Chennai, Aug 10 (IANS): Online automobile platform player CarTrade Tech Ltd on Thursday said it closed the first quarter with a net profit of Rs 13.51 crore.

According to the company, for the first quarter of FY24 it had logged a total income of Rs 106.91 crore (Q1FY23 Rs 92.77 crore) and a net profit of Rs 13.51 crore (Rs 3.31 crore).

During the quarter under review, the company had 2,50,103 listings for auction and the volumes sold through auction was 49,112.

“I am happy to report that we are amongst a few Internet companies that continue to grow and are profitable. In Q1 FY24, we achieved quarterly revenue of Rs 106.91 crore which is an 18 per cent Y-O-Y growth. Our PAT for Q1 FY24 stood at Rs 13.51 crore representing more than a 300 per cent Y-O-Y growth and continues to outpace our revenue growth, as we have an asset-light and scalable business model,” Vinay Sanghi, Chairman and Founder said.

On the BSE, the company’s stock opened at Rs 529 and touched a high of Rs 576 and later was changing hands for about Rs 542.