Popular Vehicles & Services Ltd Share Price – NSE  /  BSE

Trading, Small Cap

Popular Vehicles & Services announced that the Board of Directors of the Company at its meeting held on 28 May 2024, inter alia, have recommended the final dividend of Rs 0.5 per equity Share (i.e. 25%) , subject to the approval of the shareholders.

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Net profit of Popular Vehicles & Services rose 40.33% to Rs 20.11 crore in the quarter ended March 2024 as against Rs 14.33 crore during the previous quarter ended March 2023. Sales rose 4.51% to Rs 1363.71 crore in the quarter ended March 2024 as against Rs 1304.88 crore during the previous quarter ended March 2023.

For the full year,net profit rose 18.75% to Rs 76.08 crore in the year ended March 2024 as against Rs 64.07 crore during the previous year ended March 2023. Sales rose 15.19% to Rs 5615.53 crore in the year ended March 2024 as against Rs 4875.00 crore during the previous year ended March 2023.

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Popular Vehicles & Services will hold a meeting of the Board of Directors of the Company on 28 May 2024

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CRISIL said that the upgrade factors in strengthening of the group’s credit risk profile post the initial public offer (IPO) during March 2024.

The group has a top line of Rs 4,875 crore for fiscal 2023 with operating profitability of over 4.6%. The group reported revenue of Rs 2,850 crore for the first half of fiscal 2024 with earnings before interest, taxes, depreciation, and amortisation (EBITDA) of 4.6%.

Fresh equity of about Rs 250 crore raised through the IPO would be used to reduce debt of around Rs 192 crore and the rest would be used for general corporate purposes and kept as additional liquidity. This would strengthen the financial profile of the group. With lower debt, debt protection metrics and liquidity will also see an improvement in this fiscal.

The ratings reflect the group's established market position and healthy relationship with key suppliers in the automobile (auto) dealership business and healthy financial risk profile. These strengths are partially offset by geographical concentration, exposure to intense competition and susceptibility to cyclicality in the auto industry.

Popular Vehicles and Services is the one of the largest authorised dealerships for Maruti Suzuki India Ltd (MSIL) vehicles in India. Its subsidiaries and step down subsidiaries are in the dealership business of Honda Cars India, Jaguar Land Rover India Ltd, Tata Motors Ltd (Commercial Vehicles) and Daimler India Commercial Vehicles (Bharat Benz) among others.

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