Shares of Landmark Cars Limited slipped in afternoon trade, falling 7 percent to Rs 713 apiece after the company's net profit fell considerably in March quarter.
The luxury car dealer's net profit for the fiscal fourth quarter nosedived over 54 percent to Rs 11 crore as against Rs 24.26 crore reported during the year-ago period. On a quarter-on-quarter basis, the company’s net profit fell more than 40 percent from Rs 18.5 crore.
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The revenue, too, didn't impress investors as the company witnessed a growth of just over a percent at Rs 863.97 crore during the quarter as compared to Rs 853.78 crore a year ago. Sequentially, the company’s revenue from operations fell nearly 10 percent in the quarter under review compared to Rs 959.24 crore a quarter ago.
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The automobile company’s earnings before interest, tax, depreciation and amortisation (EBITDA) in Q4 also decreased 12 percent to Rs 56.2 crore as compared to Rs 63.8 crore a year ago.
For the full year, EBITDA dropped more than 9 percent to Rs 227.2 crore compared to Rs 250 crore in the preceding fiscal. The company’s net profit for FY24 fell nearly 33 percent to Rs 57.22 crore from Rs 85.1 crore in the preceding fiscal.
At about 1:30 am, shares of the company were trading at Rs 720 apiece, down 6 percent from the previous close on the NSE. Landmark Cars' share price fell 14 percent since the beginning of 2024.
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