CarTrade Tech reports a 47% Y-O-Y Growth in Revenue & PAT of Rs. 3.3 crore for Q1 FY23
CarTrade Tech Limited, one of India's largest online auto platforms, announced its unaudited financial results for the quarter ended June 30, 2022, today. The Company reported its quarterly revenue of Rs. 92.8 crore in Q1 FY23.
The company reported a total revenue of Rs. 92.8 crore, for Q1 FY23, a growth of 47% as compared to Rs. 63 crore in Q1 FY22. Adjusted EBITDA grew by 108% Y-O-Y from Rs. 8.5 crore to Rs. 17.7 crore, resulting in a 20% Adjusted EBITDA Margin for the quarter ended June 30, 2022. Adjusted PAT (PAT adjusted for ESOP and deferred tax) for the quarter ended June 30, 2022, stood at Rs. 8.6 crore.
A non-cash adjustment of Rs. 5.3 crore for Employee Stock Options has been accounted for in Q1 FY23, resulting in a net profit after tax for the quarter ended June 30, 2022, of Rs. 3.3 crore.
Operational Highlights
- 31 million average monthly unique visitors for Q1 FY23, of which 84.7% were organic
- The number of listings for auction was 2,72,275 for Q1 FY23
- The volumes sold via auctions were 57,710 in Q1 FY23
- CarWale abSure delivers a world-class online-offline shopping experience for used car buyers and sellers. As of June 30, 2022, the company had a network of 57 CarWale abSure outlets in 34 cities
Commenting on the company's performance, Vinay Sanghi, Chairman and Founder, CarTrade Tech, said, "I am happy to report a strong performance for the quarter with a 47% Y-O-Y growth in revenue and a PAT of Rs. 3.3 crore. Our Adjusted EBITDA during the quarter registered a sharp growth of 108% as compared to the corresponding quarter in the previous year. This growth reflects our focused approach to operational efficiencies and profitability.
"The strength of our brand and its high brand recall value is evident in our large average monthly unique visitor base of 31 million of which 84.7% is organic. Our auction listings grew Y-O-Y by 28%.
"CarWale abSure will continue to lead innovation in the used car space to make the customer journey memorable and satisfying. We currently have 57 CarWale abSure outlets and plan to have over 120 outlets in the current financial year."