NSDL Q3 FY25 profit jumps 30% to ₹85.8 crore

Key takeaway

National Securities Depository Ltd (NSDL), India’s largest securities depository, reported stronger earnings for the October-December quarter (Q3 FY25), led by a rise in income and improved profitability metrics. The company also highlighted operational scale milestones during the period.

Q3 FY25 results: profit rises faster than income

NSDL reported a 30% increase in consolidated net profit to ₹85.8 crore for the three months ended December 2024 (Q3 FY25). In the year-ago quarter (Q3 FY24), the company had posted net profit of ₹66.09 crore.

Total income for the quarter rose 16.2% year-on-year to ₹391.21 crore, compared with ₹336.67 crore in the same quarter of the previous financial year. The reported gap between profit growth and income growth indicates operating leverage during the quarter, as reflected in higher pre-tax and post-tax profit figures mentioned in the company’s updates.

Income growth drivers mentioned by the company

In a separate performance snapshot shared alongside the quarterly update, NSDL stated that the year-on-year change in total revenue was primarily driven by higher revenue from two segments:

• Depository services revenue increased 26.4% year-on-year
• Banking services revenue increased 9.6% year-on-year

While the company did not disclose segment-wise rupee totals in the provided details, the stated growth rates suggest that core depository-linked activities remained the larger growth contributor during the quarter.

Profitability: PBT and PAT improve in Q3

NSDL’s profitability also strengthened in the quarter based on the figures shared.

Profit before tax (PBT) for Q3 FY25 was stated at ₹110 crore, a 34.3% increase from ₹82 crore in Q3 FY24. Profit after tax (PAT) for Q3 FY25 was stated at ₹86 crore, up 29.8% from ₹66 crore in Q3 FY24.

The company also reported an improvement in earnings per share (EPS) for the quarter to ₹4.3, compared with ₹3.3 in Q3 FY24.

Nine-month performance: profit up 32.6%

For the nine months ended December 2024, NSDL reported a 32.6% year-on-year increase in net profit to ₹259.82 crore. Over the same period, total income rose 13.3% year-on-year to ₹1,141.4 crore.

These nine-month numbers provide a broader view beyond the single quarter and indicate that profitability expanded faster than total income over the April-December period.

Additional profitability metrics cited by NSDL

Alongside the quarterly and nine-month disclosures, the company’s update also cited broader profitability figures:

• PBT stood at ₹453 crore, up 27.7% from ₹355 crore in the previous year
• After accounting for tax expenses, net profit rose 24.6% to ₹343 crore from ₹275 crore in FY24
• EPS improved to ₹17.2 from ₹13.8

These figures were presented as year-on-year comparisons in the provided text, and reflect improvements in earnings and per-share metrics.

Scale milestone: assets under custody

NSDL also stated it became India’s first securities depository to cross ₹500 lakh crore in assets under custody in September 2024. This operational milestone matters because it signals the scale of securities held in demat form under the depository’s framework, even though it is different from income or profit figures.

IPO mention: what is known from the update

The provided update describes NSDL as IPO-bound and states the depository is set to launch an IPO soon. No issue size, timeline, price band, or regulatory milestones were included in the supplied details, so investors will have to rely on subsequent filings and official announcements for specifics.

Snapshot table: numbers disclosed in the release

Why the numbers matter

For market participants tracking market infrastructure companies, NSDL’s Q3 performance highlights two clear points from the disclosed figures. First, income growth remained in the mid-teens year-on-year for the quarter, indicating steady business expansion. Second, profit grew faster than income in both the quarter and the nine-month period, supported by higher PBT and PAT.

The company’s stated milestone on assets under custody adds context on operating scale, while the IPO reference keeps attention on possible upcoming disclosures.

Conclusion

NSDL reported higher consolidated profit and income in Q3 FY25, with net profit at ₹85.8 crore and total income at ₹391.21 crore, alongside a ₹259.82 crore net profit for the nine months ended December 2024. The next key updates are likely to come through further official communications, including any formal IPO-related filings or announcements.