CarTrade Tech records a 44% Revenue growth and a 132% growth in PAT in Q2 FY24

MUMBAI, India, Nov. 9, 2023 /PRNewswire/ — CarTrade Tech Limited, one of India’s largest online classifieds and auto auction platforms, announced its unaudited financial results for the quarter and half-year ended September 30^th, 2023, today. The company reported a Net Revenue of Rs. 147.94 crores for the quarter, an adjusted EBITDA of Rs. 31.91 crores for the quarter and PAT of Rs. 12.97 crores for the quarter.

Key Highlights – Q2FY24:

• Recorded a total income of Rs. 330.24 crores in Q2FY24 and net revenue of Rs. 147.94 crores in Q2FY24.
• Adjusted EBITDA for the quarter is at Rs. 31.91 crores.
• PBT for the quarter stood at Rs. 15.50 crores.
• PAT for the quarter stood at Rs. 12.97 crores and witnessed a Y-o-Y growth of 132%.

Key Highlights – H1FY24:

• Recorded a total income of Rs. 437.16 crores in H1FY24 and net revenue of Rs. 254.86 crores in Q2FY24.
• Adjusted EBITDA for the period is at Rs. 62.86 crores resulting in a Y-O-Y growth of 30%.
• PBT for the period stood at Rs. 31.27 crores.
• PAT for the period stood at Rs. 26.48 crores and witnessed a Y-o-Y growth of 198%.

Consolidated results for the quarter & half-year ended September 30, 2023

Operational Highlights

• The platforms received 70 million average monthly unique visitors for Q2FY24, of which 90%+ were organic.
• The number of annualized listings for auctions conducted by Shriram Automall were 1.2 million based on Q2FY24. The volumes sold via auction were 1,05,263 for H1FY24. 
• The company is now present in 350+ Physical Locations, including Automalls, abSure, Signature & OLX outlets.

Commenting on the company’s performance, Mr. Vinay Sanghi, Chairman and Founder, 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. “

About CarTrade Tech Limited: (www.cartradetech.com) ; (NSE: CARTRADE) (BSE:543333)

CarTrade Tech Ltd. is a multi-channel auto platform with its presence across all vehicle types and value-added services. The platform got 70 million average monthly unique visitors in Q2 FY24 and based on Q2 FY24 annualized numbers has 1.2 mn listings for auction. The platform operates under several brands: CarWale, CarTrade, Olx, Shriram Automall, BikeWale, CarTrade Exchange, and Adroit Auto. These platforms enable new and used automobile customers, vehicle dealerships, vehicle OEMs, and other businesses to buy and sell vehicles in a simple and efficient manner.

For More Information, Please Contact:

COMPANY:

CarTrade Tech

CIN: L74900MH2000PLC126237

Email: investor@cartrade.com I T: +912267398888

INVESTOR RELATIONS ADVISOR:

Strategic Growth Advisors Pvt Ltd.

CIN: U74140MH2010PTC204285

Shikha Puri / Aakash Mehta

Email: shikha.puri@sgapl.net / aakash.mehta@sgapl.net

T: +91 98192 82743/ +91 98191 78243

For media queries contact:

Communicate India:

Manish Kadam,

+91 93242 86677

manish.kadam@communicateindia.com 

 

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