CarTrade Tech share price spikes 14% after Q4 net profit jumps 50% YoY

CarTrade Tech shares spiked 14% after the company reported a sharp jump of 50% in its net profit for the fourth quarter of FY24. CarTrade Tech shares rallied as much as 14.02% to ₹855.00 apiece on the BSE.

The automobile marketplace CarTrade Tech posted a net profit of ₹22.51 crore in the quarter ended March 2024, rising 50.5% from ₹14.95 crore in the same quarter a year ago.

The company’s revenue from operations in Q4FY24 grew 51.4% to ₹145.27 crore from ₹95.86 crore, while EBITDA margin expanded to 18.9% from 12.1%, YoY.

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CarTrade Tech said it received the highest ever average monthly unique visitors for Q4FY24, at 70 million, more than 92% of which is organic. The company is now present in 350+ physical locations, including Shriram Automall, CarWale abSure and Signature Dealers & OLX India Franchisee.

In FY24, CarTrade Tech recorded total Income at ₹555.23 crore, resulting in a YoY growth of 30%., while its profit from continuing operations for the period stood at ₹82.13 crore, up 103% YoY.

“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,” said Vinay Sanghi, Chairman and Founder, CarTrade Tech.

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Looking ahead, the company’s focus remains steadfast on driving sustainable and profitable growth in the forthcoming years, he said.

CarTrade Tech share price has risen over 13% in one month and more than 15% in three months. The stock has jumped over 87% in the past one year.

At 1:05 pm, CarTrade Tech shares were trading 7.82% higher at ₹808.50 apiece on the BSE.

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