MARKETS

CarTrade Tech Soars After Good Q3 Numbers

Picture Source: Internet

CarTrade Tech jumped 5.45% to Rs 499 after the consolidated adjusted net profit of the company hit a high 15% to Rs 24.05 crore on a 9% increase in net revenue from operations to Rs 93.71 crore in the Oct-Dec quarter of FY23 over the Oct-Dec quarter of FY22.

On a consolidated basis, adjusted profit before tax rose 13% YoY to Rs 27.49 crore in the Oct-Dec quarter of FY23. The company recorded the highest-ever quarterly adjusted EBITDA at Rs 36.60 crore in the Oct-Dec quarter of FY23, up 13% YoY. Adjusted EBITDA margin stood at 33% in the Oct-Dec quarter of  FY23, higher than 32% in FY22.

CarTrade Tech received 35 million average monthly unique visitors for the Oct-Dec quarter of  FY23, of which 88% was organic. The number of listings for auction was 2,68,506 for the Oct-Dec quarter of  FY23. The volumes sold via auctions were 59,202 in the Oct-Dec quarter of FY23. As of December 31, 2022, the company had a network of 73 CarWale abSure outlets in 33 cities.

The shares of the company entered bourses on August 20, 2021. The stock was listed at Rs 1,600 per share, at a 1.11% discount to the issue price of Rs 1,618. According to stock exchange data, the initial public offer of CarTrade Tech received bids for 26.31 crore shares against 1.29 crore shares on offer. The issue was subscribed to 20.29 times.

On December 23, 2022, the stock hit an all-time low of Rs 445.

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