NEW DELHI, Oct 31: Pre-owned vehicle sale, purchase and financing platform CARS24 has reported narrowing of loss at Rs 468 crore for the 2022-23 financial year.
The company had reported a loss of Rs 1,093 crore in 2021-22 fiscal.
Revenue from operations rose to Rs 5,535 crore in 2022-23 fiscal, as compared to Rs 5,136 crore in FY22, it said in its latest annual report.
The company stated that with narrowing of losses in FY23, it expects to turn profitable in the coming years.
“We are committed to seizing the dominant position in India’s used-car market and will persistently invest in cutting-edge technology and innovative solutions to deliver an unparalleled user experience,” it noted.
The company said it has substantially reduced advertising expenses even as it maintains consistent growth.
“In the used-car category, we’ve attained the highest level of brand awareness, powered by strong word-of-mouth that has enabled us to cut down on our marketing expenditure,” CARS24 said.
By solving for process efficiency, automation and implementing these changes across the organisation, the company has achieved substantial cost reductions, it added.
“These cost savings, in turn, have allowed us to reallocate resources to areas such as technology development, ensuring we’re well-positioned for the long-term and can continue to provide exceptional value to our customers,” the company said.
CARS24 total operating expense in FY23 stood at Rs 947 crore, as compared to Rs 1,155 crore in FY22. (PTI)
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