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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.

Tesla’s first-quarter vehicle sales fell as EV market cools

LivemintLivemint · 1y ago
Tesla’s first-quarter vehicle sales fell as EV market cools
Medial

Tesla reported its first year-over-year decline in quarterly deliveries since 2020, delivering 386,810 vehicles globally in Q1 2024, down 8.5% from the previous year. This is the lowest quarterly performance for Tesla since Q3 2022. Despite the decline, Tesla regained its position as the world's top EV seller on a quarterly basis. However, the result highlights concerns about the broader electric-vehicle market, as growth slows and consumer enthusiasm for electric vehicles wanes. Tesla's stock fell about 6% in premarket trading and is down nearly 30% this year. The decline is partly attributed to production setbacks, including supply chain disruptions and an arson attack on the grid supplying power to the factory.

Swiggy to invest Rs 1,000 Cr in subsidiary Scootsy for biz expansion

EntrackrEntrackr · 4m ago
Swiggy to invest Rs 1,000 Cr in subsidiary Scootsy for biz expansion
Medial

Swiggy to invest Rs 1,000 Cr in subsidiary Scootsy for biz expansion Food delivery and quick-commerce platform Swiggy Limited has announced an investment of up to Rs 1,000 crore (approximately $117 million) in its wholly owned subsidiary, Scootsy Logistics, to support business expansion and operational growth. The decision was approved at a board meeting held on February 21, 2025, where Swiggy outlined its plan to invest the amount in one or more tranches through a rights issue, as stated in its stock exchange filing. Swiggy confirmed that the investment will be made through cash consideration, with shares priced at Rs 7,640 per share, including a premium of Rs 7,630 per share. The funds will primarily be used for working capital and other capital expenditures to strengthen the company's logistics and supply chain operations. Scootsy Logistics specializes in supply chain services and distribution, including warehouse management, order fulfillment, and last-mile delivery solutions. The company has experienced significant revenue growth over the past three years, reporting a turnover of Rs 5,795.7 crore in FY24, compared to Rs 3,686.2 crore in FY23 and Rs 1,580.3 crore in FY22. In Q3 FY25, Scootsy contributed 42% of Swiggy’s overall operating revenue. Income from this entity increased by 23% QoQ to Rs 1,692 crore in Q3 FY25 from Rs 1,377 crore in Q3 FY24. Despite the investment, there will be no change in Swiggy’s shareholding in Scootsy, and the subsidiary will continue to operate under its existing structure. Swiggy expects this investment to enhance scalability, improve delivery operations, and strengthen its competitive edge in the market.

Paytm posts Rs 1,828 Cr revenue and Rs 208 Cr loss in Q3 FY25

EntrackrEntrackr · 5m ago
Paytm posts Rs 1,828 Cr revenue and Rs 208 Cr loss in Q3 FY25
Medial

Fintech firm Paytm announced its financial results for the third quarter of the current fiscal year (Q3 FY25) on Monday. The Noida-based company reported revenue of Rs 1,828 crore and a net loss of Rs 208 crore for the period. According to Paytm’s unaudited consolidated quarterly report filed with the National Stock Exchange, its revenue from operations declined by 35.9% year-on-year from Rs 2,850 crore in Q3 FY24 to Rs 1,828 crore in Q3 FY25. However, on a quarter-on-quarter basis, the firm recorded a 10% increase in revenue compared to Q2 FY25 (the preceding quarter). Income from payment service revenue accounted for 55% of the total operating revenue which stood at Rs 1,003 crore in Q3 FY25 while the revenue from financial and marketing services were recorded at Rs 502 crore and Rs 267 crore in the same period. The company also added Rs 189 crore from other non-operating sources, bringing its overall revenue to Rs 2016.5 crore in Q3 FY25. For the fintech firm, its employee benefits remained the largest cost center accounting for 34% of the overall cost which decreased by 36% to Rs 756 crore in Q3 FY25. This includes Rs 182 crore as ESOP cost (non-cash). Its payment processing charges and marketing costs were reduced by 42% and 48.7% to Rs 570 crore and Rs 141 crore respectively in Q3 FY25 from Rs 982 crore and Rs 275 crore in Q3 FY24. Software, communication, legal, cashback, and other overheads took the total expenditure to Rs 2,220 crore in Q3 FY25 from Rs 3,216 crore in Q3 FY24. A reduction across all overhead departments enabled Paytm to narrow its losses by 6.3% to Rs 208 crore in Q3 FY25 from Rs 222 crore in Q3 FY24.

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