New Delhi, May 18: Riding on the back of a robust GDP growth and low financing rates, Maruti Udyog Ltd today reported a three-fold increase in net profit during the financial year ended March 31, 2004.

The country’s largest automaker, which is 54.2 per cent owned by Japan’s Suzuki Motor Corp, said net profit in 2003-04 increased to Rs 542.18 crore compared with Rs 146.44 crore in the previous fiscal.

In the fourth quarter ended March 2004, the company posted a higher net profit at Rs 157 crore from Rs 53.68 crore in the year-ago period. Income was up at Rs 2,247 crore against Rs 2,987 crore in the corresponding previous quarter. The board has recommended a dividend of 30 per cent on a full-year income of Rs 9,751 crore, which rose 31 per cent from Rs 7,416.5 crore in the previous fiscal.

Maruti’s sales, which has a 47 per cent domestic market share, also rose 30.3 per cent to 4.72 lakh units during the year helped by a production tax cut 14 months ago which allowed firms to lower prices by about 5 per cent.

The car major’s stock price has tripled from it’s debut in early July last year and are up 8.2 per cent since January 1, against a nearly 23 per cent drop in the benchmark Bombay index as passenger vehicle sales soared.