Ahead of its proposed public offer for divestment of government equity, Suzuki car maker Maruti Udyog (MUL) on Wednesday announced a 40% higher profit at 1.46 billion rupees ($US31.16 million) for the year 2002-03, Asia Pulse reported.

The profit was largely attributed to aggressive cost cutting measures and enhanced productivity, according to a company statement.

Suzuki Motor Corporation of Japan, which raised its equity shares to a majority 54.2% last year, said the profits was also due to enhanced productivity in in-house manufacturing and vendor facilities.

The company posted a net profit of Rs 1.05 billion during 2001-02.  Total revenue stood at Rs 94.26 billion in 2003 against Rs 93.99 billion, the Asia Pulse report added.