1 , 50, 718.75 1, 25, 713.75

LIABILITIES
2 Non - current liabilities
a. Financial Liabilities
i. Lease liabilities 82.33 116.13
ii. Other financial liabilities 996.46 384.88
b. Deferred tax liabilities ( Net) 1, 865.33 483.78
c. Provisions 494.12 596.53
d . Other non current liabilities 3.11 0.92
Total Non - Current Liabilities 3 , 441.35 1, 582.24

3 Current liabilities
a . Financial Liabilities
i. Lease liabilities 53.25 120.92
ii . Trade payables:
Total outstanding dues of micro enterprises and small 2.43
enterprises
Total outstanding dues of creditors other than micro 2,801.82 1, 961.69
enterprises and small enterprises
iii. Other financial liabilities 15, 030.09 11, 833.51
b. Provisions 2 , 677.77 2 ,101.08
c. Current tax liabilities ( net) 550.86 239.17
d . Other current liabilities 2, 888.61 2 ,164.64
Total Current Liabilities 24, 004.83 18, 421.01

4 Total Liabilities ( 2 + 3 ) 27 , 446.18 20 , 003.25

Total Equity and Liabilities ( 1 + 4 ) 1, 78, 164.93 1, 45 ,717.00

 Appendix - II
Central Depository Services ( India ) Limited CIN : L67120 MH1997 PLC112443
Consolidated Cash Flow Statement for the year ended March 31, 2024
( in Lakh )
For the For the
^
Particulars year ended March 31, year ended March 31,
2024 2023
A. CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax 55,601.16 36 ,515.43
Adjustments for
Depreciation and Amortisation expenses 2 , 723.37 1,948.04
Gain on sale / disposal of Property, plant and equipment and Intangible assets ( Net) ( 6.38) ( 28.80 )
Advances written back (67.47 ) (109.72 )
Amortisation of premium on Bonds (14.70 ) 0.25
Interest cost 11.01 13.35
Dividend received from Others ( 30.00 )
Interest income recognised on fixed deposit and bonds in profit or loss ( 3,573.12 ) ( 2 , 418.93 )
Net gain arising on financial assets measured at FVTPL ( 5,343.55) ( 3, 227.42 )
Net gain arising on financial assets measured at Amortized cost (1.51)
Impairment loss on financial assets 802.67 708.86
Share of profit / floss) in Associate 137.00 484.56
Foreign currency translation reserve ( 34.77 ) ( 192.06 )
Operating cash flows before working capital changes 50, 233.71 33,663.56

Movements in working capital

( Increase) / Decrease in trade receivables ( 3, 720.07 ) 107.45
(Increase) / Decrease in loans 4.56 (3.75)
( Increase ) / Decrease in other financial assets 119.64 ( 299.68)
( Increase ) / Decrease in other assets ( 2 , 280.22 ) ( 551.91)
Increase / ( Decrease ) in trade payables 842.56 903.09
Increase / ( Decrease ) in provisions 156.22 200.62
Increase / ( Decrease ) in other financial liabilities 3,808.16 ( 25.93 )
Increase / ( Decrease ) in other liabilities 793.63 205.18
Total working capital changes ( 275.52 ) 535.07

Cash flows generated from operations 49,958.19 34,198.63

Direct taxes paid ( net of refunds ) (11,364.10 ) (9,316.13 )

Net Cash flows generated from operating Activities ( A ) 38,594.09 24,882,50

B . CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of property, plant and equipment (Including Capital work in progress) ( 5,384.59) ( 19 ,431.45)
Purchase of intangible assets ( Including Intangible asset under development) (1,960.95 ) (1,127.47 )
Proceeds from sale of property, plant and equipment 7.33 45.67
Purchase of investments ( 39, 254.40 ) ( 58, 605.18)
Proceeds from sale of investments 25,857.71 62 , 234.91
Investment in fixed deposits with banks (12 ,885.44 ) (10,895.94)
Proceeds from maturity of fixed deposits with banks 8 ,125.96 14,812.48
Dividend received from others 30.00
Investment in Associate (1, 000.00 )
Investment in equity shares (1, 000.00)
Interest received 1, 569.93 1, 309.31

Net cash flows used in investing activities ( B) (24,924.45) (12 ,627.67 )

