Maruti Suzuki cuts prices of AGS variants of Swift, Baleno, other models; check details

Automobile major Maruti Suzuki on Saturday, June 1, announced a reduction in prices of auto gear shift (AGS) variants of several models including Alto, Swift and Baleno.

The prices have been reduced by ₹5,000, the carmaker said in a regulatory filing, adding that the new rates will be applicable with immediate effect.

"The prices of AGS variants across models (Alto K10, S-Presso, Celerio, Wagon-R, Swift, Dzire, Baleno, Fronx & Ignis) have been reduced by ₹5,000/-. The prices will come into effect from today i.e. 1st June, 2024," the exchange filing stated.

The company had last raised the prices across all car models by 0.45% in January.

Market share

As of March 2024, Maruti Suzuki held the highest market share of 39.33% in India's passenger vehicles segment, as per the data released y the Federation of Automobile Dealers Association (FADA). It was, however, lower as compared to the market share of 42% the company held in December 2023.

For the financial year (FY) 2023-24, Maruti Suzuki had posted its highest ever total sales, which includes domestic and overseas sales, of 21.35 lakh units. This was higher by 8.5% as compared to the total sales of 19.66 lakh units clocked in FY23.

The total domestic sales during the April 2023-March 2024 period increased to 18.52 lakh units, from 17.06 lakh units in the year-ago period. During the same period, exports jumped to 2.83 lakh units as against 2.59 lakh units in FY23.

Strong Q4 results

Maruti Suzuki’s consolidated net profit rose 47% year-on-year to ₹3,952.3 crore in the quarter ended March 2024. In the same period year-ago, the net profit was ₹2,687.7 crore.

The total revenue from operations reached ₹38,471 crore, reflecting a growth of 24.8% year-on-year as compared to ₹30,809 crore in the corresponding period of the previous year.

The carmaker's board recommended a dividend of ₹125 per share, higher as against ₹90 per share in FY23.

Shares of Maruti Suzuki settled 1.58% lower at ₹12,399.3 apiece on the NSE on May 31. Year-to-date, the stock is up around 20%.