Landmark Cars said that it has received a letter of intent (LoI) from BYD India for opening a showroom in the city of Faridabad in Haryana.
This showroom will be established by Watermark Cars, a wholly owned subsidiary company of Landmark Cars.
Landmark is already present in the city of Faridabad with its outlet for VW and with this outlet for BYD it will be able to enhance its operational efficiency
"BYD is the top New Energy Vehicle manufacturer worldwide and Landmark Cars is the largest partner for BYD in India with 4 outlets, with this being the 5th one, the company said in a statement.
Landmark Cars is the leading premium automotive retail business in India with dealerships for Mercedes Benz, Honda, Jeep, Volkswagen, BYD, Renault, Mahindra & Mahindra and MG Motors. The company also caters to the commercial vehicle retail business of Ashok Leyland in India. The company has its presence across the automotive retail value chain, including sales of new vehicles, after-sales service and repairs, sales of pre-owned passenger vehicles and facilitation of the sales of third party financial and insurance products.
The companys consolidated net profit dropped 54.84% to Rs 3.17 crore in Q1 FY25 as compared with Rs 7.02 crore in Q1 FY24. Revenue from operations jumped 19.89% YoY to Rs 831.97 crore in Q1 FY25.
The scrip lost 0.98% to currently trade at Rs 641 on the BSE.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content