Maruti Suzuki to hike prices in India from January 2024
Maruti Suzuki is set to raise prices for all its vehicles starting January 1, 2024. The carmaker announced in a BSE filing, that in response to heightened pressure, it has opted to increase the prices of its cars, citing increasing manufacturing costs, inflation, and regulatory requirements. While the exact amount of the price increase remains undisclosed, it will vary depending on the model.
Previous price increases in 2023
Earlier in the year, Maruti Suzuki raised ex-showroom prices for all models on April 1 and by 1.1% on January 16, due to escalating input costs. The company offers a diverse selection of vehicles ranging from the entry-level small car Alto to the multi-utility vehicle Invicto, with prices spanning from Rs. 3.54 lakh to Rs. 28.42 lakh (ex-showroom, Delhi). However, it is yet to provide details regarding the extent of the planned price hike.
Record sales in October 2023
In October 2023, Maruti Suzuki achieved its highest-ever sales, selling a total of 1.99 lakh vehicles. The company's overall sales grew by 18.9% year-on-year (YoY), with domestic sales increasing by 20.5% and exports rising by 7.3%. During the September quarter, Maruti Suzuki sold a total of 5,52,055 vehicles, including 4,82,731 units in the domestic market and 69,324 cars exported.
Q2 FY24 witnessed 80.3% increase in profit
For Q2 FY24 (July-September), Maruti Suzuki India Limited reported an 80.3% year-on-year increase in net profit, totaling Rs. 3,716.5 crore. In comparison, the company made a profit of Rs. 2,061 crore during the same quarter last year. Additionally, the company's revenue grew by 23.8% YoY to Rs. 37,062.1 crore in Q2 FY24, while net sales for the quarter rose by 24.5% YoY to Rs. 35,535.10 crore.
