CarTrade shares jump 13% on strong Q2 earnings, hit 52-week high
economictimes.indiatimes.comCarTrade Tech jumped over 13% to hit their 52-week high of Rs 825 on the NSE on Friday following the September quarter earnings posted by the company on Thursday where the online classifieds and auto auction platform reported a 44% jump in its revenue growth and a 132% growth in profit after tax (PAT).
Today's gains take stocks' rally to seven sessions in a row. The price action was supported by volumes as 16 lakh shares changed hands on the NSE around 11:15 am.
The company recorded a total income of Rs 330.24 crores in Q2FY24 with net revenue reported by it during the quarter at Rs 147.94 crores, the company filing to the exchanges revealed.
The adjusted Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) for the quarter stood at Rs 31.91 crores. The profit before tax (PBT) for the July-September quarter stood at Rs 15.50 while PAT stood at Rs 12.97 crores.
On a half-yearly basis, the recorded total income stood at Rs 437.16 crore while net revenue of Rs 254.86 crore was seen in Q2FY24.
The adjusted EBITDA for the period is at Rs 62.86 crores resulting in a YoY growth of 30%. While PBT stood at Rs 31.27 crores, PAT for the six months stood at Rs 26.48 crores and witnessed a YoY growth of 198%.
Commenting on the company’s performance, Vinay Sanghi, Chairman and Founder of CarTrade Tech, said, “This has been an important quarter for CarTrade Tech, highlighted by the acquisition and ongoing integration of the OLX India business.
