Landmark Cars Q3 PAT drops 29% YoY to Rs 185 cr

Landmark Cars 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.

Profit before exceptional item and tax declined 23.7% YoY to Rs 26.06 crore. The exceptional item stood at Rs 0.05 crore in Q3 FY24, exceptional item represents the net impact of loss on discard of immovable property, plant and equipment along with liquidated damages on termination of lease and gain on termination of lease on account of closure of 7 non-viable, outlets of Renault dealership in Punjab and Haryana, replacing small workshop with a much larger workshop of Mercedes-Benz in Kolkata and relocating showroom of Mercedes-Benz in Gujarat for the strategic advantage.

EBITDA stood at Rs 671 crore in Q3 FY24, registering the growth of 3.81% as compared with Rs 697 crore in Q3 FY23. EBITDA margin stood at 6.99% in Q3 FY24 as against 7.96% in Q3 FY23.

The proforma revenue from operations increased 8.19% to Rs 1,301.6 crore in Q3 FY24 as compared with Rs 1,203.1 crore in Q3 FY23.

The company said that the period gone by saw an increase in investments on infrastructure and upfronting of operating expenses to build capacity. The new capacities along with increasing availability of products will start contributing to the business from the next FY.

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 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 scrip declined 1.08% to settle at Rs 821.45 on Friday, 9 February, 2024.

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