India's biggest carmaker Maruti Udyog Ltd on Tuesday reported a 270% increase in net profits at Rs 542.18 crore (Rs 5.42 billion) during 2003-04.

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The total income grew by 31 per cent at Rs 9,751 crore (Rs 97.51 billion) during the last fiscal, a company statement said in New Delhi.

During the fourth quarter ended March 31, 2004, net profits surged 193 per cent at Rs 157.1 crore (Rs 1.57 billion) while total income jumped 33 per cent at Rs 2,987 crore (Rs 29.87 billion) during January-March 2004.

The company's board also recommended a dividend of 30 per cent to its shareholders.