Maruti Suzuki hikes prices across models

The car major on Monday announced increase in prices across models from 16 January 2023.

An estimated weighted average of increase across models stood at around 1.1%. This indicative figure is calculated using ex showroom prices of models in Delhi and will come into effect from 16 January 2023, Maruti Suzuki stated.

On 2 December 2022, the firm had planned this price increase in January 2023 which shall vary across models. The company said that it 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.

Maruti Suzuki India is engaged in the manufacture, purchase and sale of motor vehicles, components, and spare parts (automobiles).

The company reported a standalone net profit of Rs 2,061.5 crore in Q2 FY23, steeply higher than Rs 475.3 crore recorded in Q2 FY22. Net sales jumped 47.91% to Rs 28,543.5 crore in quarter ended 30 September 2022, as against Rs 19,297.8 crore posted in the same period last year.

Shares of Maruti Suzuki India declined 0.86% to Rs 8,379.80 on the BSE.

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