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This small-cap stock dropped 7% in trade on May 24; dividend announced

Landmark Cars' net profit dropped over 54 per cent to about Rs 11 crore in the fourth quarter of financial year 2024 (Q4FY24), from Rs 24.3 crore in the same quarter previous fiscal (Q4FY23)

Image courtesy: Mercedes-Benz

Image courtesy: Mercedes-Benz

SI Reporter New Delhi

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Landmark Cars stock slips: Sales financing company Landmark Cars’ stock fell as much as 6.97 per cent to hit an intraday low of Rs 712.05 per share on Friday.

This comes after Landmark Cars announced its results for the fourth quarter and the 2023-24 financial year on Thursday, May 23. 

Landmark Cars’ net profit dropped over 54 per cent to about Rs 11 crore in the fourth quarter of financial year 2024 (Q4FY24), from Rs 24.3 crore in the same quarter previous fiscal (Q4FY24). Sequentially, the company’s net profit declined over 40 per cent, from Rs 18.5 crore in the December quarter (Q3FY24).

However, the company’s revenue from operations surged 1.2 per cent to Rs 864 crore inQ4FY24, from Rs 854 crore in the same quarter last year. The company’s revenue from operations for the entire FY24 dropped about 3 per cent to Rs 3,287.9 crore against Rs 3,382.4 crore in FY23.

Landmark Cars’ earnings before interest, tax, depreciation and amortisation (Ebitda), also known as operating profit, slipped approximately 12 per cent to Rs 53.4 crore as compared to Rs 60.70 crore in the same quarter previous year. 

Ebitda margin, meanwhile, dropped 90 basis points (bps) to 6.2 per cent in Q4FY24, from 7.1 per cent in the same quarter a year ago (Q4FY23). 

The board of directors have recommended a final dividend of Rs 1.50 per share for FY24.  

The market capitalisation of the company is Rs 2,975.33 crore, according to Bombay Stock Exchange (BSE). The 52-week high of the stock is Rs 901.95 while its 52-week low is Rs 658.70 per share.

At 12:48 PM, Landmark Cars stock was trading 5.94 per cent lower at Rs 719.95 per share. By comparison, S&P BSE Sensex was trading marginally higher (0.04 per cent) at Rs 75,444.68 apiece.

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First Published: May 24 2024 | 1:01 PM IST

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