Maruti Suzuki increases prices of Swift, Grand Vitara variant with effect from today; check details
Upstox
2 min read • Updated: April 10, 2024, 5:11 PM
Summary
The price of the five-seater Swift has been increased by up to ₹25,000, whereas Grand Vitara Sigma, one of the key SUV offerings of Maruti, will now be costlier by up to Rs 19,000. The company had last raised the prices across all car models by 0.45% in January.
Maruti Suzuki, the market leader in India’s passenger vehicles segment, has hiked the prices of its Swift and Grand Vitara models with immediate effect, a regulatory filing said on Wednesday, April 10.
The price of Swift has been raised by up to ₹25,000, Maruti Suzuki informed the exchanges. The vehicle, categorised as a subcompact five-seater, is one of the top selling cars of the automaker.
Maruti also informed the bourses that the price of Grand Vitara Sigma variant has been increased by ₹19,000. The car falls under the sports utility vehicle (SUV) offerings of the company.
The revision comes three months after Maruti had raised the prices of vehicles across models by 0.45%.
The fresh rate hike was notified by Maruti a day after it announced an expansion of manufacturing capability at its Manesar plant. A new vehicle assembly line installed at the plant has the capability to manufacture 100,000 units per annum, it said on Tuesday, April 9. With this additional assembly line, the total manufacturing capability at Manesar stands at 900,000 vehicles per annum, the company added.
As of December 2023, Maruti held a market share of 42% in the passenger vehicles segment, as per the data released by the Federation of Automobile Dealers (FADA).
For the financial year (FY) 2023-24, the company posted its highest ever total 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.
While the financial results of the March 2024 quarter are yet to be announced, the automobile major had logged a net profit of ₹3206 crore in the three-month period ended December 2023, up 33% year-on-year (YoY). The revenue from operations jumped 14% YoY to ₹33,308.7 crore.
Marutis shares edged lower during the trading session on Wednesday, April 10. The scrip settled at Rs 12,675 apiece on the NSE, down 1.65% as against the previous day’s close.