Maruti Suzuki India Ltd will increase the prices of various car models in April due to increased costs of various inputs, India’s largest automaker said today in terms of volumes. In January, the automaker cited rising input costs and raised prices for some car models.
“Over the past year, the cost of company vehicles has been affected by the increase in various input costs. It has therefore become imperative for the company to pass on some of the aforementioned additional costs to customers by increasing prices in April, 2021. This price increase will vary by model, ”Maruti Suzuki said in a communication to the exchanges.
Maruti Suzuki shares ended flat today at 7103. The announcement was made after market hours.
Sales of passenger vehicles in India rose 18% to 2.81,380 units in February from the same month last year, auto industry body SIAM said earlier. Wholesale sales of passenger vehicles in February last year stood at 2,38,622 units.
Maruti Suzuki India (MSI) reported February sales of 1,44,761 units, up 8.27% from the same month last year. Rival Hyundai Motor India, on the other hand, reported a 28.97% increase in shipments to 51,600 units last month.
Earlier this month, Maruti Suzuki India (MSI) said on Wednesday that its service network had passed 4,000 outlets across the country, covering 1,989 cities. The automotive major said it added 208 new service workshops in 2020-2021, despite difficult conditions due to the COVID-19 pandemic.
Last month, Maruti Suzuki India (MSI) launched an updated version of its premium Swift sedan at a price of between 5.73 lakh and 8.41 lakh (ex-Delhi showroom). It comes with manual and automatic automatic shifting transmissions (AGS).
Maruti had announced a 26% increase in its consolidated net profit to 1,996.7 crore for the December quarter, due to higher sales. The major automobile had a net profit of 1,587.4 crore in the October to December quarter of the previous fiscal year. Total turnover from operations increased by 13% to 23,471.3 crore for the third quarter. During the December quarter, the company sold 4 95,897 vehicles, up 13.4% from the same period last year.
(With contributions from the agency)
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