BackMaruti Suzuki India to increase prices from next month
Maruti Suzuki cited increase in input cost for the move to hike prices
PremiumMaruti Suzuki India Ltd will raise prices for different car models in April due to a rise in various input costs, India's biggest carmaker by volumes said today. In January, the car maker had cited a rise in input costs and had increased prices for some car models.
"Over the past year the cost of company's vehicles has been impacted adversely due to increase in various input costs. Hence, it has become imperative for the company to pass on some impact of the above additional cost to customers through a price increase in April, 2021. This price increase shall vary for different models," Maruti Suzuki said in a communication to exchanges.
Maruti Suzuki shares ended flat today at ₹7103. The announcement was made after market hours.
Passenger vehicle sales in India increased 18% to 2,81,380 units in February as compared with same month last year, auto industry body SIAM had said earlier. Passenger vehicle wholesales in February last year stood at 2,38,622 units.
Maruti Suzuki India (MSI) reported sales of 1,44,761 units in February, up 8.27%from the same month last year. Rival Hyundai Motor India on the other hand reported an increase of 28.97% in its dispatches at 51,600 units last month.
Earlier this month, Maruti Suzuki India (MSI) on Wednesday said its service network has crossed 4,000 outlet mark across the country, covering 1,989 towns and cities. The auto major said it has added 208 new service workshops in 2020-21, despite tough conditions due to the COVID-19 pandemic.
Last month, Maruti Suzuki India (MSI) had launched updated version of its premium hatchback Swift priced between ₹5.73 lakh and ₹8.41 lakh (ex-showroom Delhi). It comes with manual and automatic automatic gear shift (AGS) transmissions.
Maruti had reported a 26% increase in its consolidated net profit to ₹1,996.7 crore for the December quarter, driven by higher sales. The auto major had posted a net profit of ₹1,587.4 crore in the October-December quarter of the previous fiscal. Total revenue from operations rose 13% to ₹23,471.3 crore for the third quarter. During the December quarter, the company sold 4,95,897 vehicles, up 13.4 per cent compared to the same period previous fiscal.
(With Agency Inputs)
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