Landmark Cars zooms 7% to record high on 41% rise in 9-month proforma revenue

The luxury car retailer clocked 41.3 percent year-on-year growth in proforma revenue at Rs 3,384 crore for nine-month period ended December FY23 (9MFY23).

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Shares of Landmark Cars rallied more than 7 percent intraday on January 18 on the back of over 41 percent growth in proforma revenue for nine months ended December 2022.

The stock hit a record high of Rs 598.80 on the NSE, rising more than 18 percent from its issue price of Rs 506. It listed on December 23, 2022 and was quoting at Rs 591, up 5.83 percent, at the time of writing this article.

The company will soon report its first quarterly as well as nine-month earnings for the first time after making its debut on the bourses last month.

The luxury car retailer clocked 41.3 percent on-year growth in proforma revenue at Rs 3,384 crore for the nine months ended December 2022.

“This nine-month period witnessed a strong revenue growth, with multiple tailwinds in the form of rising income levels, new models launched by partner OEM (original equipment manufacturer) and changing lifestyle preferences leaning towards a rise in premium /luxury automobile ownership,” the company said in its filing with exchanges.

The highly profitable after-sales business showed strong growth in the same period, it added.

As a part of revenue, proforma vehicle sales grew 43.76 percent to Rs 2,832 crore in the same period. Vehicle sales revenue in the period under discussion could have been higher as sales were impacted by chip shortage and supply chain disruption due to geo-political situation, Landmark Cars said.

The proforma revenue from operations includes the revenue from the sale of cars through agency model to enable a like-for-like comparison, as it said the dealership agreement of Landmark Cars and Landmark Cars East Private Limited for sale of new cars with Mercedes-Benz India (MBIL) has materially changed and converted to an agency model whereby all new car sales are made directly to customers by MBIL from October 1, 2021.

Under the agency agreement, customers now place orders through Landmark Cars directly to MBIL on which Landmark Cars and Landmark Cars East earn commission on the sale of each Mercedes-Benz car, it added.

Revenue from after-sales service and spare parts and other segments came in at Rs 552 crore for 9MFY23, growing 29.88 percent.

The total revenue from after-sales service and spare parts in the previous year was skewed in favour of the second half of the year due to partial Covid-19 lockdown in the first half, said the company.

During 9MFY23, Landmark Cars opened three outlets of BYD brand in Delhi-NCR and Mumbai, and two of Jeep in Navi Mumbai, while it replaced two small workshops with a much larger workshop of Mercedes Benz in Kolkata.

The company also shut down seven non-viable outlets of Renault in Punjab.

Last month, the company raised Rs 552 crore through a public issue comprising a fresh issue of Rs 150 crore and an offer-for-sale of Rs 402 crore by selling shareholders.

Out of the fresh issue proceeds, the company on January 17 said it had utilised Rs 138 crore as of December 2022 to repay its working capital loans in line with the utilisation of net proceeds as stated in prospectus.

Technically, the stock has formed a bullish candlestick pattern on the daily charts making a higher-high-higher-low formation, indicating positive mood among participants.

It has seen a breakout of horizontal resistance trend line adjoining January 9 and January 17 and also a decisive breakout of downward sloping resistance trend line adjoining January 6 and January 17.

The stock has been decisively holding its 9 DEMA (day exponential moving average Rs 549.84) as a support for last couple of weeks. Also, it has taken a healthy support at upward sloping support trend line adjoining January 3 and January 17.