CarTrade had reported a loss of INR 46.12 Cr in the first quarter of FY22 and INR 21.39 Cr in the fourth quarter of FY22. Total car platform revenue grew 47% YoY to INR 92.77 Cr during the June quarter. CarTrade averaged 31 million monthly unique visitors during the quarter, while the number of auction listings stood at 2.72 lakh
CarTrade In The Black
Mumbai based automotive platform CarTrade Tech reported on Friday July 29 a consolidated profit after tax PAT of INR 3.31 Cr for the first quarter Q1 of fiscal year 2022 to 23 FY23. vs. a loss of INR 46.12 Cr in the corresponding quarter last year. It had reported a net loss of INR 21.39 Cr in the March quarter of FY22.
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CarTrade also booked a non-cash adjustment of INR 5.3 Cr for employee stock options during the quarter. Its adjusted PAT for the quarter stood at INR 8.58 Cr.
The company total revenue grew 47% YoY to INR 92.77 Cr during the quarter under review. However, it decreased by 12% on a quarterly quarterly basis from INR 105.88 Cr in the previous quarter of March.
Total car platform expenses fell more than 30% qoq to INR 88.98 Cr in the first quarter of FY23. Employee costs accounted for the majority of expenses at INR 48.81 Cr, a decrease of 42% on a quarterly basis. Marketing expenses also fell 6% in the April June quarter to INR 5.99 Cr.
Earnings Before Interest, Tax, Depreciation and Amortization EBITDA stood at INR 17.7 Cr in the first quarter of FY23, a growth of 108% over the corresponding period last year. However, on a quarterly basis, it decreased by 44%.
Financial results
Commenting on the financial result, CarTrade Chairman Vinay Sangh said This growths reflect our focused focus on operational efficiency & profitability. The strength of our brand and its high brands 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 28% year over year.
The platforms claimed that it averaged 31 millions monthly unique visitor in the first quarter of FY23, of which 84.7% of visitors were organic. The startups said that the numbers of auction listings during the quarter was 2.72 lakh.
Additionally, the platform also sold 57,710 vehicles through these auctions in the first quarter of FY23.
Founded in 2009 by Sanghi, CarTrade is an online automotive marketplace for buyer and seller of new and used vehicles. It has a network of more than 180 physical locations throughout the country.