CARTRADE TECH LIMITED - MONEYCONTROL
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CarTrade Tech Limited
IPO Note 9th August 2021India Equity Research II IPO Note II 9th August 2021 Page 2
CarTrade Tech Limited
Issue Opens On Issue Closes On Price Band (INR) Issue Size (INR Cr) Rating
Aug 9, 2021 Aug 11, 2021 1585-1618 2999 SUBSCRIBE
CarTrade Tech Limited or “CTT” is a multi-channel auto platform with coverage and presence across vehicle types
and value-added services (Source: RedSeer Report). Its platforms, CarWale and BikeWale, ranked number one on
relative online search popularity when compared to their key competitors over the period from April 2020 to March
2021, while Shriram Automall is one of the leading used vehicle auction platforms based on number of vehicles listed
for auction for the financial year 2020. CTT’s pan-India operations allow it to offer a variety of solutions across the
automotive transaction value chain for marketing, buying, selling and financing of new and pre-owned cars, two-
wheelers as well as pre-owned commercial vehicles and farm and construction equipment.
OFFER STRUCTURE
Particulars IPO Details Indicative Timetable
Offer Closing Date Aug 11, 2021
No. of shares under IPO (#)
1,85,32,216
Finalization of Basis of Allotment with Stock Exchange On or about 17th Aug 2021
Net offer (# shares)
1,85,32,216 Initiation of Refunds On or about 18th Aug 2021
Price band (INR) 1585-1618 Credit of Equity Shares to Demat accounts On or about 20th Aug 2021
Post issue MCAP (INR Cr.) 7,416 Commencement of Trading of Equity shares on NSE On or about 23th Aug 2021
Source: IPO Prospectus Source: IPO Prospectus
Issue # Shares INR in Cr % Objects of the Offer:
Carry out the Offer for Sale of up to 18,532,216 Equity Shares by the Selling
QIB 92,66,108 1,499 50%
Shareholders (INR 2,999 Cr)
Achieve the benefits of listing the Equity Shares on the Stock Exchanges
NIB 27,79,832 450 15%
Shareholding Pattern Pre-Issue (%) Post-Issue (%)
Promoters & Promoters Group 0.0% 0.0%
Retail 64,86,276 1,049 35%
Others 100.0% 100.0%
Net Offer 1,85,32,216 2,999 100%
Total 100.0% 100.0%
Source: IPO Prospectus Source: IPO Prospectus
Particulars (In INR Cr) FY19 FY20 FY21
Revenue 243 298 250
EBITDA 30 40 39
EBITDA Margin 12.1% 13.3% 15.8%
PAT 26 31 101
PAT Margin 10.7% 10.5% 40.5%
Net Worth 1287 1333 1762
RONW 1.4% 1.7% 5.4%
Source: IPO Prospectus
ANALYST KRChoksey Research Phone: +91-22-6696 5555, Fax: +91-22-6691 9576
Parvati Rai, head-research@krchoksey.com, +91-22-6696 5413 is also available on Bloomberg KRCS www.krchoksey.com
Thomson Reuters, Factset and Capital IQIndia Equity Research II IPO Note II 9th August 2021 Page 3
CarTrade Tech Limited
Company Overview
CarTrade Tech Limited or “CTT” is a multi-channel auto platform with coverage and presence across vehicle types and value-added
services. Its platforms, CarWale and BikeWale, ranked number one on relative online search popularity when compared to their key
competitors over the period from April 2020 to March 2021, while Shriram Automall is one of the leading used vehicle auction
platforms based on number of vehicles listed for auction for the financial year 2020 (Source: RedSeer Report). CTT’s pan-India
operations allow it to offer a variety of solutions across the automotive transaction value chain for marketing, buying, selling and
financing of new and pre-owned cars, two-wheelers as well as pre-owned commercial vehicles and farm and construction
equipment.
