Landmark Cars said that it has received a letter of intent (LoI) from MG Motor India for opening a dealership in Mumbai, Maharashtra.
This dealership will be established by M/s Aeromark Cars Private Limited, a wholly owned subsidiary of the company. This business will include sales and after sales of MG Cars.
This will be the Fifth MG Motor dealership of Landmark Cars within 6 months after Goa, Indore & Bhopal in Madhya Pradesh and Ahmedabad, Gujarat. Currently, the company is present in nine states of India.
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 company's consolidated net profit rose 20.57% to Rs 20.16 crore despite a 9.56% fall in sales to Rs 770.69 crore in Q2 FY24 over Q2 FY23.
The scrip fell 2.65% to currently trade at Rs 834.60 on the BSE.
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