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CarTrade Technologies Q3 results: Net loss at Rs 23 crore, revenue jumps 14% to Rs 88 crore

CarTrade Technologies Q3 results: Net loss at Rs 23 crore, revenue jumps 14% to Rs 88 crore

CarTrade Technologies Q3 results: Net loss at Rs 23 crore, revenue jumps 14% to Rs 88 crore
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By CNBCTV18.com Jan 25, 2022 1:22:50 PM IST (Published)

CarTrade Technologies reported a net loss of Rs 23.3 crore for the quarter ended December 31, 2021, as against a net profit of Rs 18.2 crore for the corresponding period a year ago.

CarTrade Technologies reported a net loss of Rs 23.3 crore for the quarter ended December 31, 2021 on Tuesday, as against a net profit of Rs 18.2 crore for the corresponding period a year ago.

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Its revenue increased 14.7 percent on a year-on-year basis to Rs 88.8 crore.
CarTrade’s EBITDA loss came in at Rs 27.9 crore for the third quarter of the current fiscal, as against the EBITDA of Rs 23.9 crore during the same period last year. The company incurred an employee benefit expense of Rs 83.2 crore from October to December 2021, as compared to Rs 33.2 crore in the corresponding quarter a year ago.
The number of listings for auction were 326,319 for Q3FY22, a growth of over 53 percent over Q3FY21, the company informed exchange. According to the multi-channel auto platforms earnings report, the volumes sold via auction stood at 72,639 for Q3FY22, a jump of over 60 percent over Q3FY21.
Commenting on Q3 results, CarTrade Tech Founder and Chairman Vinay Sanghi said, “We had our highest ever auction listing in this quarter at 326,319, which helped cross the 1.3 million auction listing mark based on the Q3FY22 annualised numbers and we got 31 million average monthly unique visitors this quarter.”
“We are continuing to digitalize the buying and selling journey for the consumer and our CarWale abSure offering is a step in this direction. We have 22 CarWale abSure outlets across 18 cities and we plan to have 200 outlets across the country in the next 2 years,” he added.
The firm’s quarterly performance, however, failed to cheer investors. CarTrade stock fell more than 6 percent to a fresh low of Rs 716.15 on the Bombay Stock Exchange (BSE) following the result announcement. At 1:15 pm, the shares were trading 5.98 percent lower at Rs 722.05.
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