Maruti Suzuki on November 27 said that it will increase the prices of its cars in January 2024 on account of increased cost pressure driven by overall inflation and increased commodity prices.
“The company has planned to increase the prices of its cars in January, 2024 on account of increased cost pressure driven by overall inflation and increased commodity prices. While the company makes maximum efforts to reduce cost and offset the increase, it may have to pass on some increase to the market,” the largest carmaker in India said in a regulatory filing.
This price increase shall vary across models, Maruti added.
The automaker had in October reported its highest-ever monthly sales at 1,99,217 units, a 19 per cent year-on-year growth. The country’s largest carmaker had dispatched 1,67,520 units in October 2022.
MSI also reported its best-ever domestic monthly dispatches in October at 1,77,266 units, up 21 per cent from 1,47,072 units in the year-ago period, the auto major said in a statement. Its total domestic passenger vehicle sales rose to 1,68,047 units last month from 1,40,337 units in October 2022.
Further, for the second quarter ended September 30, 2023, Maruti Suzuki had reported an 80.3 percent year-on-year (YoY) jump in its standalone net profit for the quarter ended September 30, on the back of higher net sales, softening of commodity prices, cost reduction, and higher non-operating income. India’s largest carmaker’s profit after tax (PAT) for the same period last year stood at Rs 2,061.5 crore.
The New Delhi-headquartered firm’s revenue from operations increased 23.8 percent over the year-ago period to Rs 37,062 crore. During the same quarter last year, MSIL’s revenue stood at Rs 29,930.8 crore.