"This move is in line with the company’s strategy to consolidate its operations and rationalize costs,” the automotive dealership operator stated.
The company further said that given that these locations have been in existence for multiple years, the assets have already been depreciated. As a result, negligible financial impact is expected in the books.
Landmark Cars is the leading premium automotive retail business in India with dealerships for Mercedes-Benz, Honda, Jeep, Volkswagen, BYD, Renault, Mahindra & Mahindra, KIA and MG Motors. The company has its presence across the automotive retail value chain, including sales of new vehicles, after-sales service and repairs, sales of pre-owned passenger vehicles and facilitation of the sales of third party financial and insurance products.
The company’s consolidated net profit declined 37.7% to Rs 11.36 crore in Q3 FY25 as compared with Rs 18.24 crore in Q3 FY24. Net sales jumped 24.6% YoY to Rs 1,195.03 crore during the quarter ended 31st December 2024.
The scrip shed 0.15% to currently trade at Rs 419.30 on the BSE.