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Landmark Cars Ltd.
Q3FY23 Quarterly Result Announced for Landmark Cars Ltd.
Specialty Retail firm Landmark Cars announced Q3FY23 results:
Consolidated Q3FY23:
- Proforma revenue (including the value of cars sold under Mercedes Benz Agency Model) for the quarter saw a 23% upsurge on a YoY basis to reach Rs 12,031 million.
- Gross profit for Q3FY23 stood at Rs 1,629 million as compared to Rs 1,385 million in Q3FY22.
- In Q3FY23, EBITDA stood at Rs 734 million as compared to Rs 539 million in the corresponding quarter last year.
- In Q3FY23, PAT stood at Rs 258 million (after exceptional item loss of Rs 64 million) as compared to Rs 191 million in Q3FY22.
Consolidated 9MFY23:
- Proforma revenues (including the value of cars sold under Mercedes Benz Agency Model) grew by 41% on a YoY basis to reach Rs 33,824 million and crossed our full year performance during FY22. This growth was driven by solid performance across both new car and after sales verticals.
- Gross profit for 9MFY23 stood at Rs 4,560 million as compared to Rs 3,369 million in 9MFY22.
- With a strong operating leverage in play, we recorded our highest ever EBITDA of Rs 1,908 million (45% YoY growth). EBITDA in the nine month period has already surpassed our full year EBITDA for FY22.
- Our PBT before exceptional items also followed a better growth trajectory and stood at Rs 853 million (51.5% YoY growth). Having repaid Rs 1,380 million, we expect to record significantly lower interest expense from Q4FY23 onwards which will further elevate our profitability.
- In 9MFY23, PAT stood at Rs 608 million (after exceptional item loss of Rs 103 million) as compared to Rs 471 million in 9MFY22.
Commenting on the performance Mr. Sanjay Thakker, Promoter and Chairman, Landmark Cars Limited said, “This has been a momentous quarter for the company with the recent listing on stock exchanges, working on new initiatives internally and launching deliveries of a new OEM partner. We would like to thank all our stakeholders for the confidence shown in us and as our tag line suggests – You Drive Us!
The Indian car market is witnessing a radical shift towards premium brands. The premium cars growth is outshining the overall growth in the Indian cars industry. Global OEMs are looking at India as a prominent market with substantial growth potential. Landmark with its portfolio of premium brands is fully geared to capture a lion’s share of this growth.
We recorded our best ever performance over this nine-month period. Our proforma revenues, which include value of cars sold under the Mercedes-Benz Agency Model, grew by 41% YoY, with our PAT growing by 30% YoY (after exceptional Loss of Rs. 103 Mn).
Recent awards won by Landmark are a testament of our leadership position in the Indian premium cars market. Our stellar performance during the nine-month period demonstrates underlying strength of our comprehensive business portfolio. The formidable position we have been in, over the years will only further solidify with streamlined, efficient operations, an incredible talent pool delivering high-quality customer service and further strengthening the deep OEM relationships and networks built over the years.”
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