Japanese automaker marks a 96 percent rise in profit over the previous year. Honda also reported a Q1 profit of $774 million (€582 million) also with a 28 percent rise in sales.

After Ford reported the good news yesterday that it was back in the black, now it's Honda's turn to show its healthy profit margin.

For the fiscal year ending on March 31, Honda reported a $2.9 billion (€2.18 billion) profit on $92.3 billion (€69.4 billion) in total sales - a 96 percent rise over the previous year.

Honda also reported a $774 million (€582 million) profit for the first quarter of this year with a 28 percent growth in sales. The Japanese automaker benefiting from rising demand in China and India, as well as recovering markets in the US and Europe.

The automaker expects the next fiscal year to be even better - projecting a $3.7 billion (€2.78 billion) profit on gross sales of $100.4 billion (€75.5 billion).

In this last fiscal year Honda sold 3.4 million vehicles and 2.6 million motorcycles. Honda's sales projection for fiscal year 2010 calls for a volume of 3.6 million vehicles.

Gallery: Honda reports a $2.9 billion profit for the year