by CarTrade, a leading automotive marketplace in India, has reported a 400% surge in net profit for the first quarter of fiscal year 2024 (Q1FY24). The company’s net profit stood at Rs 107.8 crore for Q1FY24, up from Rs 21.9 crore in the same quarter last year.
CarTrade’s revenue for Q1FY24 grew 17% to Rs 490.5 crore, from Rs 420.5 crore in Q1FY23. The company’s revenue growth was driven by a 31% increase in its marketplace business and a 10% increase in its financial services business.
The company’s marketplace business saw strong growth in new vehicle listings, which increased by 36% year-on-year. The company also saw an increase in the number of leads generated from its marketplace business, which grew by 29% year-on-year.
CarTrade’s financial services business saw a growth of 10% year-on-year. The company’s retail loan book grew by 17% year-on-year to Rs 3,200 crore in Q1FY24.
CarTrade’s management is optimistic about the company’s prospects for the rest of the fiscal year. The company expects its marketplace business to continue to grow, driven by the increasing demand for automobiles in India. The company also expects its financial services business to grow, driven by the increasing penetration of retail loans in India.
Key Highlights of CarTrade’s Q1FY24 Results:
- Net profit surged 400% to Rs 107.8 crore.
- Revenue grew 17% to Rs 490.5 crore.
- Marketplace business grew 31%, led by a 36% increase in new vehicle listings.
- Financial services business grew 10%, led by a 17% increase in retail loan book.
- Management optimistic about company’s prospects for the rest of the fiscal year.
