Indian luxury auto dealer Landmark Cars Ltd reported a 28.2% rise in fourth-quarter profit on Tuesday, boosted by strong demand for premium cars.

The company's consolidated net profit stood at 240.6 million rupees ($2.9 million) for the quarter ended March 31, compared with 187.7 million rupees a year earlier.

India, which was once a small and low-cost automobile market, is now seeing a transition in demand as a rising middle-class eyes premium goods including luxury cars.

The reseller of Mercedes-Benz, Jeep and Volkswagen cars posted a 17.5% rise in its revenue from operations in its second quarterly earnings since its market debut in December 2022.

Shares of Landmark Cars rose as much as 4.65% to a record high of 733 rupees per share after the results. ($1 = 82.7424 Indian rupees) (Reporting by Kashish Tandon; Editing by Janane Venkatraman)