CarTrade Q1: Net Profit Jumps 69% YoY To INR 22.89 Cr

SUMMARY

CarTrade reported a 69.4% YoY jump in its consolidated net profit to INR 22.89 Cr in Q1 FY25 from INR 13.51 Cr in the year-ago quarter

Revenue from operations rose 64% to INR 141.17 Cr in Q1 FY25 from INR 86.06 Cr in the corresponding quarter last year

CarTrade’s EBITDA grew 295% to INR 21.58 Cr during the quarter under review from INR 5.47 Cr in Q1 FY24

Online classifieds and auto auction platform CarTrade reported a 69.4% year-on-year jump in its consolidated net profit to INR 22.89 Cr in the June quarter (Q1) of the financial year 2024-25 (FY25) from INR 13.51 Cr in the year-ago period.

Revenue from operations rose 64% to INR 141.17 Cr in Q1 FY25 from INR 86.06 Cr in the corresponding quarter last year.

CarTrade’s EBITDA grew 295% to INR 21.58 Cr during the quarter under review from INR 5.47 Cr in Q1 FY24.

CarTrade saw its expenses zoom to 132.2 Cr in Q1 FY25, up 45% from INR 91.14 Cr in Q1 FY24. The company spent INR 70.62 Cr towards employee benefit expense in Q1 FY25 as against INR 51.56 Cr in the year-ago quarter.

In Q1 FY25, the classifieds segment contributed INR 46.6 Cr to CarTrade’s total revenue.

On the other hand, the company earned INR 44.06 Cr from its remarketing business, registering a 1.7% YoY rise.

Revenue earned from the consumer segment stood at INR 50.46 Cr in Q1 FY25 as compared to INR 42.84 Cr in the corresponding quarter of the previous fiscal.

Commenting on CarTrade’s strong Q1 performance, chairman and founder Vinay Sanghi said, “CarTrade Tech has a strong history of successful mergers and acquisitions, including the recent integration of OLX India, which is already yielding positive results. Our brands CarWale, BikeWale, Shriram Automall, and OLX India remain leaders in their respective markets. We aim to leverage our brand leadership and technological expertise to explore innovative opportunities, catering to our unique monthly visitor base of 70 million across various platforms.”

CarTrade has also expanded the pool size of its employee stock option plan (ESOP) by granting 1 Lakh ESOP options under the CarTrade Tech Limited ESOP 2021 (I) scheme, as per regulatory filings.

In a separate exchange filing, the company said it has granted 13,000 equity shares pursuant to exercise of vested options under ESOP 2010 and ESOP 2015.

Shares of CarTrade ended 3% lower at INR 861.15 on the BSE on Tuesday (July 30).