Thanks…yes saw their numbers which was on weaker line now the valutions are inline with other paper stocks.

LANDMARK CARS –

Q3 FY 24 highlights –

Brand wise dealerships –

Mercedes – 23
Honda – 21
Jeep – 19
VW – 25
Renault – 15
BYD – 7
MG – 10
Mahindra – 3
Ashok Leyland – 4

10 outlets out of the a/m outlets are slated to open in Q4 + Q1 ( FY 25 )

Out of these, only 02 outlets are owned. Rest are on lease. 25 pc of all outlets have been acquired

Avg selling price for Q3 FY 24 @ 19.33 lakh / car

Q3 financial outcomes –

Sales – 959 vs 876 cr
EBITDA – 65 vs 65 cr ( margins 8 vs 7 pc )
PAT – 18 vs 26 cr ( due increased depreciation costs )

After sales service is a high margin segment for the company. Have been growing @ 20 pc CAGR for last 9 yrs with 40 pc GMs, 18 pc EBITDA margins

Company started selling used cars about a year back. Sold cars worth 75 cr in 9M FY 24 ( a total of 641 cars ). Avg selling price / car @ 11.63 lakh

Segment wise revenues –

New car sales – 732 vs 684 cr ( could ve been higher if there were no supply issues at Mercedes Ltd. Mercedes growth should pick up in next FY )
EBITDA – 21 vs 27 cr

After sales service – 227 vs 191 cr
EBITDA – 43 vs 37 cr

Avg value / per servicing @ 25k vs 22.6k YoY

BYD – Seal, a popular model is about to be launched

Company has front loaded salary and depreciation expenses in Q3. Should bear fruits going fwd

Mercedes to launch 12 new models in India in FY 25. Should help their sales

BYD has applied for homologation so that the cap on total sales of 2400 cars / yr on CKD kits. Once approved, this cap of 2400 cars / yr goes away ( however the import duties remain )

In order to reduce their cost of operations, company is allocating half of current Jeep Showroom space to brands like Renault so that they are able to extract more sales volumes per sq ft

As MG and Mahindra numbers ramp up, sales volumes should rise rapidly and company should be able to better absorb increased employee expenses, depreciation

In Q3, luxury cars mkt grew by 20 pc but Mercedes could only grow by 9 pc due to severe supply shortages. This should get corrected in FY 25. The OEM is hard at work

Renualt India is committed to help out Landmark Ltd ( as in compensate the losses ) till they launch new models in calendar year 2025

Company planing to open outlets to sell car care products as well – wef FY 25. This again can be a descent business opportunity

Order book for Mercedes is really strong. Its just a matter of car availability for sales to materialise

Company sold 5400 new cars in Q3

Disc: holding, added recently- post Q3, biased, not SEBI registered, not an investment advice

Also, They have own patented ACP which can be blended with GPC/RPC to produce CPC, it’s been already sent to Anode manufactures for the trials so even the allocation is low for GPC/RPC the yield of CPC will be high because of ACP getting mix with GPC/RPC that’s a GREAT advantage to Rain, the only point of concern is the growth it won’t come as they don’t encourage new capacity expansion in this Carbon segment so any growth in Rain industries has to come from Advanced Materials segment need to watch the growth of that segment closely.

Lumax Auto has hinted at 20-25 % sales growth.

Summary of the commentary – Lumax Auto Technologies – #49 by GourabPaul

A innocent question Do young girls love to wear saree? Now i tried asking a few girls I know the top 5-6 reasons why they hate saree is

1. Uncomfortable – wearing saree is a task and even difficult to commute with saree, sarees don’t have pockets and our generation cannot live without mobile, in summer it’s makes you sweat and in rainy season it’s even worse to commute

2. Cost and usage: the cost of a saree does not justify occasional usage of the saree mostly they are worn for special events, else it lies in the cupboard somewhere on the corner

3. Age: it makes young girls feel old

4. Possibility of malfunction

5. Difficult to use washroom

Now it made sense to me that indeed wearing a saree is a challenge as these are very logical points now with india with 50% population below 30 yrs of age if not many girls love wearing a saree it filters out a majority of customers, also I feel saree is more predominant in south india rather than north india, I feel these facts weigh high and may reduce growth of this company in long run

Disclaimer: I am not invested and these are my 2 cents will love to be corrected