Landmark Cars, the automobile business arm of the Landmark Group, has reported a revenue of Rs 4,594 crore in FY2023, which was a growth of 36 percent compared to Rs 3,369 crore revenue in FY2022.
In the automotive industry Landmark Group is active across the retail value chain, including sale of new cars (personal and commercial), aftersales service and repairs (sale of replacement parts, lubricants, and accessories), and procurement of used cars for personal use. It also sells financial services provided by outside companies through its dealerships, including financing for cars and insurance policies.
The company operates more than 110 vehicle outlets across India for brands such as – Mercedes-Benz, Honda, Jeep, Volkswagen, Renault, Ashok Leyland and BYD among others.
Landmark Cars attributes the growth in FY2023 to “multiple tailwinds in the form of rising income levels, new model launches by OEM partners and changing lifestyle preferences leaning towards a rise in premium/luxury automobile ownership. The highly profitable aftersales business showed strong growth in the same period.”
It says vehicle sales revenue could have been higher if it was not for chip shortage and discontinuation of certain models in the last quarter due to impending BS-VI OBD Stage II norms, which come into effect from April 1, 2023.
The total revenue from after-sales service and spare parts in the previous year was skewed in favour of the second half of the year due to partial Covid-19 lockdown in the first half.
