Automotive company CarTrade Tech on Tuesday said that it expects its consumer group to report a 30% year-on-year (YoY) rise in its revenue growth in the October-December 2024 quarter, helped by strong festive season demand in October.
The company’s consumer group includes the pre-owned car sales platform, CarWale, and the online bike marketplace, BikeWale.
According to a BSE filing, it reported a 36% surge YoY in its monthly unique customers in October during the Diwali-Dussehra festive period.
The festive period usually drives demand across sectors, including retail and automotive, with brands offering attractive discounts and offers. This year, according to a Mint report, October saw a nearly 20% YoY increase in India’s passenger vehicle sales.
“This festive season has been excellent for CarWale and BikeWale. Our platforms have seen unprecedented consumer interest, resulting in record revenues and traffic growth. This performance is a testament to our dedication and commitment to delivering value to consumers and partners alike. We are excited about our growth trajectory and remain focused on further enhancing our offerings to meet the evolving needs of the automotive market,” said Banwari Lal Sharma, CEO of Consumer Group.
CarTrade reported a 6X rise in its second-quarter consolidated profit to Rs 30.7 crore compared with Rs 5.04 crore earned in the year-ago period.
The company also reported a 28.5% YoY rise in its quarterly revenue to Rs 154.2 crore, helped by improvement in its classifieds and consumer segments. However, the company reported a marginal decline in its remarketing segment revenue.
CarTrade said it has amassed about 77 million average monthly unique visitors in the three months ended September 30 and has around 1.4 million listing for auctions based on Q2 annualised numbers.
The platform operates under several brands, including CarTrade, Olx India, Shriram Automall, BikeWale, CarTrade Exchange, and Adroit Auto, which enable new and used automobile customers, vehicle dealerships, vehicle original equipment manufacturers (OEMs) and other businesses to buy and sell vehicles.
