CarTrade Tech share price spikes 14% after Q4 net profit jumps 50% YoY

The automobile marketplace CarTrade Tech posted a nett net of ₹22.51 crore successful the 4th ended March 2024, rising 50.5% from ₹14.95 crore successful the aforesaid 4th a twelvemonth ago.

The company’s gross from operations successful Q4FY24 grew 51.4% to ₹145.27 crore from ₹95.86 crore, portion EBITDA borderline expanded to 18.9% from 12.1%, YoY.

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CarTrade Tech said it received the highest ever mean monthly unsocial visitors for Q4FY24, astatine 70 million, much than 92% of which is organic. The institution is present contiguous successful 350+ carnal locations, including Shriram Automall, CarWale abSure and Signature Dealers & OLX India Franchisee.

In FY24, CarTrade Tech recorded full Income astatine ₹555.23 crore, resulting successful a YoY maturation of 30%., portion its nett from continuing operations for the play stood astatine ₹82.13 crore, up 103% YoY.

“The acquisition of OLX India during this play has not lone strengthened our enactment presumption and besides paved the mode for important synergies among OLX India, CarWale, BikeWale, and Shriram Automall. Leveraging our enactment expertise, we are poised to capitalise connected galore opportunities to innovate and cater to our unsocial monthly visitant basal of 70 cardinal crossed assorted platforms," said Vinay Sanghi, Chairman and Founder, CarTrade Tech.

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Looking ahead, the company’s absorption remains steadfast connected driving sustainable and profitable maturation successful the forthcoming years, helium said.

CarTrade Tech stock terms has risen implicit 13% successful 1 period and much than 15% successful 3 months. The banal has jumped implicit 87% successful the past 1 year.

At 1:05 pm, CarTrade Tech shares were trading 7.82% higher astatine ₹808.50 apiece connected the BSE.

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Published: 06 May 2024, 01:09 PM IST