Maruti Suzuki India (NSE:MRTI), India's top automobile maker, has declared its third price hike of the fiscal year, raising prices by a maximum of 4% with effect from April 2025.
The move comes as the company aims to offset increasing input costs in the face of falling sales. In an exchange filing, the range of the price revision will depend on the model.
"For meeting the rising cost of inputs and operating expenses, the company has resolved to give a price hike in April 2025. The hike is likely to be a maximum of 4%, with variations between models," Maruti Suzuki India said.
The firm highlighted its continued efforts to streamline costs and reduce the financial burden on consumers but accepted that some of the increasing costs must be transferred to the market.
This is the automaker's third price hike this year, after earlier adjustments on January 1 and February 1.
However, the difficult market situation did not dampen the spirits of auto major Maruti Suzuki. Maruti Suzuki reported a 16% increase in net profit for the third quarter of the current financial year at ₹3,727 crore as against ₹3,206.8 crore during the corresponding period last year. Net profit, on a standalone basis, increased 13% year-on-year at ₹3,525 crore from ₹3,130 crore.
During the same time, Japan-based parent firm of Maruti Suzuki India, Suzuki Motor Corporation, laid out a mid-term business plan as a counter measure to the changing market situations, such as declining market share in India and growth in the use of electric vehicles.
As part of its five-year plan 2025-2030, Suzuki has reiterated India's importance in its international plan. The company intends to double its production capacity to produce 4 million vehicles every year and recover a 50% market share in India while establishing the nation as a major export base.
Today, Maruti Suzuki exports around 3 lakh vehicles from India annually. By the end of the decade, it plans to increase exports to 7.5-8 lakh units per year.
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