Indian auto marketplace, CarTrade Technologies, disclosed its Q2 FY24 financials today, showing a year-on-year (YoY) Profit After Tax (PAT) growth of 132% to INR 12.96 Cr ($173,000), up from INR 5.57 Cr ($74,000) in Q2 FY23. The company's net profit, however, dipped slightly by 4% compared to Q1 FY24's figure of INR 13.51 Cr ($180,000).
The firm also reported a significant surge in its revenue to INR 314.33 Cr ($4.2 million) for the quarter ending September 2023, marking a YoY increase of 3.57 times from INR 87.88 Cr ($1.17 million) in Q2 FY23. This impressive performance incorporates the financial contribution from OLX India, a business entity that CarTrade acquired in August of this year.
The acquisition of OLX India appears to have positively impacted CarTrade's financial performance, contributing to the substantial increase in revenue reported for the quarter. Despite the minor dip in net profit compared to the previous quarter, the company's YoY PAT growth indicates a strong upward trend in profitability.
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