Popular Vehicles & Services IPO

As part of the company’s strategic plan to expand the business into other territories and states, the company acquired the entire operations of a sizeable spare parts distributor in Karnataka, in Fiscal 2019, which helped establish business channels and a steady foothold in Karnataka. The acquired business division contributed to a total turnover of Rs. 174.60 million and contributed to 12.02% of the company’s total turnover and 7.26% of the total EBITDA of the Company during the six months ended September 30, 2023.

The company’s profit was Rs. 400.44 million, Rs. 640.74 million, Rs. 336.69 million and Rs. 324.55 million for the six months ended September 30, 2023 and Fiscals 2023, 2022, and 2021, respectively.

The company set up the first Maruti Suzuki showroom in Trivandrum, Kerala in 1984 under the “Popular” brand. Since then, they have strategically expanded their dealership network across the value chain, from economy to premium to luxury vehicles, by partnering with Honda and JLR in 2008 and 2010, respectively, and subsequently collaborating with Ather and Piaggio in 2021. The entry into the commercial vehicle dealership space occurred in 1997 through a partnership with Tata Motors (Commercial). Operations within the automobile dealership space were further diversified by commencing the spare parts and accessories distribution business in 2005.