CarTrade Tech shares jump 7% as Q1 PAT soars 300% YoY
CarTrade Tech shares jumped over 7% to the day's high of Rs 570 on the NSE on Thursday after the company reported a 307% year-on-year (YoY) jump in its consolidated June quarter profit at Rs 13.51 crore. The recorded quarterly revenue stood at Rs 106.91 crore in Q1FY24, up 18% YoY. The profit before tax (PBT) for the quarter, soared 316% YoY at Rs 15.77 crore.
The adjusted EBITDA for the quarter was at Rs 30.95 crore, up 74% YoY. The company received 3.4 crore average monthly unique visitors for Q1 FY24, of which 85% were organic, the company filing claimed. The number of listings for auction was 250,103 for Q1 FY24 while the volumes sold via auction was 49,112 during the reporting quarter.
Commenting on the company’s performance, Vinay Sanghi, Chairman and Founder, CarTrade Tech, said, “I am happy to report that we are amongst a few internet companies that continue to grow and are profitable. In Q1 FY24, we achieved quarterly revenue of Rs 106.91 crores which is an 18% YoY growth. Our PAT for Q1 FY24 stood at Rs 13.51 crores representing more than a 300 % Y-O-Y growth and continues to outpace our revenue growth, as we have an asset-light and scalable business model".CarTrade Tech is a multi-channel auto platform with its presence across all vehicle types and value-added services.
The platform operates under several brands viz. CarWale, CarTrade, Shriram Automall, BikeWale, CarTrade Exchange, Adroit Auto, and AutoBiz. These platforms enable new and used automobile customers, vehicle dealerships, vehicle OEMs, and other businesses to buy and sell vehicles in a simple and efficient manner.CarTrade Tech shares have underperformed the Nifty50 over a 12-month period and have given negative returns of 10% during this period
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