CTT platforms operate under several brands: CarWale, CarTrade, Shriram Automall, BikeWale, CarTrade Exchange, Adroit Auto and
AutoBiz. Through these platforms, company is targeting to create an automotive digital ecosystem which connects automobile
customers, OEMs, dealers, banks, insurance companies and other stakeholders, to help facilitate buying and selling of vehicles in a
simple and efficient manner. CTT has continuously recorded growth in unique visitors per month across its consumer platforms
CarWale, CarTrade and BikeWale which have risen from 19.27 million in FY19 to 25.66mn in FY21 and 27.11mn in 1QFY22 (88.14% being
organic visitors from unpaid searches). Similarly auction listings on Shriram Automall have grown from 709k in FY19 to 212,552
(1QFY22) and 814,316 (FY21). CTT’s business model is supported by the strength of its brands and its broad, scalable technology
platforms that ensure a superior customer experience and differentiate CTT from its competitors in the automotive market.
Diverse Platforms
Customers of CarWale, CarTrade and BikeWale come to the platforms to buy new or used cars/two-wheelers or to sell their
cars/two-wheelers. They can also research content and use tools such as vehicle reviews, price guides, specifications, images, used
vehicle inventory, vehicle finance offers and trade in tools. They can inquire about a new or used vehicle and CTT connects them to a
new or a used vehicle dealer or OEM. OEMs and dealers, on the other end, can showcase their vehicles and advertise their brands
and products on CTT’s platforms, besides benefitting from consumer insights, lead generation and data-driven solutions.
Additionally, a large number of customers can also avail of finance solutions from CTT which uses advanced technology and
integrations with banks and financial institutions to provide customized and policy-based auto finance approvals and offers.
Shriram Automall provides retail sellers, automotive dealers, financial institutions, insurance companies, fleet and individual
operators, leasing companies, OEMs and other institutional sellers with fast and convenient solutions to sell their used vehicles at
scale. Buyers for these vehicles include end users, vehicle dealers and vehicle fleet and individual operators. Auctions are conducted
online as well as offline at CTT’s 114 automalls.
CarTrade Exchange is an online auction platform and a used vehicle ERP system. Shriram Automall uses CarTrade Exchange to sell
vehicles through online auction to CarTrade Exchange’s users which comprise consumers, business sellers, dealers and fleet owners.
Adroit Auto provides on-site inspections and valuations to a wide range of companies within the insurance and banking space.
Adroit’s valuation and inspection services is also used by clients of Shriram Automall as clients typically request independent
valuation reports before a vehicle is sent for auction.
AutoBiz is CTT’s cloud-based CRM tool used by new vehicle dealers to manage their sales leads, service follow ups and monitor sales
teams’ performance.
Revenue Streams
CTT has multiple revenue streams comprising:
a) commission and fees from auction and remarketing services of used vehicles for retail customers, banks and other financial
institutions, insurance companies, OEMs, leasing companies, and fleet and individual operators (INR 1,42 Cr);
b) online advertising solutions on CarWale, CarTrade and BikeWale for OEMs, dealers, banks and other financial institutions;
c) lead generation for OEMs, dealers, banks and other financial institutions and insurance companies;
d) technology-based services to OEMs, dealers, banks and other financial institutions and insurance companies (combined
revenue for (b), (c) and (d) is INR 88 Cr); and
e) inspection and valuation services for banks and other financial institutions, insurance companies and OEMs (INR 176.92 million).
