Shares of this multi-channel auto platform jumped up to 5 percent in Thursday’s trading session after ICICI Prudential Asset Management Company and Mutual Fund picked 9.48 lakh equity shares. The shares have delivered more than 50 percent to its shareholders in one year.
With a market capitalization of Rs. 3,404 crores, the shares of Cartrade Tech Ltd started Thursday’s trading session on a higher note at Rs. 738.95 compared to its previous close of Rs. 725.30. During the trading session, the shares hit a high of Rs. 777.95, gaining around 5 percent and are currently trading at Rs. 726 apiece.
As per the BSE block deal data, ICICI Prudential Asset Management Company and ICICI Prudential Mutual Fund picked 9.48 lakh equity shares, i.e., equivalent to 2.02 percent of paid-up equity in the multi-channel auto platform at an average price of Rs 738.5 per share, valued at Rs 70 crores.
However, foreign investors MCP3 SPV LLC offloaded 3.16 lakh shares, and Springfield Venture International sold 6.32 lakh shares in the company at an average price of Rs 738.5 per share. Furthermore, MCP3 SPV LLC hled 2.77 percent and Springfield Venture International had 3.51 percent stakes in the company.
Coming onto the company’s financial staments, the revenue increased by 16 percent from Rs. 120 crores during the September quarter to Rs. 139 crores in the December quarter. On a contrasting note, the net profits showcased a transition from a net profit of Rs. 5 crores to a net loss of Rs. 24 crores during the same period.
On August 11, 2023, CarTrade Tech acquired 100 percent of Sobek Auto (OLX business in India) for a purchase consideration of Rs. 52,385 Lakhs. Moreover, the company is focusing on growth in the automotive and non-automotive side of OLX.
The company aims to optimize technology costs, normalize tech expenses, and continue investing in technology to support its growth trajectory. These investments are crucial for CarTrade Tech to strengthen its position in the market, enhance customer experience, and drive innovation across its platforms.
Looking at the important financial ratios, the return on equity (RoE) shifted from a negative 7.54 in FY 21-22 percent to a positive 1.63 percent during FY22-23 and the return on capital employed (RoCE) was improved from -7.77 percent to 2.34 percent during the same period.
Headquartered in Mumbai, CarTrade Tech Ltd is a multi-channel auto platform provider company with coverage and presence across vehicle types and Value Added Services. The company operates various brands such as CarWale, CarTrade, Shriram Automall, BikeWale, CarTradeExchange, Adroit Auto, and AutoBiz.
Written By Vaibhav Patil
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