Landmark Cars, the auto business arm of the Landmark Group, has reported revenue of Rs 4,594 crore in FY23, which was a growth of 36 percent compared to revenue of Rs 3,369 crore a year ago fiscal year 2022.
In the automotive industry, Landmark Group is active across the entire retail value chain, including new car sales (personal and commercial), after-sales service and repairs (sales of spare parts, lubricants and accessories) and purchase of used cars for personal use. It also sells financial services provided by outside companies through its dealers, including car financing and insurance policies.
The company operates over 110 vehicle outlets in India for brands including 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 revenue levels, new model launches by OEM partners and changing lifestyle preferences geared towards increased ownership of ‘premium/luxury cars. The highly profitable aftermarket business showed strong growth in the same period.’
It says revenue from vehicle sales could have been higher had it not been for chip shortages and the discontinuation of certain models in the last quarter due to the impending BS-VI OBD Stage II norms, which come into effective from April 1, 2023.
The total revenue for after-sales service and spare parts in the previous year was skewed in favor of the second half of the year due to the partial confinement of the Covid-19 in the first half.
