CarTrade Tech jumped 5.45% to Rs 499 after the company's consolidated adjusted net profit rose 15% to Rs 24.05 crore on 9% increase in net revenue from operations to Rs 93.71 crore in Q3 December 2022 over Q3 December 2021.
On a consolidated basis, adjusted profit before tax rose 13% year-on-year to Rs 27.49 crore in Q3 December 2022.The company recorded highest-ever quarterly adjusted EBITDA at Rs 36.60 crore in Q3 FY23, up 13% YoY. Adjusted EBITDA margin stood at 33% in Q3 December 2022, higher than 32% in Q3 December 2021.
Total expenses rose 12% to Rs 75.76 crore in Q3 December 2022. Employee cost (Excl ESOP) jumped 24% to Rs 45.20 crore.
CarTrade Tech received 35 million average monthly unique visitors for Q3 FY23, of which 88% was organic. The number of listings for auction was 2,68,506 for Q3 FY23. The volumes sold via auctions were 59,202 in Q3 FY23. As of 31 December 2022, the company had a network of 73 CarWale abSure outlets in 33 cities.
Vinay Sanghi, chairman, and founder, CarTrade Tech, said, "In Q3 FY 23 we had our highest ever quarterly revenue at Rs. 115.86 crores and highest ever quarterly adjusted EBITDA at Rs. 36.60 crores. In the nine-month period ended December 31, 2022, on a consolidated basis, the company reported Rs. 311 crores of revenues, registering a 23% Y-O-Y growth. Our Adjusted EBITDA growth of 30% in the nine-month period outpaced our revenue growth, as we run an asset-light and scalable business model. We are one of the few profitable Internet companies and our PAT for the three-month period ended December 31, 2022, stood at Rs 14.05 crores. Our profitable business model and surplus liquidity of over Rs. 1,000 crores will allow us to invest in widening our offerings towards providing a seamless Phygital experience to all our users."
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CarTrade Tech is a multi-channel auto platform with a presence across vehicle types and value-added services. The platform operates under several brands: CarWale, CarTrade, Shriram Automall, BikeWale, CarTrade Exchange, Adroit Auto, and AutoBiz. These platforms enable new and used automobile customers, vehicle dealerships, vehicle OEMs, and other businesses to buy and sell vehicles in a simple and efficient manner.
Shares of CarTrade Tech entered bourses on 20 August 2021. The stock was listed at Rs 1,600 per share, at a 1.11% discount to the issue price of Rs 1,618. The initial public offer of CarTrade Tech received bids for 26.31 crore shares as against 1.29 crore shares on offer, according to stock exchange data. The issue was subscribed 20.29 times.
The stock hit an all-time low of Rs 445 on 23 December 2022.
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