Shares of CarTrade Tech rocketed on Monday after the company posted its results for the quarter ended March.

What Happened: The company’s net profit for the quarter came in at ₹22.5 crore, up around 50% from the ₹15 crore posted in the same quarter last year. The internet company’s revenue from operations for the quarter was at ₹145 crore up around 51% from the ₹95.86 crore posted in the same quarter last year. The company also booked its highest-ever total Income at ₹160.61 crore.

Adjusted EBITDA for the period was ₹164.74 crore. The company achieved its highest-ever average monthly unique visitors, totalling 7 crore. Over 92% of this traffic was organic, the company said in a statement.

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Expanding its physical presence, the company now operates in more than 350 physical locations, encompassing various platforms such as Shriram Automall, CarWale abSure, Signature Dealers, and OLX India Franchisee. Talking about the OLX acquisition announced last year, the company said that it “has not only strengthened our leadership position but also paved the way for substantial synergies among OLX India, CarWale, BikeWale, and Shriram Automall.”

Shares of the company that were trading flat on Monday received a massive boost after the announcement. The stock went up over 14% to hit an intraday high of ₹857.80. The announcement also helped the stock extend its gaining streak to the third straight session.

Price Action: CarTrade Tech’s share price was up 6.98% to trade at ₹802.30 in the afternoon hours of trading on Monday.

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