Leading consumer durables firms LG and Samsung today said they had increased prices of their products by up to 3% to offset impact of weakening of rupee and rising input costs ahead of the festive season.
However, other competitors such as Godrej and Panasonic are holding on to the current prices till Diwali.
"We have increased prices of our home appliances ranges by around 1.5% because of the weakening of rupee against the dollar. It mainly impacts our high end products as most of the components are imported," a Samsung India spokesperson said.
Besides the rupee depreciation, the company said, it is facing the heat of high input costs. "Though the raw material prices have stabilised in the recent past, it is still high as compared with last year," the official said.
Similarly, LG Electronics India (LGEIL) said it was increasing the prices by up to 3% across all its home appliances range.
"The price hike is applicable on front loading washing machines, microwave ovens and flat cathode ray tube appliances," LGEIL Chief Operating officer YV Verma said.
The products are priced around Rs 4,000 to Rs 40,000.
However, he added that there has been no increase in prices of flat panel television sets, mobile phone and air-conditioners.
Domestic consumer durables firm Godrej Appliances and Japanese electronics firm Panasonic said they will hold on to the current prices till the festive season and would take a decision post Diwali.
"We are not planning to take any price increase till October-end. Based on the dollar-rupee equation we will review and take a decision post festive season. We do not want to dampen the festive mood," Godrej Appliances Vice President (Sales and marketing) Kamal Nandi said.
Similarly, Panasonic also said it was looking at taking price increase of around 2% on some of its products after the festive season, most likely in November.
"The rupee depreciation will have a sizeable impact on our business. However, at present we will absorb the impact," Panasonic India Director (Marketing and Sales) Manish Sharma said, adding the firm would review after the festive season.
"It is largely possible that we might have raise the prices by around 2% on our flat panels and plasma TVs," he added.
The rupee, in the past one month, has dived from 45 level to near 50 levels against the US currency on continued FII outflows and strong dollar overseas.
