Maruti Udyog Ltd, India's biggest carmaker, on Tuesday exuded confidence that its profits could double in the next three years on the strength of technology support from parent company Suzuki Motor Corp and sustained marketing drive in tandem with efforts to reduce costs.

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"Our profits could double in three years' period compared to what was there in three years prior to our assuming control of the company in 2002," MUL chairman S Nakanishi, who is also a director on the SMC board, told visiting Indian journalists.

Maruti, which accounts for over half of the 550,000 cars sold annually in the Indian market, had recorded a 40 per cent rise in net profit during 2002-03 to Rs 146.4 crore (Rs 1.46 billion).

Its revenue touched Rs 9,426 crore (Rs 94.26 billion) on domestic sales of 275,000 cars.

Stating that a 20 per cent increase in production in MUL was possible from its present capacity of 500,000 units, Nakanishi said SMC would continue to introduce a new model for the Indian market every year.