Auto-tech provider CarDekho expects a 60% topline growth in FY24, driven by strong performance and a shift towards an asset-light business model. The company is also EBITDA and net income positive.
Mumbai, Nov 1 (PTI) Auto-tech solutions provider CarDekho on Wednesday said it is expecting a topline growth of over 60 per cent year-on-year this fiscal.
The company said it recorded a revenue of Rs 2,331 crore in the previous fiscal, which may see a growth of over 60 per cent by March next year.
The company at the core business level has already turned net income positive in the September quarter of FY24, it said.
The company had posted a loss of Rs 562 crore in the fiscal year ended March 31, 2023.
Last year, the CarDekho group discontinued its used car franchise retail and consumer-to-dealer businesses owing to inviable unit economics and the strategic decision of prudent capital allocation moving towards asset-light business model, the company said.
"The group remains a market leader in Autotech and handles transactions worth over USD 2.2 billion (on ARR basis) annualised. It also has a significant cash reserve of over Rs 12,000 million (Rs 1,200 crore) at group level dedicated to growth projects both organically and inorganically," the company said.
It also said a focus on optimising unit economics has also allowed core businesses to turn EBITDA-positive in the first two quarters this fiscal as well as net income positive for the second quarter to drive profitable growth.
Founded in 2008, CarDekho Group operates in insurtech fintech as well as in automobile content portal space.
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