CarTrade Tech shares jump 14% on highest ever revenue in Q4, PAT grows 43% YoY

CarTrade Tech shares jumped 14% to the day’s high of Rs 857.80 on the NSE on Monday after the multi-channel auto platform reported its highest ever revenue of Rs 161 crores for the quarter ended March 31, 2024, registering a 38% year-on-year growth.

The profit after tax (PAT) for the reported quarter stood at Rs 24.97 crores, resulting in YoY growth of 43%.

In Q4FY23, the company had reported a consolidated revenue of Rs 116 crore while the PAT was reported at Rs 17.49 crore.

For the full financial year the revenue stood at Rs 555.23 crore recording a 30% YoY jump while the net profit was at Rs 82.13 crore which was a 103% growth.

The adjusted Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) for the quarter stood at Rs 49.11 crores resulting in growth of 23% over the corresponding period of the last financial year. Adjusted EBITDA for FY24 was at Rs 164.74 crores, resulting in a YoY growth of 32%. The company claimed to have received the highest ever average monthly unique visitors for Q4FY24, at 7 crore and more than 92% of which was organic.It is now present in 350+ physical Locations, including Shriram Automall, CarWale abSure and Signature Dealers and OLX India Franchisee.”Financial year 2024, has been a pivotal year for our company. We have reached our highest ever quarterly revenue of Rs 161 crores, representing a substantial growth,” Chairman and Founder Vinay Sanghi said. “The acquisition of OLX India during this period has not only strengthened our leadership position and also paved the way for substantial synergies among OLX India, CarWale, BikeWale, and Shriram Automall,” he added.

He said that the company’s focus remains steadfast on driving sustainable and profitable growth in the forthcoming years.

The smallcap counter has delivered a strong performance in terms of stock price movement delivering returns of 89% over the last 12 months which is a significant outperformance over Nifty with 23% returns during this period.

Also Read: Tata Tech shares dip 5% as brokerages reduce target prices. Should you buy?

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