Shares of online auto platform CarTrade Tech Ltd rallied over 10 percent in trade on Friday after the company announced its financial results for the fourth quarter and year ended March 31, 2023. CarTrade Tech reported consolidated profit after tax (PAT) of Rs 17.5 crore in the March quarter compared with loss of Rs 21.4 crore in the year-ago quarter.
The company also recorded its highest-ever quarterly revenue at Rs 116.60 crores in Q4 FY23, compared with Rs 105.88 crore in the same quarter a year ago.
CarTrade Tech further said that it received 34 million average monthly unique visitors for Q4 FY23, of which 86 percent was organic.
The company’s annual revenue for FY23 stood at Rs 427.72 crore, up 19 percent compared with the previous year.
Adjusted Ebitda (earnings before interest, tax, depreciation and amortisation) for the year ended March 2023 was around Rs 125 crore, up 28 percent over FY22.
CarTrade Tech’s PAT for FY23 stood at Rs 40.43 crore compared with loss of Rs 121.35 crore in FY22.
Commenting on the earnings, CarTrade Tech’s chairman and founder Vinay Sanghi said, “I am happy to report that we are among a few Internet companies that continue to grow and are profitable… We are a debt-free profitable company and have surplus liquidity of over Rs 1,110 crore which will allow us to invest in widening our offerings towards providing a seamless phygital experience to all our users.”
After the earnings announcement, shares of CarTrade gained as much as 10.1 percent to hit an intra-day high of Rs 444 per unit on BSE on Friday. However, by 12:31 pm, the stock had trimmed some of its gains to trade at Rs 424.05 apiece, up 5.2 percent.
