Shares of CarTrade Tech Ltd., one of the leading online auto portals in India, gained as much as 8 percent on Thursday after the company's net profit for the June quarter quadrupled from the year-ago period.
CarTrade Tech recorded quarterly revenue of Rs 106.9 crore in the June quarter, up 18 percent year-on-year.
Adjusted EBITDA (adjusted for employee stock options) for the June quarter stood at Rs 30.9 crore, up 74 percent compared with Rs 17.7 crore in the year-ago period. EBITDA refers to earnings before interest, tax, depreciation and amortisation
CarTrade Tech also said that it received 34 million average monthly unique visitors in the June quarter, of which 85 percent were organic.
The number of listings for auction stood at 2,50,103, while the volumes sold via auction were 49,112, during the quarter.
Commenting on the results, CarTrade Tech’s chairman and founder Vinay Sanghi said, “We are among a few internet companies that continue to grow and are profitable as we have an asset-light and scalable business model.”
CarTrade Tech is a multi-channel auto platform that operates under several brands like CarWale, CarTrade, Shriram Automall, BikeWale, CarTrade Exchange, Adroit Auto, and AutoBiz. These platforms enable new and used automobile customers, vehicle dealerships, vehicle OEMs (original equipment manufacturers) and other businesses to buy and sell vehicles.
Shares of Cartrade Tech are trading 4.1 percent higher after cooling off from the day's high of Rs 576. The stock is up 15 percent this year but is down significantly from its IPO price of Rs 1,618.
