’s consolidated PAT fell 13.6% year-on-year to ₹140.21 crore, with revenue from operations down about 1% to ₹318.89 crore, reflecting normalizing activity fees and higher operating costs versus last year’s elevated base. Sequentially, profitability rebounded 37% from ₹102.37 crore as activity improved and operating leverage kicked in, partially offsetting margin compression seen over the past year. Total income was ₹341.37 crore versus ₹358.51 crore a year ago, while expenses rose to ₹157.41 crore from ₹134.41 crore, pressuring EBITDA and margins. What to track next * Activity metrics: New demat additions (now ~16.52 crore accounts) and transaction volumes drive fee income; sustainability of the QoQ recovery is key into H2. * Pricing/mix: E-voting, KYC, and issuer services mix versus transaction fees will shape margin resilience amid cost inflation. * Cost curve: Elevated expenses YoY suggest investments and inflation; watch management commentary on opex normalization and tech spend. Market/industry lens Depository earnings remain sensitive to primary/secondary market activity cycles; a steady listings pipeline and retail participation can stabilize revenues even if per-transaction yields trend lower. With a strong franchise and large account base, medium-term growth remains tied to market depth, while near-term multiples may hinge on evidence of sustained QoQ momentum and margin discipline. Source: The Economic Times No Recommendations

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