CarTrade Tech slides on reporting net loss of Rs 24 cr in Q3 FY23

CarTrade Tech declined 2.54% to Rs 689.90 after the company reported consolidated net loss of Rs 23.55 crore in Q3 FY24 as against net profit Rs 14.05 crore recorded in Q3 FY23.

Revenue from operations jumped 42.57% to Rs 138.58 crore in Q3 FY24 from Rs 97.20 crore recorded in the corresponding quarter previous year.

The companys total income increased 31.07% to Rs 151.86 crore in the third quarter of FY24, as compared to Rs 115.86 crore recorded in Q3 FY23.

Profit before tax from continuing operations grew by 32.81% year on year to Rs 26.76 crore during the quarter.

Adjusted EBITDA in Q3 FY24 was at Rs 43.19 crore, up 18% as compared with Rs 36.60 crore recorded in Q3 FY23. Adjusted EBITDA margin contracted to 28% in Q3 FY24 as compared to 33% recorded in the corresponding quarter previous year.

The company said that its platforms received 70 million average monthly unique visitors in Q3 FY24, of which over 90% were organic. The number of annualised listings for auctions was 1.4 million based on Q3FY24. The volumes sold via auction were 50,925 for Q3 FY24, which is 2 lakhs on an annualised basis.

The company's revenue from consumer was at Rs 49.42 crore (up 17.66% YoY) while revenue from remarketing at Rs 46.00 crore (down 17.47% YoY) in Q3 FY24.

Meanwhile, the firms revenue form and Classifieds was at Rs 43.10 crore respectively, during the quarter.

On 9-Month basis, the company reported consolidated net loss of Rs 8.22 crore in 9M FY24 as compared with net profit of Rs 19.04 crore recorded in 9M FY23. Revenue from operations jumped 28.66% YoY to Rs 344.67 crore in 9M FY24.

Vinay Sanghi, chairman and founder, CarTrade Tech, said, "We are thrilled to announce a remarkable quarter with a stellar 31% surge in total income and a robust 56% increase in profits. This exceptional performance is a testament to our unwavering commitment to execution and leveraging the strength of our renowned brands. In a strategic move, we successfully completed our recent business acquisition of OLX and capitalized on the vast opportunities presented by the profitable classifieds business.

We persistently invest in cutting-edge technology and product development to serve over 70 million monthly unique visitors across our platforms. We acknowledge the significant potential that emanates from this extensive user base, driving us to continually enhance our offerings"

CarTrade Tech operates an automotive digital ecosystem which connects automobile customers, Automotive Manufacturers (OEMs), dealers, banks, insurance companies and other stakeholders. The platform operates under several brands: CarWale, CarTrade, Shriram Automall, BikeWale, CarTrade Exchange and Adroit Auto. Through these platforms, the company enables new and used automobile customers, vehicle dealerships, OEMs and other businesses to buy and sell their vehicles in a simple and efficient manner.

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