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India's largest carmaker Maruti Suzuki on Friday announced that the company has planned to increase prices across models from January 2023. The company said that the decision was prompted by continued cost pressure due to overall inflation and recent regulatory requirements.

"The Company continues to witness increased cost pressure driven by overall inflation and recent regulatory requirements. While the company makes maximum effort to reduce cost and partially offset the increase, it has become imperative to pass on some of the impact through a price increase. The Company has planned this price increase in January, 2023 which shall vary across models," said Maruti Suzuki in its regulatory filing.

On Thursday, Maruti Suzuki reported an increase 14 per cent year-on-year as it sold 159,044 units in November 2022. The total sales for November 2021 was recorded at 139,184 units.

The total sales in the month include domestic sales of 135,055 units, sales to other OEM of 4,251 units and exports of 19,738 units.

Maruti Suzuki's total domestic sales i.e. including PV, LCV, OEM rose by 18 per cent year-on-year to 139,306 units. The total sales was recorded at 117,791 units in November 2021.

Maruti Suzuki had posted a net profit nearly four folds higher at 2,061.5 crore for the September quarter. The company posted a net profit of 475.3 crore in the corresponding quarter last fiscal. The revenue from operations grew by 46 per cent to 29,931 crore in the period under review.

The scrip was trading 1.62 per cent down at 8,811.20 at BSE.

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