(all numbers relating to FY21)
ANALYST KRChoksey Research Phone: +91-22-6696 5555, Fax: +91-22-6691 9576
Parvati Rai, head-research@krchoksey.com, +91-22-6696 5413 is also available on Bloomberg KRCS www.krchoksey.com
Thomson Reuters, Factset and Capital IQIndia Equity Research II IPO Note II 9th August 2021 Page 4
CarTrade Tech Limited
CTT’s CarWale and BikeWale ranked number one on relative online search popularity when compared to their key competitors over
the period from April 2020 to March 2021, while Shriram Automall is one of the leading used vehicle auction platforms based on
number of vehicles listed for auction for FY2020 (Source: RedSeer Report). Among its key competitors, CTT was the only profitable
automotive digital platform for the financial year 2020 (Source: RedSeer Report). CTT has been able to develop strong brands and
create client confidence while delivering on trust, quality and reliability. As a result, it has been able to influence their consumption
behaviour through superior consumer experience, which is reflected by an average time per visit of 3 minutes and 7 seconds during
1QFY21 on the CarWale website.
CTT has a large data set on vehicles in India. Its websites and apps handled ~1.76mn and 2.15mn user sessions per day over 1QFY22
and FY21 respectively and directly deliver the relevant data into its systems. Company employs a large team of statisticians and data
scientists which have developed complex and proprietary algorithms to transform the data feed into useable information that
power CTT’s platforms and scale as traffic increases. This information is reported and presented through company’s web and mobile
user interface that is immersive, simple and intuitive. Company also leverages its market-leading position and growing audience to
provide valuable inputs to automotive dealers and manufacturers, helping them develop digital marketing strategies through
consumer insights and innovative products, and connect with customers more effectively.
As of and for the
Three
Financial
Particulars months Three months ended Financial year ended
year ended
ended
June 30, March 31, December September June 30, March 31, March 31,
March 31, 2021
2021 2021 31, 2020 30, 2020 2020 2020 2019
Average Monthly Unique Visitors, 27.11 25.66 31.99 29.96 25.32 15.35 20.51 19.27
including on apps (in millions)
Average Monthly Unique Organic 24.85 23.42 29.26 27.28 22.99 14.14 14.54 13.04
Visitors (in millions)
Number of Vehicles Listed for 212,552 814,316 258,504 213,090 173,809 168,913 809,428 709,190
Auction
Percentage of Organic Unique 88.14% 88.44% 87.00% 87.00% 88.92% 93.85% 66.65% 64.67%
Visitors
Number of Vehicles Sold by 30,133 156,689 62,994 45,370 31,131 17,194 197,986 199,529
Auctions
Source: IPO Prospectus
ANALYST KRChoksey Research Phone: +91-22-6696 5555, Fax: +91-22-6691 9576
Parvati Rai, head-research@krchoksey.com, +91-22-6696 5413 is also available on Bloomberg KRCS www.krchoksey.com
Thomson Reuters, Factset and Capital IQIndia Equity Research II IPO Note II 9th August 2021 Page 5
CarTrade Tech Limited
INVESTMENT RATIONALE
Leading marketplace enabling automotive sales through a synergistic ecosystem
CTT’s platforms, CarWale and BikeWale, have ranked number one on relative online search popularity when compared to their key
competitors and Shriram Automall is one of the leading used vehicle auction platforms based on number of vehicles listed for
auction. It has also been the only profitable automotive digital platform in India and amongst a few globally (Source: RedSeer
Report). CTT has been able to offer a variety of solutions across the automotive transaction value chain through a multi-channel auto
platform.
Source: IPO Prospectus, RedSeer Report
Driving Powerful Network Effects through Brands and Customer Experience
CTT has been able to develop strong brands which enjoy customers trust and affinity. The sector in which company operates in
requires trust, quality and reliability in order to win consumer attention and confidence. CTT’s has been able to offer a superior
experience to its diverse stakeholders through its large inventory selection, trust and transparency and intuitive search results.
