Central Depository Services (CDSL) reported an in-line financial performance in 4QFY18. The company's revenue rose by a healthy 35.1% YoY to touch Rs518mn (17.5% above our estimate). This was led by robust growth in key verticals, including Transaction Charges (+42% YoY), IPO/ Corporate Action Charges (+70.8%) and KYC/Online Data Charges (+59.9%). On a segmentwise basis, Depository Services revenue rose by 31.6% YoY to touch Rs390mn. On the other hand, Data Processing revenue rose by a strong 39.2% YoY to touch Rs116mn. Impressive revenue growth was attributable to good health of capital markets, a strong primary market with new issuers coming in at a good pace and strong demat account openings. CDSL's strong focus on marketing and increasing DPs continues to drive revenue, with total net beneficial...