Shares of CarTrade Tech Ltd. gained the most in over 10 weeks since Nov. 11 on a threefold jump in third-quarter profit.
The company's net profit surged 279.07% quarter-on-quarter to Rs 13.1 crore. It stood at 3.44 crore in the previous quarter of the same fiscal.
CarTrade Tech Q3 FY23 (Consolidated, QoQ)
Revenues up 10.6% at Rs 97.2 crore
Ebitda up 29.58% at Rs 10.6 crore
Ebitda margin at 10.90% vs 9.31%
Net profit up 279.07% at Rs 13.1 crore
Shares of the company rose 3.68% to Rs 491.70 apiece as of 10:25 a.m., compared with a 0.93% decline in the benchmark Nifty 50. The total traded volume so far in the day stood at 36.5 times its 30-day average.
Out of the seven analysts tracking the company, six maintain a 'buy' rating and one suggests 'sell' the stock, according to Bloomberg data. The 12-month consensus price target implies an upside of 60.2%.
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