Popular Vehicles & Services Limited (NSE: PVSL, BSE: 544144), one of India's leading fully integrated automotive dealership player is pleased to announce that it has received in-principal approval from NEXA for establishing a NEXA Workshop at an upcountry location in Kanjirappally, Kottayam District, Kerala.
The company has entered into Letter of Intent (LOI) for the workshop which will feature 4 service bays and 5 bodyshop bays, providing customers with a comprehensive and state-of-the-art service experience. This new facility will complement the existing NEXA Studio at Kanjirappally.
The addition of this new workshop will improve our service capabilities, helping us to achieve a higher Service-to-Sales ratio compared to industry peers & maintain our leadership position as a Maruti service provider across India, driving increased margins and contributing to our bottomline growth.
Commenting on this development, Mr. Naveen Philip, Promoter and MD, Popular Vehicles and Services Limited said, "It gives us a great pleasure to add another NEXA workshop, thus building on our long-standing relationship with Maruti, further enhancing our service offerings & solidifying our market leadership in Maruti service business. Amidst a challenging market landscape, we remain committed to fortifying our dealership presence and driving growth.
This new NEXA workshop will bring world-class service facilities to our customers in Kerala & reinforce our commitment to providing exceptional customer experiences. Increasing our service and bodyshop touchpoints will help us increase our margins going ahead as they are a high delta business.
This is a part of our long-term strategy of increasing our service revenue pie and improving margins and maintaining our all-India leadership position as a Maruti service provider."
Shares of Popular Vehicles and Services Limited was last trading in BSE at Rs. 156.30 as compared to the previous close of Rs. 157.65. The total number of shares traded during the day was 2685 in over 353 trades.
The stock hit an intraday high of Rs. 162.95 and intraday low of 155.30. The net turnover during the day was Rs. 420523.00. |
