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Internet Catalogue & Retail company CarTrade Tech announced Q2FY24 & H1FY24 results:
- Q2FY24:
- Recorded a total income of Rs 330.24 crore in Q2FY24 and net revenue of Rs 147.94 crore in Q2FY24.
- Adjusted EBITDA for Q2FY24 is at Rs 31.91 crore.
- PBT for Q2FY24 stood at Rs 15.50 crore.
- PAT for Q2FY24 stood at Rs 12.97 crore and witnessed a YoY growth of 132%
- H1FY24:
- Recorded a total income of Rs 437.16 crore in H1FY24 and net revenue of Rs 254.86 crore in Q2FY24.
- Adjusted EBITDA for the period is at Rs 62.86 crore, resulting in a YoY growth of 30%.
- PBT for H1FY24 stood at Rs 31.27 crore.
- PAT for H1FY24 stood at Rs 26.48 crore and witnessed a YoY growth of 198%.
- The platforms received 70 million average monthly unique visitors for Q2FY24, of which 90% were organic.
- The number of annualized listings for auctions conducted by Shriram Automall was 1.2 million based on Q2FY24. The volumes sold via auction were 1,05,263 for H1FY24.
- The company is now present in 350 Physical Locations, including Automalls, abSure, Signature & OLX outlets.
Commenting on the company’s performance, Vinay Sanghi, Chairman and Founder, CarTrade Tech, said, “This has been an important quarter for CarTrade Tech, highlighted by the acquisition and ongoing integration of the OLX India business. Our strategy has involved restructuring the OLX operations to improve our unit economics and ensure that the classifieds business enhances and supports our consumer group business effectively.
This strategic move strengthens our leadership in the market, making us the number one auto portal, classifieds platform, and auto auction platform in the country. Our platforms together attract around 70 million unique visitors each month, of which 90% originate organically. This is a testament to the strength of our brands and our dedication to offer a superior customer experience."
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