CarTrade posts consolidated net loss of Rs 35.35 cr in September qtr

Multi-channel automobile buying and selling platform CarTrade Tech Ltd on Thursday reported a consolidated net loss of Rs 35.35 crore for the second quarter ended September 30, 2021.

The company had posted a consolidated net profit of Rs 10.88 crore in the same period last fiscal, CarTrade Tech Ltd said in a regulatory filing.

Consolidated revenue from operations stood at Rs 77.57 crore in the second quarter this fiscal as against Rs 57.47 crore in the same period last fiscal.

Total expenses in the period under review stood at Rs 118.69 crore as compared to Rs 53.02 crore in the year-ago quarter, it said.

This is the first quarterly results announcement by the company which recently concluded its IPO.

During the quarter, the company said the number of vehicles sold via auction were at 63,533, while the number of vehicles listed for auction were 3,00,671.

CarTrade Tech Ltd founder and Chairman Vinay Sanghi said the company achieved two 'noteworthy' milestones in the quarter -- the first being the highest-ever average monthly unique visitors at 34 million, out of which over 87 per cent was organic.

"The second, was the highest ever number of vehicles listed for auction in this quarter at 3,00,671, which helped breach the 1.2 million vehicle mark, based on the Q2FY22 annualised numbers," he added.