CarTrade Tech records growth of 31% in Total Income and 56% in Profit from Continuing Operations in Q3FY24

MUMBAI, India, Feb. 8, 2024 /PRNewswire/ — CarTrade Tech Limited, one of India’s largest online classifieds and auto auction platforms, announced its unaudited financial results for the quarter and nine-months ended December 31^st, 2023. The Company reported a Total income of Rs. 394.61 crores for the 9MFY24 and Profit from continuing operations for the 9MFY24 stood at Rs. 58.72 crores.

Key Highlights – Q3FY24:

• Recorded Total income at Rs. 151.86 crores in Q3FY24, resulting in growth of 31%.
• Adjusted EBITDA for the quarter is at Rs. 43.19 crores, resulting in growth of 18%.
• Profit from continuing operations for the quarter stood at Rs. 21.96 crores resulting in growth of 56%.

Key Highlights – 9MFY24:

• Recorded Total income at Rs. 394.61 crores in 9MFY24, resulting in growth of 27%.
• Adjusted EBITDA for the period is at Rs. 115.63 crores resulting in a Y-O-Y growth of 36%.
• Profit from continuing operations for the period stood at Rs. 58.72 crores resulting in growth of 156%.

Consolidated results for the quarter & nine-months ended December 31, 2023

Operational Highlights

• Received 70 million average monthly unique visitors for Q3FY24, more than 90% of which is organic.
• The number of listings for auction was 3,55,363 for Q3 FY24, which is 1.4 million on an annualised basis.
• The volumes sold via auctions were 50,925 in Q3 FY24, which is 2 lakhs on an annualised basis.

• The Company is now present in 350+ Physical Locations, including Shriram Automalls, CarWale abSure and Signature Dealers & OLX Franchisee.

Commenting on the company’s performance, Mr. Vinay Sanghi, Chairman and Founder, CarTrade Tech, said, “We are thrilled to announce a remarkable quarter with a stellar 31% surge in Total Income and a robust 56% increase in profits. This exceptional performance is a testament to our unwavering commitment to execution and leveraging the strength of our renowned brands. In a strategic move, we successfully completed our recent business acquisition of OLX and capitalized on the vast opportunities presented by the profitable classifieds business. We persistently invest in cutting-edge technology and product development to serve over 70 million monthly unique visitors across our platforms. We acknowledge the significant potential that emanates from this extensive user base, driving us to continually enhance our offerings”

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 Q3 FY24 and based on Q3 FY24 annualized numbers has 1.4 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:

CIN: L74900MH2000PLC126237

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

INVESTOR RELATIONS ADVISOR:

Strategic Growth Advisors Pvt Ltd.

CIN: U74140MH2010PTC204285

Shikha Puri / Riddhish Bhayani

Email id: shikha.puri@sgapl.net / riddhish.bhayani@sgapl.net Tel No: +91 9819282743 / +91 9029319564

For media queries contact:

Communicate India:

Manish Kadam +91 +91 93242 86677 | manish.kadam@communicateindia.com

Logo: https://mma.prnewswire.com/media/1810735/3467884/CarTrade_Tech_Logo.jpg

 

View original content:https://www.prnewswire.com/in/news-releases/cartrade-tech-records-growth-of-31-in-total-income-and-56-in-profit-from-continuing-operations-in-q3fy24-302057407.html

Source link