Shares of CarTrade Tech surged over 8.5% on Thursday to hit an intraday high of ₹576 after posting its earnings for the quarter ended June.

What Happened: During the April-June period, the car sales platform’s profits came in at ₹13 crore, more than quadruple the ₹2.6 crore profit it booked in the same period last year. The company’s revenue from operations went up marginally to ₹86.06 crore from the ₹82.77 crore revenue it posted in the same quarter last year.

Adjusted EBITDA for the quarter was at Rs. 30.95 crores with an adjusted EBITDA margin of 19%. Basic earnings per share for the quarter came in at ₹2.77.

As per the company, it received 3.4 crore average monthly unique visitors for Q1 FY24, of which 85% were organic. The Zerodha-backed company — Zerodha owns a 1.18% stake in the company — said that volumes sold via auction were 49,112 for Q1 FY24.

Price Action: CarTrade Tech share price simmered down in the late hours of trading on Thursday, as it traded 4.13% higher at ₹551.25.

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