India-based used cars marketplace CarTrade Tech posted INR1.1 billion ($12.9 million U.S.) in consolidated revenue for the three months to June 2023 (Q1 FY23-24), up 18% year on year (y-o-y), according to a news release.

Total expenses rose by 5% y-o-y to INR760 million, while profit after tax (PAT) more than quadrupled, surging by 307% y-o-y to INR135 million. This implies a profit margin (after tax) of 12.3%.

Vinay Sanghi, chairman and founder of CarTrade Tech, said that they were among the few internet companies that continued to grow and remain profitable. Sanghi added that growth in PAT outpaced revenue growth due to CarTrade’s asset-light and scalable business model.

On average, CarTrade received 34 million monthly unique visitors in Q1 FY23-24. It had total auto listings of 250,103 in the quarter and sold 49,112 units. During the quarter, Car Trade revealed plans to acquire rival OLX India for INR5.4 billion. This followed the launch of CarTrade Ventures, to seek out investment and acquisition opportunities in the automotive sector.

Founded in 2009 and headquartered in Mumbai, CarTrade Tech operates CarWale, Shriram Automall, BikeWale, CarTrade Exchange, Adroit Auto and AutoBiz, in addition to 73 CarWale AbSure outlets in 33 Indian cities. It posted revenue of INR4.3 billion for the 12 months to March 2023.

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