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Landmark Cars profit nearly doubles in Q1, revenue climbs 22% YoY
Mercedes-Benz agency revenue made up 38% of Q1 revenue, while after-sales and spare parts rose 14.0% YoY to ₹268 crore.
Landmark Cars, a premium automotive retailer in India, posted a consolidated net profit of ₹14.5 crore for the quarter ended June, nearly doubling year over year with a 97.5% jump from ₹7.3 crore in the same period last year, according to an exchange filing cited by LiveMint.
The company said revenue from operations rose 22.47% YoY to ₹1,733 crore. Vehicle sales, including agency and pre-owned vehicles, increased 24.15% YoY to ₹1,465 crore, with Mercedes-Benz contributing 38% of revenue during the quarter under its agency model where Landmark earns commissions on each vehicle sold.
After-sales services, spare parts, and other businesses grew 14.04% YoY to ₹268 crore, with average service revenue per car rising to ₹27,172. Landmark also reported EBITDA of ₹75.2 crore, up 13.7% YoY, while EBITDA margin fell to 4.34% from 4.67% in the prior fiscal period.
Landmark Cars said its internal analysis of two brands with both internal combustion engine and electric vehicle models suggests higher EV penetration does not negatively affect after-sales revenue. It also announced a partnership with EV charging network ChargeZone that will provide Landmark EV customers wallet credits usable at ChargeZone locations, a deal expected to add a recurring revenue stream as its EV customer base grows.