CarTrade Tech Reports Strong Financial Performance CarTrade Tech, a leading online automobile marketplace, has seen its share price soar by 14% following a remarkable 50.5% increase in net
CarTrade Tech, a leading online automobile marketplace, has seen its share price soar by 14% following a remarkable 50.5% increase in net profit for the fourth quarter of FY24. The company’s net profit reached ₹22.51 crore, a significant jump from ₹14.95 crore in the same quarter last year.
The company’s financial results for the quarter ended March 2024 show that revenue from operations also surged, rising 51.4% to ₹145.27 crore, compared to ₹95.86 crore in Q4 of the previous year. The EBITDA margin, an important measure of profitability, expanded to 18.9%, up from 12.1% YoY.
A key highlight for CarTrade Tech was reaching a record high of 70 million average monthly unique visitors in Q4FY24, with over 92% of this traffic coming organically. The company has successfully expanded its presence, now operating in more than 350 physical locations, including Shriram Automall, CarWale abSure, Signature Dealers, and OLX India Franchisee.
For the full financial year 2024, CarTrade Tech reported total income of ₹555.23 crore, reflecting a 30% year-on-year growth. Profit from continuing operations reached ₹82.13 crore, marking an impressive 103% increase compared to the previous year. This growth trajectory showcases the company’s strong performance in the competitive automotive marketplace.
Vinay Sanghi, Chairman and Founder of CarTrade Tech, attributed much of the company’s success to the recent acquisition of OLX India. He stated that this move has not only solidified their leadership position but also created significant synergies among their various platforms, including CarWale, BikeWale, and Shriram Automall.
With a unique monthly visitor base of 70 million, CarTrade Tech is well-positioned to leverage these synergies to innovate and capture new opportunities in the market. Sanghi emphasized that the company is committed to driving sustainable and profitable growth in the coming years.
CarTrade Tech’s stock has demonstrated impressive growth over time, rising over 13% in just one month and more than 15% in three months. Remarkably, the stock has skyrocketed over 87% in the past year, indicating strong investor confidence in the company’s future prospects.
As of 1:05 PM, CarTrade Tech shares were trading 7.82% higher at ₹808.50 apiece on the Bombay Stock Exchange (BSE), reflecting the positive market reaction to their financial results.
CarTrade Tech’s recent financial performance and strategic moves position the company for continued growth in the dynamic automotive marketplace. With strong revenue increases and a growing customer base, investors are optimistic about the company’s future.
As CarTrade Tech continues to expand its operations and capitalize on market opportunities, it remains a company to watch in the B2B sector.
