India’s largest passenger vehicle manufacturer Maruti Suzuki India announced a price increase on Friday in the range of Rs 1,500-Rs 8,014 (ex-showroom New Delhi) across all models.

"The new prices are effective from 27th January 2016," the company said in a statement.

"The hike in car prices is because of increase in commodity, transportation and administrative costs," it added

The hike in prices comes after the leading car manufacturer reported a 1% decline in sales on January 1, 2017 but the company posted a 47% profit in the third quarter (Q3).

The net profit increased to Rs 1,744.50 crore for the quarter ended December 31, 2016 from Rs 1,183 crore in the corresponding period of 2015-16.

"Increase in share of the company's higher segment models, lower sales promotion and marketing expense, cost reduction efforts and higher non-operating income contributed to increase in profits," a company statement said.

"This was partially offset by the increase in commodity prices and adverse foreign exchange movement during the quarter."

The passenger car major's total income from operations during the period under review rose by 13.06 per cent to Rs 19,173.1 crore, from Rs 16,957.60 crore reported for the quarter ended on December 31, 2015.

The company's net sales during Q3 grew by 12.4 per cent to Rs 16,623.60 crore.

Maruti Suzuki sold 387,251 vehicles during the quarter under review, logging a growth of 3.5 per cent over the same period last year.