Cars24, a prominent pre-owned vehicle e-commerce platform, disclosed its financial performance for FY23. While the company reported a reduced profit before tax of Rs 467.8 crore (down from Rs 1,093.1 crore in FY22), it achieved an 8% increase in revenue, reaching Rs 5,535 crore. Notably, the firm improved its gross margin by 3.6 times. By reducing Ebitda losses by 68%, the company eyes future profitability. Cost savings were attained by streamlined processes and automation, allowing investments in technology. Additionally, its subsidiary, Cars24 Financial Services, reported impressive revenue growth and a milestone in loan disbursements. Cars24 aims to dominate the Indian used car market through innovation and technology.
Cars24 Reports Strong Growth and Reduced Losses, Aims for Profitability
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