Thinking about buying a Maruti Suzuki in 2024? Here what you should know

Maruti Suzuki, India's leading automaker, has announced its intention to raise car prices starting January 2024 due to escalating commodity costs and overall inflation. The company cited increased cost pressures driven by these factors and mentioned its efforts to minimize costs, although it may need to pass on some of the increases to consumers. The extent of the price hike will vary across different car models, as specified by Maruti Suzuki.

This upcoming price adjustment follows a previous increase of 1.1 percent across models in January 2023, reflecting the company's response to rising input costs. The ongoing trend of inflation may lead to further price adjustments in the future.

Despite the potential impact on affordability for some customers, Maruti Suzuki remains confident in maintaining its market share. The company reported its highest-ever monthly sales in October 2023, reaching 1,99,217 units, marking a significant 19 percent increase from the same period in 2022. This growth was driven by robust demand in various segments, including compact cars, utility vehicles, and vans.

In October 2023, Maruti Suzuki's total domestic dispatches reached 1,77,266 units, reflecting a substantial 21 percent increase compared to the same month in 2022. The automaker's standalone net profit also experienced a notable 80.3 percent year-on-year surge to Rs 3,716 crore in the quarter ending September 30. This impressive financial performance was attributed to higher net sales, cost reduction efforts, the softening of commodity prices, and increased non-operating income.

The revenue from operations for the New Delhi-based company witnessed a 23.8 percent year-on-year increase, reaching Rs 37,062 crore, compared to Rs 29,930.8 crore in the corresponding quarter of the previous year.