MRF Ltd has reported a leap in its sales and net profits for the three months to the end of March.

India’s largest tyre maker said that net sales for the period jumped to INR17.67bn (US$397m), from INR14bn in the same period last year.

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Net profits for the period stood at INR958.2m up from the INR686m reported last year.

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Indian vehicle sales are expected to reach a record high for the second year running as rising incomes in a rapidly growing economy boost demand, according to the Society of Indian Automobile Manufacturers (SIAM).

Society president Pawan Goenka said he expected growth of 10-15% provided there were no “major surprises”.

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