Cartrade Tech hits new high

Cartrade Tech announced its results on Monday and we are seeing the reaction today; the stock, which had closed yesterday at Rs.848.95, opened slightly higher today at Rs.849.10 and soon went on to hit a new 52-week high at Rs.933.90.

The company, which is one of India’s largest online classifieds and auto auction platforms, for Q4FY24, recorded a total income of Rs.161 crore, up 38% (YoY). EBITDA was up 23% at Rs.49 crore. PBT came in at Rs.30 crore, up 30% while PAT was up 43% at Rs.25 crore.

The company said that it received the highest ever average monthly unique visitors for Q4FY24, at 70 million, more than 92% of which is organic. It is now present in 350+ Physical Locations, including Shriram Automall, CarWale abSure and Signature Dealers & OLX India Franchisee.

The company said that acquisition of OLX India during this period has not only strengthened its leadership position but also paved the way for substantial synergies among OLX India, CarWale, BikeWale, and Shriram Automall.

The company said that it is now poised to capitalise on numerous opportunities to innovate and cater to its unique monthly visitor base of 70 million across various platforms.

Yesterday, Sector Investment Funds PLC- Sector Global Emerging Markets Fund bought 2.42 lakh shares, or a 0.51% in the company, at an average price of Rs 854.93.

In the FIIs category, currently, Macritchie Investments Pte holds 16.31% stake and Highdell Investment holds 17.36%.