Company’s recognizable brands and the quality and reliability of user experience and interface have helped grow consumer traffic
across the platforms. The network effects of this brands-based growth are significant and create a positive feedback loop. While
more listings and more transactions lead to better brand awareness, increased utilization of consumer and auction platforms adds
incremental information to its proprietary database and algorithm, thereby increasing the utility of data and analytics platforms. All
of these helps the company to further attract and retain automobile customers at various points of the vehicle buying and selling
process, creating network effects which in turn increases the stickiness of automotive dealers, OEMs, financial institutions, fleet
owners and other stakeholders to our platforms and creates higher entry barriers for new market entrants
Proprietary End-to-End Technology Platforms
CTT has developed strong, end-to-end technology platforms which can offer a seamless, scalable solution to its customers. It has a
large team of 221 technology employees located at its three technology centers. The platforms use machine learning (“ML”) and
artificial intelligence (“AI”) to advance its proprietary pricing, marketing and inventory technology to enhance customer experience.
CTT leverages the proprietary technology platforms and analytics and data frameworks to guide consumers on various aspects of
vehicle buying journey, besides offering a suite of products and solutions to third parties including automotive dealers, OEMs,
financial institutions or fleet owners. Its white-labelled solutions in CRM, used car ERP and other areas have been used by or licensed
to BMW India and MG Motor India among others.
Focus on Data Science to Provide Superior Solutions
Through customer engagement and utilisation across various platforms, CTT generates a large volume of data on vehicles in India. It
has the tools to gather and analyze vehicle sales happening through its auctions, as well as vehicles offered for sale by dealers on
customer platforms using data science and proprietary algorithms based on a variety of factors. CTT’s statisticians and data
scientists have developed complex and proprietary algorithms to leverage the data to provide pricing tools, product reviews,
market insights and reports to consumers, dealers, financial institutions and OEMs through web and mobile user interfaces in an
engaging and easy to understand way. The quantitative data analysis also produces insights to maximize operational metrics. Data
science propels the new car recommendation tool, besides maximizing relevance of CTT’s digital advertisements to visitors on its
platforms. Company sees its data analytics-driven decision making providing it with a key competitive advantage in designing
offerings which can be deployed to third parties such as dealers, OEMs, fleet owners, financial institutions and other stakeholders.
Profitable and Scalable Business Model
CTT has been profitable since FY2019 and the only profitable automotive digital platform for FY2020 compared to its key
competitors in India (Source: RedSeer Report). It has been operating on an asset-light business model, operating only 114 automalls, a
large majority of which is leased or rented. The company has invested significantly in building technology platforms which can scale
and manage increased offerings without requiring sizable additional investments. Company has managed to build a profitable and
scalable business model, with significant growth potential given its strong brands, longstanding relationships with customers,
dealers and other stakeholders, with ability to expand suite of offerings. Investments in technology have made the platforms
scalable in a highly capital-efficient manner, while the asset-light business model will allow it to surplus cash for acquisitions.
ANALYST KRChoksey Research Phone: +91-22-6696 5555, Fax: +91-22-6691 9576
Parvati Rai, head-research@krchoksey.com, +91-22-6696 5413 is also available on Bloomberg KRCS www.krchoksey.com
Thomson Reuters, Factset and Capital IQIndia Equity Research II IPO Note II 9th August 2021 Page 6
CarTrade Tech Limited
Forward Strategy
Leverage leadership status to capitalize growth in sector
Indian automotive market has been growing at a fast pace and is expected to become the 3rd largest automotive market in the
world in terms of volume by 2025. Given that vehicle penetration remains one of the lowest in the world (~22 cars per thousand
people in 2019), there is substantial headroom for growth. Annual new car sales in India are expected to grow from 2.7mn new cars
in FY21 to 4.4mn in FY26, while annual used car sales will grow from 4.4mn in FY20 to 8.3mn by FY26. Annual new 2W sales in India
are also expected to grow from 15.1mn in FY21 to 26.6mn in FY26 (Source: RedSeer Report). Rise in digitalization of the automotive
sector would spurt growth in digital marketing spend by OEMs, which should boost CTT’s advertisement income due to its market
leadership and brand strength. Also, higher dealer spending on online services can be expected to favour the strongest brands and
platforms which should mean higher revenues for CTT. There’s also large opportunity for CTT’s Shriram Automall in the second-hand
CV market, where transactions are traditionally driven through middlemen, causing inefficiencies and information asymmetry.
