India's Landmark Cars posts 28% rise in Q4 profit on strong demand

Landmark Cars

30/05/2023 09:30

BENGALURU, May 30 (Reuters) - Indian luxury auto dealer
Landmark Cars Ltd  LANM.NS  reported a 28.2% rise in
fourth-quarter profit on Tuesday, boosted by strong demand for
premium cars. 
    The company's consolidated net profit stood at 240.6 million
rupees ($2.9 million) for the quarter ended March 31, compared
with 187.7 million rupees a year earlier.
    India, which was once a small and low-cost automobile
market, is now seeing a transition in demand as a rising
middle-class eyes premium goods including luxury cars.  
    The reseller of Mercedes-Benz, Jeep and Volkswagen cars
posted a 17.5% rise in its revenue from operations in its second
quarterly earnings since its market debut in December 2022.
    Shares of Landmark Cars rose as much as 4.65% to a record
high of 733 rupees per share after the results. 
   


($1 = 82.7424 Indian rupees)

 (Reporting by Kashish Tandon; Editing by Janane Venkatraman)
 ((Kashish.Tandon@thomsonreuters.com;))