Mahindra & Mahindra announced a price hike of 2.5% on its range of vehicles, which will result in an increase of Rs 10,000 to Rs 63,000 on the ex-showroom prices across the range depending upon the model and the variant, effective from 14 April 2022.
As per the company's press statement, the price revision is result of continuous increase in prices of key commodities such as steel, aluminium, palladium etc. The company has taken necessary initiatives to partially offset the unprecedented hike in commodity prices to absorb the impact, passing a minimal percentage of cost increase to customers through a price revision. The company is working with its sales and dealer network to communicate the new prices to their customers appropriately.
Mahindra & Mahindra's (M&M) consolidated net profit surged 127.2% to Rs 1,828.69 crore on a 9.1% increase in net sales to Rs 23,594.46 crore in Q3 December 2021 over Q3 December 2020.
M&M enjoys a leadership position in farm equipment and utility vehicles in India and is the world's largest tractor company by volume. It offers a wide range of products and solutions ranging from SUVs, pickups, commercial vehicles, and tractors, to electric vehicles, two-wheelers, and construction equipment.
Shares of Mahindra & Mahindra rose 0.55% to close at Rs 865.60 on BSE yesterday, 13 April 2022. The markets are closed today, 14 April 2022 on account of Mahavir Jayanti / Dr. Baba Saheb Ambedkar Jayanti. The stock eschanges will also remain shut tomorrow, 15 April 2022 on account of Good Friday.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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