CarTrade Tech Q4 FY2024 Results: PAT increased by 43% while revenue increased by 38%

Synopsis:

CarTrade Tech announced its quarterly results for the period ending in March 2024 on 6th May. The company’s revenue for Q4 FY2024 increased by 38% on a YOY basis, reaching Rs. 160.61 cr. Net profit was marked at Rs. 24.98 cr for Q4 FY2024, up by 43%. Adjusted EBITDA for Q4 FY2024 was Rs. 49.11 crores, a growth of 23%.

Quarter Result Performance

CarTrade Tech’s revenue for Q4 FY2024 decreased by 37.76% on a YOY basis, reaching Rs. 160.61 cr from Rs. 116.59 cr in Q4 FY2024. On a quarterly basis, the increase was 5.76%. PAT was marked at Rs. 24.96 cr for Q4 FY2024, up by 42.71% from Rs. 17.49 cr for the same quarter in FY 2023.

For the full financial year ending in March 2024, net profit for FY 2024 was Rs. 82.13 cr compared to Rs. 40.43 cr in FY 2023, an increase of 103%. For FY 2024, its revenue stood at Rs. 555.43 cr, up by 30% compared to Rs. 427.72 cr in FY 2023. Adjusted EBITDA grew at 32% on a YOY basis.

In the quarter ending March, CarTrade Tech witnessed its highest average unique visitors on a monthly basis at a 92% organic growth reaching 7 cr. It is now available in more than 350 locations in India, which includes CarWale abSure, OLX India Franchisee, Shriram Automall, and Signature Dealers.

Commenting on the company’s result announcement, Mr. Vinay Sanghi, Chairman and Founder, CarTrade Tech, said, “Financial year 2024, has been a pivotal year for our company. We are proud to announce our record-breaking quarterly results. We have reached our highest ever quarterly revenue of Rs. 161 crores, representing a substantial growth of 38% and a quarterly profit after tax of Rs. 25 crores, with a strong 43% growth year-on-year.”

“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. Leveraging our leadership expertise, we are poised to capitalise on numerous opportunities to innovate and cater to our unique monthly visitor base of 70 million across various platforms. Looking ahead, our focus remains steadfast on driving sustainable and profitable growth in the forthcoming years.” he added.

About CarTrade Tech

CarTrade Tech Ltd is one of the leading online classifieds and auto auction platforms in India. The company operates through diverse brands including CarWale, CarTrade, Olx India, Shriram Automall, BikeWale, CarTrade Exchange, and Adroit Auto. These platforms serve as facilitators for both new and pre-owned automobile seekers, vehicle dealerships, original equipment manufacturers (OEMs), and other enterprises.