While overall vehicle volumes dipped by 1%, the company saw robust performance in its luxury car segment, which surged by nearly 40% over the same period last year.
The commercial vehicle segment also expanded by 4%, while the non-luxury passenger vehicle segment witnessed a 7% decline. Other verticals, including electric vehicles and spare parts distribution, registered a healthy 15% growth.
The company also continued its network expansion drive. It secured a Letter of Intent (LOI) to open new Ather EV facilities in Chennai, expected to commence operations in September.
Additionally, it will set up an independent True Value pre-owned vehicle outlet in Bengaluru by August and eight new BharatBenz 3S facilities in Punjab.
Management noted that while Q1 is seasonally slower, pre-festive customer footfalls have been encouraging. Inventory build-up in Q1 aligns with festive demand preparedness.
At close of trade on Friday, shares of Popular Vehicles and Services Ltd ended at ₹133, up 0.85% on the NSE.
