CarTrade Tech Limited, one of India’s largest online auto platforms, announced its unaudited financial results for the quarter ended June 30th, 2023, today. The Company reported a revenue of Rs. 106.91 crores for the quarter, an Adjusted EBITDA (adjusted for ESOP) for the quarter of Rs. 30.95 crores and PAT for the quarter of Rs.13.51 crores.
Key Highlights:
• Recorded quarterly revenue at Rs. 106.91 crores in Q1FY24.
• Adjusted EBITDA for the quarter is at Rs. 30.95 crores resulting in a YoY growth of 74%.
• PBT for the quarter, stood at Rs. 15.77 crores resulting in a YoY growth of 316%.
• PAT for the quarter, stood at Rs. 13.51 crores and witnessed a YoY growth of 307%.
• The number of listings for auction were 2,50,103 for Q1 FY24.
• The volumes sold via auction were 49,112 for Q1 FY24.
Commenting on the company’s performance, Mr. Vinay Sanghi, Chairman and Founder, CarTrade Tech, said: “I am happy to report that we are amongst a few internet companies that continue to grow and are profitable. In Q1 FY24, we achieved quarterly revenue of Rs 106.91 crores which is an 18% Y-O-Y growth. Our PAT for Q1 FY24 stood at Rs 13.51 crores representing more than a 300 % Y-O-Y growth and continues to outpace our revenue growth, as we have an asset-light and scalable business model. Our robust brands manifest their strength by being leaders in Google Trends and in our huge average monthly unique visitor count of 34 million, 85% of which originates organically.”
CarTrade Tech Ltd. is a multi-channel auto platform with its presence across all vehicle types and value-added services. The platform got 34 million average monthly unique visitors in Q1 FY24 and based on Q1 FY24 annualized numbers has 1 mn listings for auction. The platform operates under several brands: CarWale, CarTrade, Shriram Automall, BikeWale, CarTrade Exchange, Adroit Auto, and AutoBiz. 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.
