Account addition while important is not the most important metric. It helps in contributing to part of the revenue which is largely stable in nature.
Equity delivery volumes are the key metrics to track. This is cyclical in nature – during bull run there will be high volumes and during other times it will be low volumes. Revenue earned from this is what drives the bottom line growth or de-growth and also brings in operating leverage during good times.
Equity delivery volumes have been on a downtrend since many months now and that is also reflecting in the share price. Lot of shift has also happened to F&O volumes, but CDSL does not directly earn from the trading of the same (please correct me if I am wrong).
So unless we see a meaningful increase in equity delivery volumes, share price will not show any worthwhile growth.
Just my 2 cents!
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