Landmark Cars Q2FY24 net profit surges 22% to Rs. 20.5 crore
The company's proforma revenues stood at Rs 1120 crore during Q2 FY24 as against Rs 1148 crore in Q2 FY23.
Landmark Cars Limited, a leading luxury and premium automotive retail chain reported a consolidated net profit of Rs 20.5 crore during Q2FY24 compared to Rs. 16.8 crore in Q2 FY23, indicating a rise of 22% YoY. The company's revenues, correspondingly, stood at Rs 770 crore in Q2 FY24 as against Rs 852 crore in Q2FY23.
The company's proforma revenues, on the other hand, stood at Rs 1120 crore during Q2 FY24 as against Rs 1148 crore in Q2 FY23. The proforma revenue includes the reported revenue plus the value of cars sold under the Mercedes-Benz model-less agency commission.
Sanjay Thakker, Promoter and Executive Chairman, Landmark Cars Limited, said, “The automotive retail industry in India continued its growth trajectory with sustained demand for premium and luxury vehicles. The aftersales and spares business showed strong growth underlying its predictable nature and should sustain its growth in the coming quarters. We have seen improving vehicle supplies from OEM’s September onwards.
"Going ahead, we foresee steady growth attributed to the synergy of new product launches, a strong pipeline for organic and inorganic expansion, and an overall stabilization of our vehicle lineup, coupled with our after-sales & service business and deeper foray into the pre-owned vehicles sales business.” he added.
Landmark Cars Limited is the leading automotive retail business in India with dealerships for Mercedes-Benz, Honda, Jeep, Volkswagen, BYD, MG, Mahindra and Renault. The company also caters to the commercial vehicle retail business of Ashok Leyland in India. Company has its presence across the automotive retail value chain, including sales of new vehicles, after-sales service and repairs, sales of pre-owned passenger vehicles and facilitation of the sales of third party financial and insurance products.
The money will be used to provide necessary flood relief and support for the communities affected by the cyclone.
Ashok Leyland is one of the oldest corporates in Tamil Nadu.