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- CarTrade Tech shares have seen a significant increase of 14% following a 50% surge in the company’s net profit for Q4 FY24.
- The automobile marketplace posted a net profit of ₹22.51 crore in the quarter ended March 2024, a substantial increase from ₹14.95 crore in the same quarter the previous year.
- CarTrade Tech’s Chairman and Founder, Vinay Sanghi, attributes this success to the acquisition of OLX India and the company’s focus on sustainable and profitable growth.
CarTrade Tech shares surge by 14% after the company reports a 50% increase in net profit for Q4 FY24, with a focus on sustainable growth and profitability in the future.
CarTrade Tech’s Impressive Q4 FY24 Performance
CarTrade Tech, a leading automobile marketplace, reported a net profit of ₹22.51 crore for the quarter ending March 2024. This represents a significant 50.5% increase from the ₹14.95 crore reported in the same quarter a year ago. The company’s shares rallied by as much as 14.02% to ₹855.00 apiece on the BSE following this announcement.
Revenue and EBITDA Margin Growth
The company’s revenue from operations in Q4FY24 grew by 51.4% to ₹145.27 crore from ₹95.86 crore, while the EBITDA margin expanded to 18.9% from 12.1%, year on year. CarTrade Tech also reported its highest ever average monthly unique visitors for Q4FY24, at 70 million, more than 92% of which is organic. The company is now present in over 350 physical locations.
Acquisition of OLX India and Future Outlook
In FY24, CarTrade Tech recorded a total income of ₹555.23 crore, resulting in a YoY growth of 30%. Its profit from continuing operations for the period stood at ₹82.13 crore, up 103% YoY. The acquisition of OLX India has not only strengthened the company’s leadership position but also paved the way for substantial synergies among OLX India, CarWale, BikeWale, and Shriram Automall. Looking ahead, the company’s focus remains steadfast on driving sustainable and profitable growth in the forthcoming years.
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Conclusion
CarTrade Tech’s impressive Q4 FY24 performance and the strategic acquisition of OLX India have positioned the company for continued growth and profitability. With a focus on sustainable growth and a strong online presence, the company is well-poised to capitalize on the opportunities in the automobile marketplace.
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