Shares of one of India’s largest online classifieds and auto auction platforms surged by nearly 5.2 percent on BSE to hit a new 52-week high at Rs. 1,034 on Wednesday, after Mirae Asset Mutual Fund bought 6.4 percent stake worth Rs. 278 crores in the company via a bulk deal.
With a market capitalisation of Rs. 4,828.2 crores, at 11:29 a.m., the shares of CarTrade Tech Limited were trading in the green at Rs. 1,020.75, up by nearly 4.7 percent, as against its previous closing price of Rs. 975.25.
What’s the News:
Based on the latest bulk deal data from the NSE, Mirae Asset Mutual Fund bought a total of 30.22 lakh equity shares, or a 6.4 percent stake, in Cartrade Tech Limited worth around Rs. 278.02 crores, at an average price of Rs. 920 per share.
However, a foreign investor Highdell Investment Limited exited the company by selling its entire 40.76 lakh shares, equivalent to a 8.64 percent stake, worth about Rs. 375.2 crores, at an average price of Rs. 920.3 per share.
Financials:
The company experienced significant growth in its revenue from operations, showing a year-on-year rise of around 64 percent from Rs. 86 crores in Q1 FY24 to Rs. 141 crores in Q1 FY25.
Further, the net profit of CarTrade Tech increased during the same period from Rs. 14 crores to Rs. 23 crores, indicating a growth of nearly 64.3 percent YoY.
On a year-on-year basis, the Earnings Before Interest, Taxes, Depreciation, and Amortisation, or EBITDA increased from Rs. 5.5 crores in Q1 FY24 to Rs. 21.6 crores in Q1 FY25, registering a growth of 292.7 percent.
Stock Performance
The stock has delivered positive returns of nearly 88.7 percent of returns in one year, as well as around 62.2 percent returns in the last six months. So far in 2024, the shares of Cartrade Tech have given positive returns of about 42 percent.
Shareholding Pattern:
As per the July 2024 shareholding pattern, the Foreign Institutional Investors (FII) hold a 59.31 percent stake, while Retail Investors and
Domestic Institutional Investors (DII) hold a 27.78 percent and 12.91 percent stake in Cartrade Tech, respectively.
As of June 2024, Zerodha Broking holds nearly 5.54 lakh equity shares, representing a 1.17 percent stake, in the multi-channel auto platform.
About the Company:
Incorporated in 2000, CarTrade Tech Limited operates an automotive digital ecosystem which connects automobile customers, OEMs, dealers, banks, insurance companies and other stakeholders.
The company operates under several brands: CarTrade, CarWale, Shriram Automall, BikeWale, CarTradeExchange, Adroit Auto, OLX India and Lead To Retail (L2R).
Through these platforms, CarTrade Tech enables new and used automobile customers, vehicle dealerships, Automotive Manufacturers (“OEMs”) and other businesses to assist dealers to buy and sell their vehicles simply and efficiently.
Written by Shivani Singh
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