C. CASH FLOWS FROM FINANCING ACTIVITIES

Dividend paid (16, 720.00 ) (15.675.00)
Payment of lease rental ( 137.57 ) (102.56 )

Net cash flows in financing activities (C) (16,857.57) (15,777.56 )

Net increase in cash and cash equivalents ( A + B + C) (3,187.93 ) (3,522.73)

Cash and cash equivalents at the beginning of the year 5,036.31 8,559.04

Cash and cash equivalents at the end of the year 1,848.38 5,036.31
Cash and cash equivalents at the end of the year comprises
Balances with banks
- In unpaid dividend account ( Refer note 2 below ) 119.62 102.48
-In current account ( Earmarked against liability ) ( Refer note 2 below) 529.73 4, 220.45
- In Current Accounts 1,199.03 I 713.38

1. The Cash Flow Statement has been prepared under the " Indirect Method " as set out in Indian Accounting Standard - 7 "Statement of Cash Flows ".
2 . The balances are not available for use by the Group as those are towards earmarked liabilities.
3. Previous year figures have been regrouped wherever necessary, to conform with current year classification .
 12th Floor, The Ruby,
29 Senapati Bapat Marg,

S.H BATLIBOI & Co, LLP

Chartered Accountants
Dadar ( West)
Mumbai - 400 028, India

Independent Auditor 's Report on the Quarterly and Yearly Audited Standalone Financial Results of
the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended

To
The Board of Directors of
Central Depository Services (India) Limited

Report on the audit of the Standalone Financial Results

Opinion

We have audited the accompanying statement of quarterly and yearly standalone financial results of
Central Depository Services (India) Limited (the "Company") for the quarter and year ended March 31,
2024 ("Statement "), attached herewith, being submitted by the Company pursuant to the requirement
of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as
amended (the "Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us, the
Statement :

i . is presented in accordance with the requirements of the Listing Regulations in this regard;
and
ii. gives a true and fair view in conformity with the applicable accounting standards and other
accounting principles generally accepted in India, of the net profit and other comprehensive
income and other financial information of the Company for the quarter and year ended
March 31, 2024.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
section 143(10) of the Companies Act, 2013, as amended ("the Act"). Our responsibilities under those
Standards are further described in the " Auditor's Responsibilities for the Audit of the Standalone
.
Financial Results" section of our report We are independent of the Company in accordance with the
Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical
requirements that are relevant to our audit of the financial statements under the provisions of the Act
and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is
sufficient and appropriate to provide a basis for our opinion .
Management 's Responsibilities for the Standalone Financial Results

The Statement has been prepared on the basis of the standalone annual financial statements The Board .
of Directors of the Company are responsible for the preparation and presentation of the Statement that
gives a true and fair view of the net profit and other comprehensive income of the Company and other
financial information in accordance with the applicable accounting standards prescribed under Section
133 of the Act read with relevant rules issued thereunder and other accounting principles generally
accepted in India and in compliance with Regulation 33 of the Listing Regulations This responsibility .
also includes maintenance of adequate accounting records in accordance with the provisions of the Act
for safeguarding of the assets of the Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and the design, implementation and maintenance of
adequate internal financial controls, that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and presentation of the Statement
that give a true and fair view and are free from material misstatement, whether due to fraud or error.

.. . . AAB-4294
. . .
S R Batliboi & Co LLP, a Limited Liability Partnership with LLP Identity No
i
Regd Office : 22, Camac Street Block 'B', 3rd Floor Kolkata -7010 016
 ..
S R BATUBOI & Co. LLP
Chartered Accountants

Central Depository Services (India) Limited

In preparing the Statement, the Board of Directors are responsible for assessing the Company's ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless the Board of Directors either intends to liquidate the
Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financial reporting process .
Auditor 's Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our
.
opinion Reasonable assurance is a high level of assurance but is not a guarantee that an audit
conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if , individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of the Statement .
As part of an audit in accordance with SAs, we exercise professional judgment and maintain
.
professional skepticism throughout the audit We also:

• Identify and assess the risks of material misstatement of the Statement, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under Section 143(3)0) of the Act , we are
also responsible for expressing our opinion on whether the company has adequate internal
financial controls with reference to financial statements in place and the operating effectiveness
of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Board of Directors.

• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Company' s ability to continue
.
as a going concern If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor 's report to the related disclosures in the financial results or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor's report. However, future events or conditions may cause
the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Statement, including the
disclosures, and whether the Statement represents the underlying transactions and events in a
manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.
 .
S R. BATLIBOI
Accountants
Chartered
& Co LLP .
Central Depository Services (India) Limited

We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and
other matters that may reasonably be thought to bear on our independence, and where applicable,
related safeguards .
Other Matter

The Statement includes the results for the quarter ended March 31, 2024 being the balancing figure
between the audited figures in respect of the full financial year ended March 31, 2024 and the published
audited year-to-date figures up to the third quarter of the current financial year, as required under the
Listing Regulations.

For S.R . Batliboi & Co. LLP

Chartered Accountants
ICAI Firm Registration Number: 301003 E/ E300005

per Jayesh Gandhi

Partner
.
Membership No : 037924
UDIN: 2 .li 031 cl 2. i & KE L-Vf t-H,! H
/

Place: Mumbai
Date: May 4, 2024
 CIN: L67120 MH 1997 PLC112443
CENTRAL DEPOSITORY SERVICES ( INDIA) LIMITED
Regd Office : A -2501, Marathon Futurex, N . M . Joshi Marg, Lower Parel, Mumbai - 400013
Statement of standalone financial results for the quarter and year ended March 31, 2024
( in Lakh )
Year Ended
*
Particulars Quarter Ended
Mar 31, 2024 Dec 31, 2023 Mar 31, 2023 Mar 31, 2024 Mar 31, 2023
Audited Audited Audited Audited Audited

1 Income
a. Revenue from operations 18,508.36 16,957.20 9,829.13 64,095.70 45,059.96
b. Other Income ( refer note 3) 1,962.60 1,626.71 1,439.69 10,193.31 9,346.79

Total Income 20,470.96 18, 583.91 11,268.82 74, 289.01 54,406.75

2 Expenses
a. Employee benefits expenses 2,349.60 1,971.25 1,569.71 8,022.45 6,855.73
b. Depreciation and amortisation expenses 641.61 531.06 423.49 2,121.89 1,586.33
c. Finance Cost 0.47 0.53 0.13 1.73 0.55
d. Computer technology related expenses 1,624.16 1,322.90 864.52 5,290.61 3,324.53
e. Other expenses 3,097.17 3,124.11 1,787.69 11,572.92 8,190.72

Total expenses 7 ,713.01 6,949.85 4,645.54 27,009.60 19,957.86

3 Profit before tax (1 -2) 12,757.95 11,634.06 6,623.28 47,279.41 34,448.89

4 Tax expenses
a. Current tax 2,451.00 2,948.00 1,431.00 9,667.09 7,593.00
b. Deferred tax 564.12 113.73 237.33 1,390.89 (141.45)
(0.14) ( 210.70 ) (110.49) ( 210.83)
c. Adjustment of tax relating to earlier periods
3,014.98 3,061.73 1,457 ,63 10,947.49 7,240.72
Total tax expenses

5 Net profit after tax (3 -4) 9,742.97 8, 572.33 5 ,165.65 36,331.92 27,208.17

6 Other comprehensive (loss) / income

Items that will not be reclassified to profit or loss

i. Remeasurements of the defined benefit plans (22.33) (10.86 ) 9.21 (280.24) 53.03
ii. Income tax on above 5.62 2.73 ( 2.32) 70.54 (13.35)
Total Other comprehensive (loss) / income (net ( 16.71) (8.13 ) 6.89 ( 209.70) 39.68
oftax)

7 Total comprehensive income (after tax) (5 + 6) 9,726.26 8,564.20 5,172.54 36,122.22 27,247.85

8 Paid up equity share capital 10,450.00 10,450.00 10,450.00 10,450.00 10,450.00

(Face value per share 10 each) *
9 Other equity excluding revaluation reserve as 105,537.76 86,135.54
per Balance sheet
10 Earnings per equity share
(face value per share 10 each) *
Basic and diluted earnings per equity share ( ) 9.32 8.20 4.94 34.77 26.04
( Not annualised except yearly data )
*
Notes:
1 These standalone financial results have been reviewed by the Audit Committee on May 3, 2024 and approved by the Board of Directors on
May 4, 2024. The standalone financial results have been prepared in accordance with the recognition and measurement principles laid
down in Indian Accounting Standards (IND AS) prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules
issued thereunder and other accounting principles generally accepted in India. The statutory auditors, S. R. Batliboi & Co. LLP have
expressed an unmodified audit opinion on these standalone financial results.
2 The Company operates only in one Business Segment i.e. " Depository Services", hence does not have any reportable Segments as per
Indian Accounting Standard 108 "Operating Segments".

