Shares of this auto-dealer company under the ‘small-cap’ category gained approximately 7 percent in Monday’s trading session after the company announced a foray of business in South India. In the past six months, the company’s stock has gained nearly 25 percent for its stakeholders.
With a market capitalization of Rs 3,468.77 crores, the stocks of Landmark Cars Limited opened their trading session on Monday at Rs 828.05 and currently trades at Rs 845, gaining around 7 percent compared to the previous closing levels of Rs 793.10 apiece. The scrip hit its 52-week high today at Rs 874.50.
Such bullish stock price behavior was witnessed after the company, through a regulatory filing with the Bombay Stock Exchange (BSE) dated 16th December 2023, announced a foray into South India.
The auto dealer received approval from ‘Mercedes-Benz India’ for opening a workshop in Hyderabad, Telangana and the same will be established by the listed company.
“It is very exciting that Landmark is going to break ground in its tenth Indian state with this workshop. Further, this marks Landmark’s foray into the Southern part of the country. This collaboration strengthens the partnership between two industry leaders, each known for their commitment to customer excellence.”, commented Mr. Sanjay Thakker, Chairman & Executive Director, Landmark Cars Limited.
Recently, the company also received a Letter of Intent (LoI) from ‘MG Motor India Private Limited’ for opening a dealership in Ahmedabad, Gujarat thereby strengthening its position in the state.
According to the latest financials available, the company, during the recent quarters, reported an increase in the prime business indicators such as operating revenues and net profits.
The former rose from Rs 693 crores during Q1FY23-24 to Rs 770 crores during Q2FY23-24, and, the latter, in congruence with the pattern, nearly tripled from Rs 7 crores to Rs 20 crores.
As per the recent presentations of the company, the share of sales from Jeep Mercedes-Benz comprises 24.20 percent and 16.40 percent of the total sales of the company respectively.
Landmark Cars Limited is an India-based company that has a presence across the automotive retail value chain including the sale of new vehicles, after-sales service, repairs, etc. Generating entire revenue from domestic operations within India, the company’s sole operating segment pertains to dealerships of cars.
Written by Amit Madnani
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