CarTrade’s Net Profit Jumps 509% To INR 30.72 Cr In Q2

Online classifieds and auto auction platform CarTrade has recorded a 509% year-on-year jump in its consolidated net profit to INR 30.72 Cr in the September quarter (Q2) of the financial year 2024-25 (FY25) from INR 5.04 Cr in the year-ago period. 

This marks a sequential increase of 34.1% from INR 22.89 Cr in the previous quarter. 

Revenue from operations rose 28.4% to INR 154.20 Cr in Q2 FY25 from INR 120 Cr in the corresponding quarter last year. 

Notably, this is a 9.2% quarterly increase in operating revenue from INR 141.17 reported in Q1 FY25. 

CarTrade saw its expenses zoom to INR 135.08 Cr in Q2 FY25, up 22.6% from INR 110.13 Cr in Q2 FY24. 

The company spent INR 69.92 Cr towards employee benefit expense in Q2 FY25 as against INR 60.14 Cr in the year-ago quarter.

In Q2 FY25, the financial cost contributed INR 2.93 Cr and other expenses accounted for INR 51.58 Cr in CarTrade’s total expenses.

In terms of overall revenue sources, the classifieds segment contributed INR 14.01 Cr to CarTrade’s total revenue, while remarketing and classified segments accounted for INR 12.03 Cr and 11.78 Cr, respectively. 

The quarter also saw a 51% yearly increase in CarTrade’s  EBITDA to INR 32.7 Cr from INR 21.18 Cr reported in the same quarter last year.  

CarTrade’s founder and chairman Vinay Sanghi said, “We are pleased to report a remarkable financial performance for Q2FY25, achieving the highest-ever quarterly revenue of INR 172 Cr, marking a 27% growth year-over-year. This robust quarter-on-quarter performance has resulted in a 44% increase in profit before tax, underscoring the strength and leadership across all segments we operate in.”

During the quarter under review, CarTrade also expanded its employee stock option plan (ESOP) pool by allocating an additional 50,000 shares to its employees in August. 

CarTrade’s shares were trading 6.5% higher at INR 1047.05 on the BSE today (October).