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Shares of Landmark Cars zoomed over 7 percent in intra-day trade on Wednesday after the company’s business update for the nine months that ended in December 2022 showed solid growth during the period.

Landmark Cars said that its total revenue from operations (including agency sales) jumped 41.2 percent year-on-year to Rs 3,384 crore during the nine months that ended in December 2022 compared to Rs 2,395 crore in the year-ago period.

The company said that vehicle sales were up 43.7 percent to Rs 2,832 crore during the period compared to Rs 1,970 crore a year ago. After-sales service and spare parts sales also jumped 29.8 percent year-on-year to Rs 552 crore versus Rs 425 crore a year ago.

Landmark cited multiple tailwinds as the reasons behind the recent growth numbers -- rising income levels, new models launched by partner OEMs (original equipment manufacturers), and changing lifestyle preferences leaning towards a rise in premium/luxury automobile ownership.

Landmark Cars also opened three new outlets of the BYD brand in Delhi-NCR and Mumbai, and two new outlets of the Jeep brand in Navi Mumbai during the first nine months of the current fiscal year.

The company also said that it utilised Rs 138 crore out of the net proceeds of IPO (initial public offering) to repay working capital loans as on December 31, 2022.

Notably, Landmark Cars made its market debut on December 23, 2022. The IPO of the company consisted of a fresh issue of shares up to Rs 150 crore and an offer for sale (OFS) of up to Rs 402 crore, aggregating a total of up to Rs 552 crore.

Proceeds from fresh issuance were said to be utilised for the payment of debt and general corporate purposes. On the opening day, the stock ended 10 percent lower after listing at a 7 percent discount of its IPO price of Rs 507.

Shares of Landmark Cars are trading nearly 5 percent higher at Rs 586.

(Edited by : Rukmani Krishna)