Online Car Auctioning Platform Cartrade’s Shares Touch 52 Week High After Startup Posts Q2 Results

Manvendra HadaOctober 30, 2024

Finance

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Three points you will get to know in this article:

CarTrade Tech’s shares rose to a 52-week high of INR 1,090.05 during intraday trading today (October 29).
By the conclusion of the day, the stock had ended at INR 1,052.80 per share, up 0.90%.
Approximately 29,495 CarTrade shares were traded, bringing the company’s market capitalisation to INR 4,979.75 crore at the close.

CarTrade Tech At 52 Week High, Financial Results of Q2 FY25 Triggers Uptick

During intraday trading today (October 29), CarTrade Tech’s shares rose to a 52-week high of INR 1,090.05.

By the end of the day, the stock had ended at INR 1,052.80 per share, up 0.90%.

Approximately 29,495 CarTrade shares were traded during the session, bringing the company’s market capitalization to INR 4,979.75 Cr at the closing.

Reason Behind CarTrade Tech’s Recent Shares Surge

This is CarTrade’s second consecutive day of increases, driven by its recent Q2 FY25 results, which showed a significant 509% year-over-year increase in consolidated net profit to INR 30.72 Cr, up from INR 5.04 Cr in the same period previous year.

The company also recorded a 28.4% increase in operating revenue for Q2 FY25, totaling INR 154.20 Cr, up from INR 120 Cr in the previous year’s quarter.

Meanwhile, costs jumped to INR 135.08 crore, up 22.6% from INR 110.13 crore in Q2 FY24.

CarTrade Tech’s Business, Competitors

CarTrade, founded in 2009 by Vinay Sanghi and Rajan Mehra, promotes the sale of both new and used vehicles. Its trademarks include OLX India, CarWale, BikeWale, CarTradeExchange, Shriram Automall, Adroit Auto, and Autobiz.

It also offers technological solutions to OEMs and dealers.

Notably, CarTrade competes with significant competitors in India’s growing online automotive classifieds sector, including CarDekho, Droom, and CARS24.