3 Other Income for the year ended March 31, 2024 includes Dividend Income received from a subsidiary amounting to * 2,950 Lakh
( Previous year : 4,150 Lakh ).
*
4 The Board of Directors has recommended final dividend of 19 per equity share and special dividend of 3 per equity share of the face
* *
value of 10 per share each for the financial year 2023- 24. ( Previous year : * 16 per equity share of the face value of * 10 per share each )
,
*
subject to the approval of the Shareholders.

5 The Standalone Balance Sheet is disclosed in Appendix I and Standalone Cash flow statement is disclosed in Appendix II.
6 The figures for the quarter ended March 31, 2024 and March 31, 2023 are arrived at as difference between audited figures for the year
ended and the audited figures for the nine months ended for the relevant financial years.

7 Figures for the previous period / year have been regrouped / reclassified and rearranged wherever necessary to correspond with the
currentneaQ,d / year classification / disclosure.

For and on Rehalf of Board of Directors of

V
CENTRAL DEPOSITORY SERVICES ( INDIA) LIMITED
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 Appendix - 1
Central Depository Services ( India ) Limited CIN : L67120 MH 1997 PLC112443
Standalone Balance Sheet as at March 31, 2024 ( 3 In Lakh)
As at
Particulars March 31, 2024 March 31, 2023
ASSETS
1 Non -current assets
a . Property, plant and equipment 29,974.93 8,918.03
b. Capital work in progress 17, 316.32
c. Intangible assets 2, 428.28 1,998.43
d . Intangible assets under development 382.23 113.10
e. Right- of- use assets 25.77 9.22
f. Financial Assets
i . Investments
Investments in subsidiaries 6 , 230.00 6 , 230.00
Investments in associate 3, 000.00 3, 000.00
Other investments 29, 078.04 21, 269.05
ii Loans 1.83 5.64
iii. Other financial assets 1, 029.66 489.46
g. Non current tax assets ( net ) 1,194.10 1, 742.80
h . Other non current assets 581.46 182.33
Total Non - Current Assets 73 , 926.30 61, 274.38
2 Current assets
a . Financial Assets
i. Investments 52 ,170.32 43,460.92
ii . Trade receivables 3, 071.67 2,343.48
iii. Cash and cash equivalents 1, 025.53 4, 759.02
iv. Bank balances other than (iii) above 3, 436.27
v. Loans 3.81 4.25
vi . Other financial assets 4, 339.14 1, 749.38
b. Other current assets 2 , 329.61 1, 225.84
Total Current Assets 66 , 376.35 53 , 542.89

Total Assets ( 1 + 2) 1, 40, 302.65 1, 14, 817.27

EQUITY AND LIABILITIES

1 Equity
a . Equity Share capital 10 , 450.00 10, 450.00
b . Other Equity 1, 05,537.76 86, 135.54
Total Equity 1, 15 , 987.76 96, 585.54

LIABILITIES
2 Non - current liabilities
a . Financial Liabilities
i. Lease liabilities 15.31 7.46
ii. Other financial liabilities 922.40 384.88
b. Provisions 324.43 534.28
c. Deferred tax liabilities ( Net) 1,566.06 245.70
d . Other non -current liabilities 1.12 0.63
Total Non -current Liabilities 2 , 829.32 1, 172.95

3 Current liabilities
a . Financial Liabilities
i . Lease liabilities 11.60 2.20
ii. Trade payables
Total outstanding dues of micro enterprises and small
enterprises
Total outstanding dues of creditors other than micro 1, 692.37 1,305.73
enterprises and small enterprises
iii. Other financial liabilities 14, 645.21 11,644.26
b. Provisions 2 , 595.56 2 , 039.95
c. Current tax liabilities ( net ) 326.40 239.17
d . Other current liabilities 2 , 214.43 1, 827.47
Total Current Liabilities 21 , 485.57 17 , 058.78