Business growth and diversification through digital ecosystem and online-offline presence
CTT’s multi-vehicle approach has helped increase efficiencies and profitability as the services and technology can be leveraged and
applied across categories. Majority of banks, insurers and vehicle accessory companies work across categories, making it easier for
CTT to position itself as a go-to-partner in the vehicle ecosystem. It already enjoys strong relationships and integration with a variety
of stakeholders in addition to a large customer base, enabling it to create and build products and services quickly and efficiently,
thereby providing wider opportunities to grow the business. Company’s online platforms are supplemented by a physical presence
through Shriram Automall and the CarWale franchisee network comprising a select number of used car dealers who carry the
CarWale brand. The online and offline pan-India presence should help CTT to efficiently grow products portfolio and service
customer needs across touch points.
Monetize Value-Added Services and Untapped Opportunities
Company has invested in technology to build scalable proprietary technology solutions, while facilitating vehicle transactions. CTT
expects the technologically advanced online experience attracts a large and quality customer base that should be of a great value to
vehicle dealers and OEM partners. Company’s unique visitor traffic on online platforms, dealer base and ecosystem approach of
connecting OEMs, banks and other stakeholders, together provide an opportunity to grow new business lines with relatively lower
costs in terms of entry and customer acquisition. This in turn should lead to creation of an end-to-end marketplace providing a
comprehensive set of offerings. CTT would look to increase monetization opportunities by introducing complementary, value-added
products and services to improve the experience of buying, selling and owning vehicles.
Technology to attract further investment
CTT needs to continue providing relevant and timely information through enhanced user experience which entails further
investments in technology including AI and ML capabilities. Also, efforts to further digitalize offline elements of the customer’s
vehicle buying journey would command investments in technology. Wherever possible, company will also improve and add to the
technology offerings for dealers, OEMs and other stakeholders to help them work in an efficient and digitally optimized manner.
Selective acquisitions Supplement Organic Growth with Selective Acquisitions
CTT has acquired and successfully consolidated multiple businesses in the past and are well positioned to take advantage of
expected consolidation in the industry. With a war chest of over INR 600 Cr at its disposal, it will look to be both opportunistic and
disciplined while pursuing value-enhancing investments and acquisitions. It has well demonstrated strengths in market reach and
efficient advertising solutions, coupled with proven track record for developing innovative and complementary products and
services. These should help drive revenue generation and efficiency gains in acquired businesses, apart from synergy benefits across
platforms. CTT’s earlier acquisitions include CarWale in 2016, AISPL in 2017 and Shriram Automall in 2018, all of whom have added to
its top-line and bottom-line. Given its expertise and track record of identifying appropriate targets, successfully integrating them and
helping them grow, it should be able to create synergies and drive growth through inorganic route.
Management
Vinay Vinod Sanghi, Chairman, Managing Director and CEO
He has been managing CTT since 2009 as CEO; has over 30 years of experience in the automobile industry having worked earlier with
Mahindra First Choice Wheels Limited and Project Automobiles (Bombay) Private Limited. Holds a Bachelor’s in Commerce from the
University of Bombay
Victor Anthony Perry III, Non-executive director
Earlier worked as President and CEO of TrueCar Inc.; holds a BS in Civil Engineering from the University of Virginia and an MBA from
the Harvard University
Aneesha Menon, ED and CFO
Joined Automotive Exchange (an erstwhile Subsidiary which was subsequently amalgamated with Cartrade Tech) in 2015 and later
appointed as the CFO of CTT in 2020; previously employed with S. R. Batliboi & Co. LLP and has 13 years of experience in the field of
finance; CA from ICAI
ANALYST KRChoksey Research Phone: +91-22-6696 5555, Fax: +91-22-6691 9576
Parvati Rai, head-research@krchoksey.com, +91-22-6696 5413 is also available on Bloomberg KRCS www.krchoksey.com
Thomson Reuters, Factset and Capital IQIndia Equity Research II IPO Note II 9th August 2021 Page 7
CarTrade Tech Limited
Outlook and Valuation:
CTT has been recording strong financial performance, aided by successful acquisitions made over years. Revenue from operations
for FY21 was INR 250 Cr, flat versus INR 243 Cr in FY19 and 16% lower compared to INR 298 Cr in FY20 due to Covid-19 impact.
