Popular Vehicles clocks Rs 4,275 crore in 9M FY24, registers 19% growth 

Popular Vehicles and Services, one of India’s leading fully-integrated automotive dealership players has reported its financial results for the quarter and nine months - April 2023 to December 2023  - ended December 31, 2023.

The company reported 19.4% growth in 9M FY24 period and clocked Rs 4,275 crore in revenues (9M FY23: Rs 3,581.6 crore). It also reported an EBITDA growth of 23% to Rs 216.7 crore (9M FY23: Rs 176.1 crore).

Its profit after tax (PAT) increased by 12.5% to Rs 56 crore for the nine months period ended 31 December 2023 from Rs. 49.7 crore for the nine months period ended 31 December 2022.

In the October to December 2023 period or Q3 FY24, the company registered a total revenue growth of almost 17 percent to Rs 1,426.5 crore (Q3 FY23: Rs 1,220.4 crore). The EBITDA in the same period grew by 35.3 percent to Rs 70.8 crore (Q3 FY23: 52.3 crore). The Q3 FY24 PAT increased by 50.2% to Rs 15.9 crore (Q3 FY23: Rs 10.6 crore). 

According to Naveen Philip, Managing Director, Popular Vehicles & Services, “We are pleased to announce Q3FY24 results following our successful listing on India’s stock exchanges. Building on the momentum gained in FY23, Popular Vehicles & Services Limited continues to show improving margin trends (EBITDA for the 9 months period ended December improved from 4.9% in December 2022 to 5.1% in December 2023).”  

“FY24 marks a significant milestone in our company's journey as we successfully went public, buoyed by the unwavering support of our esteemed shareholders. We extend our heartfelt gratitude to the one lakh investors who have joined the Popular Vehicles & Services Limited family, contributing to the resounding success of our IPO,” he added. 

“Looking ahead, while we remain committed to exploring new avenues for growth and profitability, we reiterate our commitment to excellence in automotive dealerships and unparalleled customer satisfaction. With confidence in our ability to sustain this growth momentum, we are poised to chart a successful course forward,” Philip signed off.