- 12 Apr 2024
- ICICI Securities
MERCEDES REPORTS 15% GROWTH IN TOTAL SALES FOR Q4FY24
LANDMARK - 649 Change: 11.85 (1.86 %)News: As per media sources, Mercedes Benz, the key OEM anchor client at Landmark cars has sold 5,412 units domestically in Q4FY24, a growth of 15% YoY. It has also maintained its leadership positioning in the luxury EV market by selling 350 EV in the quarter. It is reiterated its commitment to 10 new model launches in current year with 3 being electric.
Views: Healthy double digit volume growth at Mercedes bodes well for Landmark cars which is the largest retailer for Mercedes in India. We remain optimistic on the company given the ongoing premiumization trends in the domestic PV space, supported by its long-standing relationships with top-tier OEMs, strategic diversification efforts including venturing into the pre-owned car business and healthy financial profile (ROCEs: ~20%+ & CFO yield: ~5% on forward basis).
Impact: Positive