CarTrade shares surge nearly 11% after strong Q4 results, hover around 52-week high
Upstox
2 min read • Updated: May 7, 2024, 1:45 PM
Summary
In its quarterly earnings report, the company also informed the bourses that its website received the highest ever average monthly unique visitors for Q4FY24, at 70 million.
Shares of CarTrade Tech Ltd rallied nearly 11% in morning trade on Tuesday to reach near its previous 52-week high level following strong growth in revenue and net profit for the quarter ended March 2024.
CarTrade Tech Ltd shares rallied as much as 10.76% to hit an intraday high of ₹896.9 apiece on the NSE, hovering near its previous 52-week high. The stock had earlier touched its last 52-week high of ₹899.65 in November 2023.
The rally in the share price was seen after the company reported its highest ever revenue and profit after tax (PAT) in Q4FY24.
CarTrade Q4FY24 result
In its Q4 results released on May 6, CarTrade Tech reported a 38% year-on-year growth in total income at ₹160.61 crore in the quarter ended March 31, 2024. The company posted total revenue of ₹116.6 crore in the corresponding quarter of the previous fiscal year.
The company’s adjusted EBITDA stood at ₹49.11 crore, increasing by 23% from ₹39.83 crore in the corresponding quarter of FY23. The company’s profit after tax grew 43% YoY to ₹24.97 crore from ₹17.49 crore from the corresponding quarter of FY23.
CarTrade FY24 Results
In FY24, the company reported a growth of 30% in its total income to ₹555.23 crore from ₹427.72 in FY23. The company’s adjusted EBITDA grew 32% YoY to ₹164.74 crore from ₹124.92 in FY23. CarTrade’s profit from continuing operations for the period stood at ₹82.13 crore, up 103% from ₹40.43 crore in FY23.
The company also informed the stock exchanges about its operational highlights such as the website receiving its highest ever average monthly unique visitors for Q4FY24, at 70 million. The earnings report also mentioned that the company is now present across over 350 locations which include Shriram Automall, CarWale abSure and Signature Dealers and OLX India Franchisee.
Vinay Sanghi, Chairman and Founder, CarTrade Tech, said that 2024 has been a ‘pivotal’ year for the company.
“Financial year 2024, has been a pivotal year for our company. We are proud to announce our record-breaking quarterly results. We have reached our highest ever quarterly revenue of ₹161 crore, representing a substantial growth of 38% and a quarterly profit after tax of ₹25 crores, with a strong 43% growth year-on-year,” Sanghi said.
Car Trade Tech Ltd shares were trading 5.3% higher at ₹852.7 apiece on the NSE at 12:36 am.