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Landmark Cars Stocks Update:
Following a sharp decline in the company’s net earnings for the March quarter, shares of Landmark Cars Limited plummeted 7% to Rs 713 in afternoon trading.
The luxury auto dealer’s net profit for the fourth quarter of its fiscal year fell by almost 54% to Rs 11 crore, compared to Rs 24.26 crore recorded in the same period last year. The company’s net profit decreased by over 40% on a quarter-over-quarter basis from Rs 18.5 crore.
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Investors were unimpressed with the company’s sales either, which increased by slightly over 1% to Rs 863.97 crore during the quarter from Rs 853.78 crore the previous year. The company’s operating revenue decreased sequentially in the reviewed quarter by over 10% from Rs 959.24 crore to Rs 959.24 crore in the previous quarter.
Landmark Cars Q4 Update
In Q4 of last year, the car company’s earnings before interest, tax, depreciation, and amortization (EBITDA) dropped by 12 percent to Rs 56.2 crore from Rs 63.8 crore.
EBITDA for the entire year decreased by over 9% to Rs 227.2 crore from Rs 250 crore in the previous fiscal year. The company’s net profit for FY24 decreased by about 33% from Rs 85.1 crore to Rs 57.22 crore from the previous fiscal year.
Shares of the business were down 6% from the previous close on the NSE, trading at Rs 720 apiece at around 1:30 am. Since the start of 2024, the share price of Landmark Cars has decreased by 14%.
