Landmark Cars inks LoI with M&M for opening showrooms, workshops in Hyderabad

Landmark Cars announced that it has signed a letter of intent with Mahindra & Mahindra (M&M) for opening three showrooms and four workshops in Hyderabad.

These outlets will be established in one of the wholly owned subsidiaries of Landmark Cars, namely, Landmark Mobility Private Ltd.

The company already has three Mahindra & Mahindra outlets in West Bengal.

This strategic initiative underscores Landmark's commitment to solidifying its presence in the vibrant Hyderabad market. Mahindra & Mahindra will be the third dealership for Landmark Cars in Hyderabad, after Mercedes-Benz and Kia.

"This is in line with the companys strategy of horizontal expansion with fast-growing, premium brands and vertical expansion by going deep into an identified geography, Landmark Cars said in a statement.

Landmark Cars is the leading premium automotive retail business in India with dealerships for Mercedes Benz, Honda, Jeep, Volkswagen, BYD, Renault, Mahindra & Mahindra and MG Motors. The company also caters to the commercial vehicle retail business of Ashok Leyland in India.

The company reported 28.85% decline in consolidated net profit to Rs 184.81 crore in Q3 FY24 as compared with Rs 258.31 crore in Q3 FY23. Revenue from operations increased 9.49% to Rs 959.24 crore in Q3 FY24 from Rs 876.13 crore in Q3 FY23.

The scrip had risen 0.56% to end at Rs 768.20 on the BSE on Friday.

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