CarTrade had suffered an INR loss of 46.12 Cr in the first quarter of FY22, and the loss was INR 21.39 Cr in the fourth quarter of FY22.
The total revenue of the auto platform increased by 47% YoY in INR 92.77 Cr in June quarter
CarTrade averaged 31 million monthly unique users during this quarter, while the total number of auction listings was 2.72 Lakh
Mumbai-based auto-platform CarTrade Tech on Friday (July 29) reported a unconsolidated income after tax (PAT) that was INR 3.31 Cr during the initial one-quarter (Q1) of the financial period 2022-23 (FY23) in comparison to an INR 46.12 Cr in the same quarter of FY22. CarTrade Tech had reported an INR net loss of 21.39 Cr in the March quarter of FY22.
CarTrade also reported an adjustment in cash that was INR 5.3 Cr for employee stock options in the quarter. Its adjusted PAT for this quarter was 8.58 Cr. 8.58 Cr.
Read more Monday Blues Workers form the hybrid model of the future
The company’s total revenue increased 47 percent year-on year (YoY) at INR 92.77 Cr in the quarter under review. However, it fell 12percent on a quarter-on-quarter (QoQ) basis, from INR 105.88 Cr in the previous March quarter.
The total costs of the auto platform decreased by over 30% QoQ up to 88.98 Cr in the first quarter of FY23. Costs for employees comprised a major portion of expenses, with the rate of INR 48.81 Cr, a decrease of by 42% when measured on a quarterly basis. Marketing expenses were also down 6percent in the period between April and June, and amounted to 5.99 Cr.
The earnings before tax, interest depreciation and amortization (EBITDA) totaled an INR 17.7 Cr for the initial quarter of FY23. This is an increase of 108% in comparison to the same timeframe of the previous year. On the basis of a quarterly basis, it fell by 44 percent.
In a statement regarding the company’s financial performance, CarTrade Chairman Vinay Sangh declared, This growth reflects our focus on operational efficiency and profitability. The power of our brand as well as its strong brand recall will be evident from our huge average monthly unique user base that is 31 million. Of this, 84.7 percent of it is organic. Auction listings on our site grew over the course of a year by 28 percent.”
The website said it averaged 31 Mn unique monthly visitors during its first quarter in FY23 of which 84.7 percent of users were organic. The company claimed there were auctions on the market in the period was 2.72 Lakh.
Additionally, the platform also sold 57,710 cars through these auctions during the first quarter of FY23’s fiscal year.
Established in 2009 with the help of Sanghi, CarTrade is an online market for automobiles for buyers and sellers of both new and used cars. CarTrade has around 180 physical locations throughout the United States.
The company was listed on the market last year, in an poor the initial public offering (IPO).
It competes against startups like Cars24. Droom, CarWale, CarDekho and many others within the pre-owned car sector.
Read more Security breaches and startups
According to a report The used car market in India segment was estimated at around $17.9 Bn in FY21, with 3.9 million vehicles. It is predicted that the market will produce 7.7 Mn by 2026, and a forecast value in the region of $44.7 Bn.
