CDSL is market leader (73%) in BO accounts with RoE of 24%, RoIC of 78%, net cash of INR 10.6bn (~9% of market cap). Annuity revenue is high & growing at 19% CAGR. Compulsory demat of insurance policies will open up new opportunities. Target Price: Rs 1470
CDSL is market leader (73%) in BO accounts with RoE of 24%
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