Shares of Landmark Cars hit a fresh high of Rs 598.60, surging 7% on the BSE in intraday trade on Wednesday, after the company said its total nine-year operating revenue rose strongly by 41.29% to Rs 3,384 crore for the month ended December 2022 (9MFY23). The company will debut on the stock market on December 23, 2022.

The stock has gained 13% over the past week, compared with a 1.5% gain for the S&P BSE Sensex. Landmark Cars is currently trading at an 18% premium to its IPO price of Rs 506 per share. It has rebounded 38% from a 52-week low of 433.20 hit on December 26, 2022.

“The nine months (April to December) have seen strong revenue growth, driven by multiple positive factors such as rising income levels, new model launches from our partner OEMs (Original Equipment Manufacturers) and changing lifestyle preferences to improve premium levels /Luxury car ownership. The highly profitable aftermarket business grew strongly over the same period,” Landmark Cars said in its business update.

9MFY23 revenue from auto sales is likely to be higher as sales are impacted by chip shortages and supply chain disruptions due to geopolitical situations. The company said the previous year’s revenue from after-sales services and spare parts was skewed towards the second half due to the partial Covid-19 lockdown in the first half.

In addition, during the period under review, the company opened three new BYD brand stores in Delhi-NCR and Mumbai, opened two new Jeep brand stores in Navi Mumbai, and replaced two small workshops in Kolkata with a larger one. Mercedes Benz workshop. The company also closed seven of Renault’s non-viable outlets in Punjab.

The company said it had used Rs 138 crore of net initial public offering (IPO) proceeds to repay working capital loans as of December 31, 2022, in line with the use of net proceeds as stated in the prospectus. The company raised Rs 552 crore in the IPO.