Popular Vehicles & Services’s Revenue Rose 15.4% in FY2024

On May 29, 2024, Popular Vehicles & Services Limited (PVSL), one of India’s leading fully integrated automotive dealership players, released its results for the quarter and year ended March 31, 2024.

Quarterly Performance

During the quarter ended March 31, 2024 (Q4 FY2024), the company recorded a 4.6% growth in total income to ₹1,372 crore, and EBITDA rose by 20.9% to ₹71 crore.

Yearly Performance

The Board of Directors has recommended a final dividend of ₹0.5 (25%) per equity share with a face value of ₹2 for FY24. With a 15.4% YoY increase, the total income was ₹5,646.7 crore. EBITDA (excluding other income) increased by 21.81% year over year to ₹286.1 crore, with a 5.1% margin. Profit after Tax (PAT) was ₹76.1 crore, rising 18.7% yearly with a 1.3% margin.

In FY24, Prabal Motors Pvt. Limited, the company’s 100% step-down subsidiary, opened a new service and parts facility in Akola, Maharashtra, exclusive to Bharat Benz automobiles. Out of net IPO proceeds of ₹230 crore, ₹192 crore, which was supposed to be used for debt reduction, has already been deployed in FY24.

“We would like to thank all the Investors for the great support to make our IPO successful. The equity infusion in the Company will be utilised in debt reduction and further strengthen our Balance sheet. We have deployed ₹192 crore by the end of FY24 as intended, and this will lead to interest savings in FY25. In FY24, the sales volume excluding service business de-grew by 4%, however, the Revenue increased by 14%. The growth was led by sales of premium vehicles. The luxury segment revenue doubled this year. This growth is in spite of facing multiple external challenges, such as floods in Tamil Nadu in December 2023 and the nonavailability of cars for one of our OEMs in Q4,“ said Mr Naveen Philip, Promoter and MD of Popular Vehicles and Services Limited.

He further added, “Going ahead, we believe growth will be driven by the sale of premium vehicles and Electric vehicles. This strategy has helped us to successfully diversify and expand our product offerings across the vehicle spectrum.”

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