Maruti Suzuki has declared the results for the three month period ended March 31, 2010 today.

The fourth-quarter net profit of the country's top car manufacturer soared by over two fold, but missed forecasts as hard competition in the flourishing market and increasing raw material costs cut hit profit margins.

Maruti, 54.2% owned by Japan's Suzuki Motor Corp, recorded 170% increase in its net profit, which stood at Rs 656 crore as compared to Rs 243 crore in 2009.

The company's total income in the fourth quarter grew 30.06% to 8,503.52 crore as against Rs 6,538.34 crore in the corresponding period of 2009.

For the fiscal, which ended on March 2010, MSI's consolidated net profit more than doubled at Rs 2,624.64 crore from Rs 1,227.45 crore in the corresponding period of 2009.

The company's board also declared an annual dividend of Rs 6 per share for 2009-10.

The company's Indian car sales have been robust thus far in calendar year 2010 with resurgence in the financial system raising demand, whereas availability of credit has brought back client trust. (With Inputs from Agencies)