Company has been able to leverage operations over a broader revenue base, driving growth in margins. EBITDA grew at a CAGR of
15.5% over FY19-FY21 to INR 39 Cr. Restated profit for the year was INR 101 Cr which included deferred tax credit of INR 64 Cr.
Excluding the tax credit, PAT grew at a CAGR of 40% over FY19-21 to INR 36 Cr.
Company has been able to create a synergistic automotive ecosystem, addressing needs of consumers and institutional
stakeholders through a diverse bouquet of products and services. Given its leadership status, CTT is well positioned to leverage
growth in automotive market. At IPO’s higher price band of INR 1,618, company is valued at a Price to Sales ratio of 29.7x in FY21.
While there are no comparable valuations since there are no listed players in the industry, we have tried looking at the listed
startups in the US which reflect that Mcap to Sales ratio varies significantly, not in the least due to size and stickiness of revenues
and profit margins. Considering sector outlook, strong brands, leadership status, profitable and scalable business model along
with scope for additional offerings and monetization possibilities, we recommend a ‘Subscribe’ to CTT’s issue with a long term
perspective.
Peer Comparison:
Sales (TTM, Mkt Cap Px /
Company Name Description Profitability
USD Bn) USD Bn Sales
250 7416
CarTrade Online/offline and synergistic automotive ecosystem (INR Cr) (INR Cr) Y 29.7
Vroom Online Used-Car Seller 1.57 5.12 N 3.3
online used car retailer and also the fastest growing used
Carvana car dealer in the US 6.73 59.65 N 8.9
LMP E-commerce and facilities-based platform for consumers
Automotives who desire to buy, sell, and subscribe to vehicles 0.06 0.17 N 3.0
Cars.com Inc is an online destination for buying and selling
Cars.com new and used vehicles 0.552 0.89 N 1.6
digital marketplace that connects buyers and sellers for the
ACV Auctions online auction of wholesale vehicles. 0.24 4 N 15.6
Source: IPO Prospectus, KRChoksey Reasearch
Risks and Concerns:
• Decline in demand for car or vehicle ownership: Demand for vehicles sold through CTT’s online platforms may be adversely
affected by trends that lead to a decline in demand for cars. A growing share of younger people are seen as lacking interest in
vehicle ownership and settling for ride-hailing / ride-sharing service and public transportation instead which could impact overall
demand for vehicles.
• Impact of Covid-19 pandemic including lockdowns and restrictions: CTT witnesses weaker demand for personal mobility and
business activity during the first few months of the COVID-19 pandemic and during FY22, leading to decline in average number of
unique visitors per month on to 27.11mn in 1QFY22 vs 31.99mn in 4Q21.
• Disruptions, failures or breaches of technology platforms: CTT depends on efficient and uninterrupted operations of its
technology platforms since the vehicle transactions through its websites and apps is the core of CTT’s business, including its
proprietary pricing algorithms.
• Failure to protect personal information and other data could impact reputation and brands: Customers provide personal
information and data while engaging with CTT’s online platforms which the company collects, processes, stores, shares, discloses
and uses. CTT relies on various security measures while effecting secure transmission of such information and depends both on
internal security of networks and, in part, on the security of third-party service providers. Unauthorized use of, or inappropriate
access to, our Networks and systems could potentially jeopardize the security of such confidential information.
