The country's largest car maker Maruti Suzuki India today said it will increase the prices of its vehicles across all models by up to Rs. 20,000 from January due to increasing pressure on its margins due to currency fluctuation.
"There will be a hike in the prices of our products. Quantum will vary depending on models, but it can be up to Rs. 20,000," Maruti Suzuki India Chief Operating Officer (Marketing & Sales) Mayank Pareek told PTI.
He said the price hike has been necessitated due to increasing pressure on the margins due to the currency fluctuation.
The company currently sells a variety of models starting from the M800 to imported Kizashi at a price range starting from Rs. 2.09 lakh to Rs. 17.52 lakh (ex-showroom Delhi).
In the second quarter of this fiscal, the company had posted a 5.41 per cent fall in net profit at Rs. 227.45 crore, hit by an unprecedented violence at its Manesar plant and low sales and currency fluctuation.
Adverse foreign exchange movement had an overall impact of Rs. 350 crore on the company during the July-September period this fiscal, it had said.
For November, MSI reported 12.45 per cent increase in its total sales at 1,03,200 units. Its domestic sales grew by 9.67 per cent to 90,882 units compared to 82,870 units in the year-ago month.
MSI's exports went up by 38.37 per cent to 12,318 units last month from 8,902 units in the year-ago period, the company had said.