CarTrade Tech reports FY23 net profit of INR 40 Cr
- ByStartupStory | April 29, 2023
On Friday (April 28), CarTrade Tech, an online automobile marketplace, announced that it had posted a consolidated net profit of INR 40.43 Cr in the financial year 2022-23 (FY23) due to a significant decrease in ESOP expenses, compared to a net loss of INR 121.35 Cr in the previous year. The company’s operating revenue also increased by 16% YoY to INR 363.74 Cr during the year.
CarTrade Tech’s non-cash share based payment expenses or ESOP expenses saw a significant decline, leading to a consolidated net profit of INR 40.43 Cr in FY23, while operating revenue grew 16% to INR 363.74 Cr. Total expenses declined 23.2% to INR 367.16 Cr as the ESOP expenses reduced to INR 27.94 Cr from INR 185.18 Cr in FY22, resulting in adjusted EBITDA growth of 28% to INR 124.91 Cr.
CarTrade Tech’s shares surged by 4.09% on the BSE after it reported its Q4 FY23 results, which included a consolidated net profit of INR 17.49 Cr, compared to a net loss of INR 21.39 Cr in the same quarter last year. Operating revenue in the quarter increased to INR 95.86 Cr from INR 93.14 Cr in Q4 FY22, while adjusted EBITDA for the quarter rose 25% to INR 39.83 Cr from INR 31.96 Cr in the corresponding quarter of the previous year.
CarTrade Tech founder and chairman Vinay Sanghi stated that the company is profitable, debt-free, and has a surplus liquidity of over INR 1,110 Cr, which will be invested in expanding the company’s offerings to provide a seamless phygital experience to its users. CarTrade, established in 2009 by ex-Mahindra First Choice CEO Sanghi and former eBay India head Rajan Mehra, is a multi-channel auto marketplace in India that enables users to buy or sell new and used vehicles. The company operates various platforms such as CarWale, CarTrade, BikeWale, and CarTrade Exchange, among others.
According to CarTrade Tech, it witnessed a rise in the number of unique visitors to its platform, with 34.2 Mn unique visitors in Q4 FY23, up from 29.8 Mn in the year-ago quarter. The company also claimed that it had 1.1 Mn auction listings across its platforms in FY23. With over 200 physical locations, CarTrade operates through Automalls and abSure outlets. The company recently launched its venture arm, CarTrade Ventures, which aims to make investments and acquisitions in the Indian automotive space. Over the next 5-7 years, CarTrade Ventures will deploy up to INR 750 Cr to expand its presence in the auto-tech industry.
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