4 Total Liabilities ( 2 + 3 ) 24, 314.89 18, 231.73

Total Equity and Liabilities ( 1 + 4) 1, 40, 302.65 1, 14, 817.27

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 Appendix - II
Central Depository Services (India) Limited CIN: L 67120MH1997PLC112443
Standalone Cash Flow Statement for the year ended March 31, 2024 pf in Lakh)
For the For the
Particulars year ended year ended
March 31, 2024 March 31, 2023
.
A CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax 47,279.41 34,448.89
Adjustments for
Depreciation and Amortisation expenses 2,121.89 1,586.33
Gain on sale / disposal of Property, plant and equipment and Intangible assets ( Net) ( 6.38) (19.91)
Advances written back ( 64.38) (109.72)
Amortisation of premium on Bonds (13.63) 0.07
Interest cost 1.73 0.55
Dividend received from Subsidiaries ( 2,950.00) ( 4,150.00)
Dividend received from Others ( 30.00)
Interest income recognised on fixed deposit and bonds in profit or loss ( 2,216.41) (1,613.22)
Net gain arising on financial assets measured at FVTPL (4,118.01) ( 2,387.34)
Net gain arising on financial assets measured at Amortized cost (1.51)
Impairment loss on financial assets 796.42 700.23
Operating cash flows before working capital changes 40,829.13 28,425.88

Movements in working capital

( Increase) / Decrease in trade receivables (1,524.61) ( 268.58)
( Increase) / Decrease in loans 4.25 (1.73)
(Increase) / Decrease in other financial assets 102.66 ( 280.55)
(Increase) / Decrease in other assets ( 1,502.90) ( 511.18)
Increase / (Decrease) in trade payables 386.64 670.48
Increase / (Decrease) in provisions 65.52 43.44
Increase / (Decrease) in other financial liabilities 3,538.47 (130.09)
Increase / (Decrease) in other liabilities 451.83 290.20
Total working capital changes 1,521.86 ( 188.01)

Cash flows generated from operations 42,350.99 28,237.87

Direct taxes paid (net of refunds) (8,920.66) ( 7,581.08)
Net cash flows generated from operating activities ( A) 33,430.33 20,656.79

B. CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of property, plant and equipment (Including Capital work in progress) ( 4,756.39) ( 18,599.32)
Purchase of intangible assets (Including Intangible asset under development) (1,796.17) ( 693.60)
Proceeds from sale of property, plant and equipment 7.33 26.90
Purchase of investments ( 33,123.96) ( 48,415.89)
Proceeds from sale of investments 22,938.18 50,177.80
Proceeds from Sale of Investment in Subsidiary 2,000.00
Investments in fixed deposits with banks (7,368.21) ( 1,248.72)
Proceeds from maturity of fixed deposits with banks 1,029.90 5,925.47
Dividend received from Subsidiary 2,950.00 4,150.00
Dividend received from Others 30.00
Investment in Associate (1,000.00)
Investment in equity shares (1,000.00)
Interest received 686.37 906.86

Net cash flows used in investing activities (B) (20,432.95) (6,740.50)

.
C CASH FLOWS FROM FINANCING ACTIVITIES
Dividend paid (16,720.00) (15,675.00)
Payment of lease rental (10.87) ( 2.11)

Net cash flows used in financing activities (C) (16,730.87) (15,677.11)

Net ( Decrease)/ Increase in cash and cash equivalents ( A +B+ C) (3,733.49) (1,760.82)
Cash and cash equivalents at the beginning of the year 4,759.02 6,519.84
Cash and cash equivalents at the end of the year 1,025.53 4,759.02
Cash and cash equivalents at the end of the year comprises
Balances with banks
-
In unpaid dividend account (Refer note 2 below) 119.62 102.48
4,406.59
-In current account (Earmarked against liability) (Refer note 2 below) 529.73
-In Current Accounts 376.18 249.95

SeStaitStatement has been prepared under the "Indirect Method" as set out in Indian Accounting Standard - 7 " Statement of Cash Flows ".
lQloj anSSnt available for use by the Company as those are towards earmarked liabilities.

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