india s maruti sees profits jump india s biggest carmaker maruti has reported a sharp increase in quarterly profit after a booming economy and low interest rates boosted demand net profit surged 70 to 239bn rupees 5498m 2932m in the last three months of 2004 compared with 141bn rupees a year earlier total sales were 301bn rupees up 27 from the same 2004 period maruti accounts for half of india s domestic car sales luring consumers with cheap fuelefficient vehicles demand in india also has been driven by the poor state of public transport and the very low level of car ownership analysts said figures show that only eight people per thousand are car owners maruti beat market expectations despite an increase in raw materials costs the company majorityowned by japan s suzuki said an increase in steel and other raw material prices was partially offset by cost cutting sales in the fiscal third quarter including vans and utility vehicles rose by 178 to 136069 units maruti is not the only company benefiting as indian s economic growth gives consumer greater spending power utility vehicle and tractor maker mahindra has reported a 52 rise in net profit during the last three months of 2004 profit was 133bn rupees compared with 8742m rupees a year earlier