By Oliver Hall
Apollo tyres expects a 15 percent rise in domestic sales in the fiscal year to March.
The prediction is up from 11 percent seen earlier, as the improving economy drives demand for vehicles and transportation, its finance chief said today.
Sunam Sarkar, chief financial officer of the Indian tyres company, also said rising rubber prices were a concern, but the tyre maker would maintain current margins by passing on cost increases to customers.
Apollo Tyres announced its intention to become a leading player in the global market earlier this year.
And it is looking for worldwide acquisitions as a route to increase its presence in the global market.
At the moment Apollo ranks 16th in the world, but the company has set its sights on breaking into the top 10 tyre manufacturers within the next five years.
Earlier, Apollo Tyres reported a 24.3 percent rise in India sales to 12.20 billion rupees. Profit has jumped to 1.02 billion rupees from 77.9 million rupees a year ago.