• Impact of fraudulent behavior of sellers or purchasers of used vehicles listed on platforms: CTT has experienced fraudulent
behaviours and transactions in the past. Given the large number of listings, CTT does not check publicly available registers for all of
these vehicles and remains prone to more of such transactions in future.
ANALYST KRChoksey Research Phone: +91-22-6696 5555, Fax: +91-22-6691 9576
Parvati Rai, head-research@krchoksey.com, +91-22-6696 5413 is also available on Bloomberg KRCS www.krchoksey.com
Thomson Reuters, Factset and Capital IQIndia Equity Research II IPO Note II 9th August 2021 Page 8
CarTrade Tech Limited
Financials:
Income Statement (INR Cr) FY19 FY20 FY21
Total Revenue from Operations 243 298 250
EBITDA 30 40 39
EBITDA Margin (%) 12.1% 13.3% 15.8%
Other Income 24 20 32
Depreciation 15 17 20
EBIT 38 42 51
Interest expense 2 3 4
Exceptional Item 0 0 0
PBT 35 39 47
Tax 10 8 -54
Share of Profit / MI 0 0 0
PAT (Stated) 26 31 101
EPS (INR) 3.9 5.1 19.2
CashflowStatement (INR Cr) FY19 FY20 FY21
Net cash flow from operating activities 35 17 35
Net cash flow used in investing activities -18 -8 -341
Net cash flow generated from / (used in ) in financing activities -8 -11 308
Net increase / (decrease) in cash and cash equivalents 9 -2 2
Opening Cash and cash equivalents 12 22 20
Closing Cash and cash equivalents 22 20 22
ANALYST KRChoksey Research Phone: +91-22-6696 5555, Fax: +91-22-6691 9576
Parvati Rai, head-research@krchoksey.com, +91-22-6696 5413 is also available on Bloomberg KRCS www.krchoksey.com
Thomson Reuters, Factset and Capital IQIndia Equity Research II IPO Note II 9th August 2021 Page 9
CarTrade Tech Limited
Balance Sheet (INR Cr) FY19 FY214720 FY211
ASSETS
Fixed Assets 75 86 99
Capital work-in-progress - - -
Other Intangible Assets 38 31 25
Goodwill 898 898 898
Investments Non Current Assets
2 21 18
Other Financial Assets 3 5 25
Other Non-Current Assets 17 14 78
Total non – current assets 1032 1055 1144
Inventories 1 - 2
Investments Current Assets 285 274 627
Trade Receivables 36 47 47
Cash & Cash Equivalents 22 20 22
Bank Balances - 2 2
Other Current Financial Assets 9 21 31
Current Tax Assets (Net) 1 2 -
Other current assets 15 13 6
Loan 26 38 49
Total current assets 395 416 786
Total Assets 1427 1470 1930
LIABILITIES
Equity Share Capital 3 3 4
Reserves 1228 1259 1677
Non controlling interests 56 70 82
Net Worth 1287 1333 1762
Other Financial liablities - Non Current 25 39 51
Tax Liablities - Non Current 10 8 6
Other Non-Current liabilities - - -
Total Non-Current Liabilities 35 47 57
Trade Payables 18 20 22
Other Financial Liabilities - Current 72 57 67
Provisions 3 3 3
Other current liabilities 12 11 18
Total Current Liabilities 105 91 110
Total Liabilities 140 138 168
Total Equity and Liabilities 1427 1470 1930
ANALYST KRChoksey Research Phone: +91-22-6696 5555, Fax: +91-22-6691 9576
Parvati Rai, head-research@krchoksey.com, +91-22-6696 5413 is also available on Bloomberg KRCS www.krchoksey.com
Thomson Reuters, Factset and Capital IQIndia Equity Research II IPO Note II 9th August 2021 Page 10
CarTrade Tech Limited
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my views about the subject issuer(s) or securities. I also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s)
in this report.
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