Yes, the TTM Sales is lower but at the same time TTM EPS is higher.
It’s tax rate is low at ~20% and if started giving at regular rate (~30%) then it may dent its profit in future. Even at current PE ratio of 24 this stock is looking expensive considering last 2 years EPS growth.
Agreed it is cyclic stock but if we consider the broader market has picked the top in Jan’18 then we are coming to lower cycle of market and picking up CDSL at lower cycle will give opportunity to buy low. We need to watch next 5-6 years results and based on that data one can make his views in next bear cycle.
Disclosure: Invested from IPO and added later so views can be biased.