CarTrade slips 7%, stock at new low on second straight quarterly loss | Business Standard News

Clipped from: https://www.business-standard.com/article/markets/cartrade-tech-hits-new-low-on-net-loss-for-second-straight-quarter-121102900417_1.html

For H1FY22, CarTrade Tech posted net loss of Rs 81.47 crore against a net profit of Rs 63.57 crore during the same period of FY21

CarTrade

Shares of CarTrade Tech dropped 7 per cent and registered a new low at Rs 1,153 on the BSE in Friday’s intra-day trade after the company reported a net loss for the second straight quarter of current fiscal. CarTrade Tech operates online platforms for buying and selling of vehicles. This is the first quarterly results announcement by the company which recently concluded its initial public offer (IPO).

The stock was quoting at its lowest level since its listing on Friday, August 20, 2021. With today’s fall, the market price of CarTrade Tech has declined 29 per cent from its issue price of Rs 1,618 per share.

For July-September quarter (Q2FY22), CarTrade Tech reported consolidated net loss of Rs 35.35 crore against profit after tax of Rs 10.87 crore in a year ago quarter (Q2FY22). In April-June quarter (Q1FY22), of the current financial year 2021-22 (FY22), the company had posted loss of Rs 46.12 crore.

For April-September period (H1FY22), CarTrade Tech posted net loss of Rs 81.47 crore against a net profit of Rs 63.57 crore during the same period of FY21. In entire previous fiscal FY21, the company had posted net profit of Rs 103.40 crore.

An exceptional and non-recurring, non-cash adjustment of Rs 93 crore for Employee stock options granted in FY21 has been accounted for, resulting in a net loss after tax for H1FY22 of Rs 81 crore (net loss before tax of Rs 75 crore) for H1 FY22 as compared to a net profit after tax of Rs 64 crore (net profit before tax of Rs 0.75 crore) for H1FY21, CarTrade Tech said.

In H1FY22, the company’s total revenue including other income grew 46 per cent year-on-year (YoY) to Rs 150.75 crore, from Rs 103.26 crore in H1FY21. Adjusted earnings before interest, tax, depreciation and amortization (ebitda) has more-than-doubled to Rs 33 crore from Rs 16.18 crore.

The company said it witnessed highest ever average monthly unique visitors at 34 million this quarter; out of which over 87 per cent was organic. The company also reported the highest ever number of vehicles listed for auction in this quarter at 300,671, which helped breach the 1.2 million vehicle mark, based on the Q2FY22 annualised numbers, it said.

At 10:58 am; the stock was down 3 per cent at Rs 1,203 on the BSE, as compared to 0.14 per cent rise in the S&P BSE Sensex. A combined 142,000 equity shares were changing hands on the counter on the NSE and BSE.

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