New Delhi, Apr 24: Country's largest carmaker Maruti Suzki India on Thursday reported net profit of Rs 297.7 crore for the fourth quarter ended December 2008.

Although the company's net profit in the corresponding quarter the previous fiscal stood at Rs 448.6 crore, MSI said the figures were not comparable due to the adoption of a new depreciation policy, which has shortened cycles for its equipment and tooling assets.

Total income, net of excise stood at Rs 5069.9 crore during the quarter, it said.

For the fiscal 2007-08, net profit stood at Rs 1730.8 crore, while the total income for the fiscal stood at Rs 18823.8 crore.

Under the new policy adopted by the company, the full depreciation for equipment and tooling assets will now be 8 years instead of 13 years previously.