CarTrade Tech stock jumps over 14% to 52-week high on robust Q2 earnings

livemint.com:

CarTrade Tech, a multi-channel auto platform provider, saw its share price skyrocket over 14% to hit a new 52-week high in today's trade following the company's Q2FY24 earnings announcement. The company on Thursday announced its Q2FY24 scorecard after market hours, reporting a net profit of ₹12.97 crore, a 130% jump from a net profit of ₹5.58 posted in the same period of last year.

Its net revenue for the quarter reached ₹147 crore, 44% higher than the ₹102.49 crore generated in Q2 FY23. For H1FY24, the company's net profit reached ₹26.48 crore, a 198% improvement compared to a net profit of ₹8.90 crore in H1FY23, while the revenues jumped to ₹254.86 crore, a 32% jump from ₹192.76 crore.

Also Read: Diwali 2023 Stock Picks: Religare Broking lists TCS, Axis Bank among 5 other top picks for Samvat 2080 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. Our strategy has involved restructuring the OLX operations to improve our unit economics and ensure that the classifieds business enhances and supports our consumer group business effectively." "This strategic move strengthens our leadership in the market, making us the number one auto portal, classifieds platform, and auto auction platform in the country.

Our platforms together attract around 70 million unique visitors each month, of which 90% originate organically. This is a testament to the strength of our brands and our dedication to offer a superior customer experience," he added.