Excelsior Correspondent
NEW DELHI, Dec 20: India’s largest carmaker Maruti Suzuki has 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 and OEM rose by 18 per cent year-on-year to 139,306 units. The total sales were recorded at 117,791 units in November 2021.
While sales were on the rise, the production of domestic models was impacted due to the electric components shortage. The automaker said, “The shortage of electronic components had a minor impact on the production of vehicles, mainly in domestic models. The company took all possible measures to minimise the impact.”
The company’s domestic sales went up 18 per cent to 1,39,306 units versus 1,17,791 units in November last year. Sales of mini cars (Alto, S-Presso) went up to 18,251 units from 17,473 units in the same month last year.
Sales in the compact segment (Swift, Celerio, Ignis, Baleno and Dzire) rose to 72,844 units from 57,019 units in November last year. While sales of the mid-sized sedan Ciaz stood at 1,554 units, sales in the utility vehicle segment (Vitara Brezza, S-Cross, Ertiga) rose to 32,563 units in November this year.
Exports, on the other hand, dropped to 19,738 units as against 21,393 units in the same month last year. Shares of Maruti Suzuki India were down 1.58 per cent to trade at 8,815 apiece on the BSE.
Maruti Suzuki had posted a net profit nearly four folds higher at Rs 2,061.5 crore for the September quarter. The company posted a net profit of Rs 475.3 crore in the corresponding quarter last fiscal. The revenue from operations grew by 46 per cent to Rs 29,931 crore in the period under review.
The scrip was trading 1.62 per cent down at Rs 8,811.20 at BSE.
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