On Monday, the share price of one of India’s largest online classifieds and auto auction platforms moved down by 3 percent on BSE to Rs. 842.45, after a Foreign Institutional Investor (FII) sold nearly 3.97 percent stake in the company worth Rs. 168.84 crore through a bulk deal.
With a market capitalisation of Rs. 3,991.06 crore, at 02:10 p.m., the shares of Cartrade Tech Limited were trading in the red at Rs. 845.4, down by 2.7 percent, compared to its previous closing price of Rs. 868.7.
According to the bulk deal data available with the NSE, the foreign institutional investor CMDB II offloaded nearly 18.76 lakh equity shares in Cartrade Tech last Friday at an average price of Rs. 900 per share, valued approximately Rs. 168.84 crore.
The latest shareholding data on BSE shows that CMDB II holds around 29.86 lakh equity shares in Cartrade, representing a 6.37 percent stake.
However, another foreign investor TT Emerging Markets Unconstrained Fund purchased around 5.46 lakh equity shares in the company worth about Rs. 49.14 crore, at the same average price of Rs. 900 apiece.
As of March 2024, Zerodha Broking holds nearly 5.54 lakh equity shares, representing a 1.18 percent stake, in the multi-channel auto platform.
In terms of financials, the company’s total revenue from operations grew by 52 percent YoY from Rs. 95.86 crore in Q4 FY22-23 to Rs. 145.3 crore in Q4 FY23-24, accompanied by an increase in the net profit of 43 percent YoY from Rs. 17.5 crore to Rs. 25 crore, during the same period.
On a year-on-year basis, the adjusted Earnings Before Interest, Taxes, Depreciation, and Amortisation, or EBITDA increased from Rs. 124.91 crore in FY22-23 to Rs. 164.73 crore in FY23-24, representing a growth of 32 percent.
The stock delivered positive returns of around 72.6 percent in one year, and about 9.7 percent in the last six months. So far in 2024, the company has given nearly 17 percent of positive returns.
Cartrade Tech Limited is engaged in the business of maintaining a multichannel auto platform with coverage and presence across vehicle types and value-added services.
These platforms operate under several brands: CarWale, CarTrade, Shriram Automall, BikeWale, CarTradeExchange, Adroit Auto and Olx. Through these platforms, CarTrade enables new and used automobile customers, vehicle dealerships, vehicle OEMs and other businesses to buy and sell their vehicles.
Written by Shivani Singh
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