Popular Vehicles & Services Limited Recorded Substantial Growth in Profits

On April 08, 2024, Popular Vehicles & Services Limited (PVSL), one of the leading fully integrated automotive dealership players in India, reported its results for the quarter and nine months ended 31 December 2023.

Q3 FY2024 (Quarter Ended December 31, 2024)

The company reported a 16.9% YoY growth to ₹1,426.5 crore during Q3 FY2024. EBITDA for the period increased by 35.3% to ₹70.8 crore from ₹52.3 crore for the quarter ended 31 December 2022. The company’s profit after tax increased by 50.2% to ₹15.9 crore from ₹10.6 crore in Q2 FY2024. EPS witnessed a growth of 50.2% to ₹2.5 from ₹1.7 during the quarter ended 31 December 2022.

Results For 9M FY2024

The dealership player witnessed an increase of 19.4% in total revenue of ₹4,274.7 crore from ₹3,581.6 crore for the nine-month period ended 31 December 2022. EBITDA for the 9-month period increased by 23% to ₹216.7 crore for the nine-month period ending 31 December 2023 from ₹176.1 crore for the nine-month period ending 31 December 2022. For 9MFY24, profit after tax rose by 12.5% to ₹56 crore from ₹49.7 crore for the nine-month period ended 31 December 2022.

“We are pleased to announce Q3FY24 results following our successful listing on India’s stock exchanges. Building on the momentum gained in FY23, Popular Vehicles & Services Limited continues to show improving margin trends (EBITDA % for the 9-month period ended December improved from 4.9% on December 22 to 5.1% on December 23). This fiscal year marks a significant milestone in our company’s journey as we successfully went public, buoyed by the unwavering support of our esteemed shareholders. We extend our heartfelt gratitude to the one lakh investors who have joined the Popular Vehicles & Services Limited family, contributing to the resounding success of our IPO.” Said Mr Naveen Philip, Managing Director of Popular Vehicles & Services

He further added, “Looking ahead, while we remain committed to exploring new avenues for growth and profitability, we reiterate our commitment to excellence in automotive dealerships and unparalleled customer satisfaction. With confidence in our ability to sustain this growth momentum, we are poised to chart a successful course forward.”

About Popular Vehicles & Services Limited

Popular Vehicles and Services Limited is engaged in the automobile dealership business in India. The company’s PV dealerships business covers economy, premium, and luxury vehicles.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.