Shares of CarTrade Tech surged as much as 10.4% to hit an intraday high of ₹896 apiece on the BSE, a day after the auto platform reported a 42.71%  increase in its consolidated net profit to ₹24.96 crore in the March quarter of FY24, as against ₹17.49 crore in the same period last year.

The scrip opened higher at ₹813.85, up 0.36%, as against the previous closing price of ₹810.90. At 12:29 pm, the share price of CarTrade Tech was trading 5.23% higher at ₹853.30. In contrast to this, the broader BSE Sensex was trading 435.12 points or 0.59% lower at 73,460.42. In the last two trading sessions, the share price of the auto platform has surged 18%.

The company's market capitalisation stood at ₹4,007.50 crore, with more than 1.29 shares exchanging hands on the BSE, as against the two-week average of 0.70 lakh shares. The company hit a 52-week high of ₹899 on November 12 last year, whereas a 52-week low of ₹406 on May 18 last year. In the past one month, three months and one year, the counter has zoomed 19.29%, 20.64% and 96.30%, respectively. In the year-to-date period, the counter has surged 18.43%.

In the January to March quarter of FY24, the revenue of operations of the auto platform stood at ₹145.27 crore, up 51.5%, as against ₹95.86 crore in the same period last year. The EBITDA (earnings before interest, tax, depreciation and amortisation) of CarTrade Tech was up 23% at ₹49.11 crore as against ₹39.83 crore in the corresponding period of the previous fiscal year. The company’s adjusted EBITDA, however, declined to 31% during the quarter under review, as against 34% in the March quarter of FY23.

"Financial year 2024, has been a pivotal year for our company. We have reached our highest-ever quarterly revenue of Rs 161 crores, representing substantial growth. "The acquisition of OLX India during this period has not only strengthened our leadership position and also paved the way for substantial synergies among OLX India, CarWale, BikeWale, and Shriram Automall,” says Vinay Sanghi, chairman and founder, CarTrade Tech.

According to CarTrade, the company continues to remain focused on driving sustainable and profitable growth in the forthcoming years.

CarTrade Tech is a multi-channel auto platform with presence across vehicle types and value-added services. The company operates various brands such as CarWale, CarTrade, Shriram Automall, BikeWale, CarTradeExchange, Adroit Auto and OLX India. The company caters to the new and used automobile market, vehicle dealerships, vehicle OEMs (original equipment manufacturers) and other businesses.

Follow us on Facebook, X, YouTube, Instagram and WhatsApp to never miss an update from Fortune India. To buy a copy, visit Amazon.