Leading automotive dealer Landmark Cars Ltd. on Monday reported strong revenue growth of 36.36 percent year-on-year to Rs 4,594 crore in the financial year 2022-23 driven by new model launches by OEM partners and preference towards luxury vehicles.

In comparison, the company had posted revenue from operation at Rs 3,369 crore in the financial year 2021-22 (FY22).

In an update to the stock exchanges, Landmark said its vehicle sales surged 38.66 percent year-on-year to Rs 3,845 crore in the financial year that ended on March 31, 2023, from Rs 2,773 crore in the year earlier.

The vehicle sales revenue in the period under review could have been higher but the sales were impacted by the chip shortage and discontinuation of certain models in the last quarter by partner OEMs (original equipment manufacturers) over impending BS-VI OBD Stage II norms, which came into effect from April 1, 2023, Landmark Cars said.

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The highly profitable after-sales and spare parts business registered 25.67 percent year-on-year growth to Rs 749 crore in financial year 2023 from Rs 596 crore in financial year 2022.

During the period, Landmark Cars opened four new outlets of the BYD brand in Delhi-NCR, Uttar Pradesh and Mumbai, opened two new outlets for the Jeep brand in Navi Mumbai, and opened one new outlet for the Honda brand in Surat.

In addition, the company revamped a small workshop into a much larger Mercedes Benz workshop in Kolkata and shut 11 non-viable outlets of Renault in Punjab and Haryana.

Landmark Cars also informed that it has utilized Rs 139.10 crore as on March 31, 2023, out of the net proceeds of the IPO (initial public offering) to repay working capital loans.

Shares of Landmark Cars are trading 2.2 percent higher at Rs 584.95.

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(Edited by : Rukmani Krishna)