🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Related News

Closure of OLX Auto biz pushes CarTrade into losses in Q3 FY24

EntrackrEntrackr · 1y ago
Closure of OLX Auto biz pushes CarTrade into losses in Q3 FY24
Medial

Automobile classifieds platform CarTrade has recorded over 15% growth in scale during the quarter ending December 2023 but the company slipped into red during the third quarter or Q3 FY24. The losses, however, were due to the discontinued operations of the auto sales business (C2B consumer-to-business operations) of OLX. It shut down the C2B model on the pretext of unsustainable unit economics in October 2023. CarTrade acquired OLX India’s auto business in a deal worth Rs 537 crore in July last year. CarTrade’s revenue from operations grew 15.5% to Rs 138.6 crore in Q3 of FY24 as compared to Rs 120 crore in the previous quarter (Q2 FY24), as per its consolidated financial statements sourced from the National Stock Exchange. In comparison to the third quarter of the previous fiscal (Q3 FY23), its operating revenue spiked 42.6% YoY from Rs 97.2 crore. CarTrade generated 35.7% of its revenue from consumer segment accounting to Rs 49.42 crore while its remarketing and classifieds verticals made Rs 46 crore and Rs 43.1 crore, respectively in Q3 FY24. The company’s overall revenue (including non-operating income of Rs 13.27 crore) reached Rs 151.85 crore at the end of Q3 FY24. On the expense side, employee benefits expenses formed 54% of the overall expenses which went up 12.3% to Rs 67.56 crore during the period. This cost also includes share based expenses of Rs 4.56 crore. In total, CarTrade’s overall expenses increased 13.6% QoQ to Rs 125 crore in Q3 from Rs 110 crore during Q2 of the same fiscal year. Following the losses of Rs 45.51 crore incurred due to discontinued operations of OLX auto business, CarTrade slipped into losses of Rs 23.55 crore in Q3 against Rs 5.04 crore profit in the previous quarter. Excluding the losses due OLX, the company posted a profit of Rs 21.96 crore in Q3 which soared 4.3X compared to the previous quarter. During Q3 FY23, it booked Rs 14.04 crore in profits. On a unit level, the company spent Re 0.9 to earn a rupee in Q3 of FY24. For the nine months ended period (Apr-Dec 2024), CarTrade recorded Rs 344.7 crore revenue from operations with a loss of Rs 5 crore. CarTrade went public in May 2021 and raised around Rs 2,000 crore via an offer-for-sale. It was listed on the NSE at nearly Rs 1,600 per share in August 2021 and is currently roaming around Rs 691.5 per share with a market cap of Rs 3,240 crore or $390 million.

CarTrade posts Rs 176 Cr revenue and Rs 45.5 Cr profits in Q3 FY25

EntrackrEntrackr · 7m ago
CarTrade posts Rs 176 Cr revenue and Rs 45.5 Cr profits in Q3 FY25
Medial

CarTrade posts Rs 176 Cr revenue and Rs 45.5 Cr profits in Q3 FY25 CarTrade released its financial results for the third quarter of the ongoing fiscal year (Q3 FY25) on Wednesday. The company reported a 26% year-on-year revenue growth compared to Q3 FY24, with a major turnaround in its bottom line. CarTrade’s revenue from operations surged 26.6% to Rs 176 crore in Q3 FY25 in contrast to Rs 139 crore in Q3 FY24, as per the firm’s unaudited consolidated financial results sourced from the National Stock Exchange (NSE). The Mumbai-based company operates in three segments: Consumer, Remarketing, and Classifieds. Income from the consumer segment formed 39% of the total operating revenue which increased to Rs 68 crore in Q3 FY25 from Rs 50 crore in Q3 FY25. Income from the remarketing and classified segment stood at Rs 58 crore and Rs 50 crore in the third quarter of the ongoing fiscal year. CarTrade also added Rs 17 crore from other non-operating businesses which tallied its overall revenue to Rs 193 crore in Q3 FY25, compared to Rs 152 crore in Q3 FY24. On the expense front, employee benefits expenses formed 53% of the overall spending which went up a modest 7.3% to Rs 73 crore during the period. This cost also includes share-based expenses of Rs 3.36 crore. CarTrade’s overall expenses increased 12% to Rs 140 crore in Q3 FY24 from Rs 125 crore during Q3 FY24. The strong growth and controlled spending enabled CarTrade to achieve a turnaround and post a net profit of Rs 45.5 crore in Q3 FY25, compared to a loss of Rs 23.5 crore in Q3 FY24. However, the company had already recorded a revenue of Rs 472 crore and a net profit of Rs 99 crore during the nine months of the ongoing fiscal year. CarTrade recorded a 4.78% hike in its share price today and is trading at Rs 1,433.3 (as of 12:47) with a total market capitalization of Rs 6,789 crore or $800 million.

Download the medial app to read full posts, comements and news.