Landmark Cars zoomed 6.65% to Rs 766.25 after the company said that it has received a letter of intent from MG Motor India for opening a dealership in Ujjain, Madhya Pradesh.
This dealership will be established by Aeromark Cars, a wholly owned subsidiary company of Landmark Cars. This business will include sales and after sales of MG Cars. After Indore and Bhopal, this is Landmarks third MG dealership in the state of Madhya Pradesh.
"This new dealership aligns with Landmark's goal of ongoing expansion by penetrating further across geographies as well as OEMs. Over the years, Landmark has built a solid reputation as a preferred of choice for OEMs, the company said in a statement.
Landmark signed six dealership agreements with MG Motor in a brief time period. 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 reported 28.85% decline in consolidated net profit to Rs 184.81 crore in Q3 FY24 as compared with Rs 258.31 crore in Q3 FY23. Revenue from operations increased 9.49% to Rs 959.24 crore in Q3 FY24 from Rs 876.13 crore in Q3 FY23.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
