The profit before tax (PBT) for the quarter registered an impressive 316% YoY surge, reaching Rs 15.77 crore. Additionally, the adjusted EBITDA for the quarter reached Rs 30.95 crore, reflecting a 74% YoY increase.
According to the company’s filing, CarTrade Tech recorded an average of 3.4 crore monthly unique visitors for Q1 FY24, with 85% of the visitors being organic. Furthermore, the number of listings for auction during this period was 250,103, and the volumes sold via auction amounted to 49,112.
Commenting on the company’s performance, Vinay Sanghi, Chairman and Founder of CarTrade Tech, expressed satisfaction, stating, “I am pleased to announce that we are among the few internet companies that continue to grow and remain profitable. In Q1 FY24, we achieved quarterly revenue of Rs 106.91 crores, which represents an 18% YoY growth. Our PAT for Q1 FY24 amounted to Rs 13.51 crores, experiencing a YOY growth of over 300%, which surpasses our revenue growth. This indicates that our asset-light and scalable business model is succeeding.”
CarTrade Tech is a multi-channel auto platform that covers all vehicle types and offers value-added services. It operates under various brands, including CarWale, CarTrade, Shriram Automall, BikeWale, CarTrade Exchange, Adroit Auto, and AutoBiz. These platforms facilitate the buying and selling of new and used automobiles for customers, dealerships, OEMs, and other businesses in a simple and efficient manner.
Over the past 12 months, CarTrade Tech shares have performed worse than the Nifty50, delivering negative returns of 10% compared to the broader market index’s 11% returns. The company’s stock was listed on August 20, 2021.
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