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  4. CarTrade Tech jumps over 7% after Q4 PAT rises 43%, revenue grows 38%

CarTrade Tech jumps over 7% after Q4 PAT rises 43%, revenue grows 38%

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Upstox

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2 min read • Updated: May 6, 2024, 3:24 PM

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Summary

CarTrade reported its highest-ever average monthly unique visitors for Q4 FY24, reaching 7 crore, with a significant organic reach of over 92%. The net profit of the company surged a remarkable 103% YoY, reaching ₹82.13 crore.

CarTrade Tech.jpg
CarTrade Tech.jpg

Shares of CarTrade Tech jumped over 7% on Monday after the company announced a 38% year-on-year (YoY) rise in its fourth-quarter revenue at ₹161 crore. Net profit for the quarter rose 43% to ₹24.97 crore.

The adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the quarter stood at ₹49.11 crore, up 23% from the corresponding period of the previous financial year.

For the fiscal year 2024 (FY24), revenue surged to ₹555.23 crore, reflecting a 30% YoY increase, while net profit from continuing operations stood at ₹82.13 crore, up 103% YoY. Adjusted EBITDA for FY24 came in at ₹164.74 crore, indicating a YoY growth of 32%.

The company also reported its highest-ever average monthly unique visitors in Q4 FY24 at 7 crore, 92% of which was organic.

Vinay Sanghi, Chairman and Founder of CarTrade, stated the company's focus remains on driving sustainable and profitable growth in the future. “Financial year 2024, has been a pivotal year for our company. We have reached our highest ever quarterly revenue of ₹161 crore, representing a substantial growth of 38%,” he said.

“The acquisition of OLX India during this period has not only strengthened our leadership position but has also paved the way for substantial synergies among OLX India, CarWale, BikeWale, and Shriram Automall,” he added.

CarTrade Tech operates as a multi-channel auto platform, providing coverage and presence across various vehicle types and offering value-added services. The platforms function under multiple brands, including CarWale, CarTrade, Shriram Automall, BikeWale, CarTradeExchange, Adroit Auto, and OLX India. Through these platforms, the company facilitates the buying and selling of new and used automobiles for customers, vehicle dealerships, vehicle OEMs, and other businesses.

The company now operates in over 350 physical locations, including Shriram Automall, CarWale, abSure, Signature Dealers, and OLX India Franchisee.

Shares of the company have gained nearly 12% since the beginning of the year. The stock has risen over 90% in the last one year.