CarTrade Shares Jump 3% To Hit Fresh 52-Week High At INR 1,548.45

Shares of CarTrade extended their gains for the sixth consecutive day and jumped more than 3% today (December 11) to hit an all-time at INR 1,548.45 apiece on the BSE.

However, the stock pared some of the gains during the intraday trade and was trading 3.19% higher at INR 1,543.15 at 12:44 PM on the BSE today.

At the time of writing, CarTrade was sitting on a market capitalisation of INR 7,299.31 Cr (around $860 Mn).

Shares of CarTrade have been on an upward trend since the online auto auction platform disclosed its earnings for the quarter ended September 30, 2024 (Q2 FY25).  

The company posted a 509% year-over-year jump in its consolidated net profit at INR 30.72 Cr from INR 5.04 Cr in the same period last year.

Operating revenue jumped more than 28% to INR 154.20 Cr during the quarter under review from INR 120 Cr in Q2 FY24. 

Founded in 2009 by Vinay Sanghi and Rajan Mehra, CarTrade facilitates the sale of both new and used vehicles. It operates brands like OLX India, CarWale, BikeWale, CarTradeExchange, Shriram Automall, Adroit Auto, and Autobiz. It also provides technology solutions to OEMs and dealers. 

CarTrade competes with major players like CarDekho, Droom, and CARS24 in India’s rapidly growing online automotive classifieds market.

In October, Goldman Sachs Asset Management increased its shareholding in CarTrade to 7.19% from 5.15% at the end of the June quarter.

The development came on the heels of private equity firm Warburg Pincus offloading its entire 8.64% stake in the auto marketplace for INR 375.1 Cr.

In August, CarTrade expanded the size of its employee stock option plan (ESOP) by allocating an additional 50,000 shares to its employees.