MUMBAI, SEPT 15: R P Goenka-owned Ceat Ltd has set a sales target of around Rs 1,400 crore for the current year while the profits of the company are expected to increase by 14 per cent over last year.In the first five months of the current fiscal, the company has recorded a sales turnover of Rs 533 crore, an increase of 19 per cent over the corresponding period last year, vice chairman Harsh Goenka told shareholders at its 40th annual general meeting here today.In order to emerge as a market leader, the company's management has set a growth target of 14 per cent against a projected industry growth of six per cent, he said.The company intends to have at least one per cent growth in market shares in all segments it operates in, Goenka said. At present, in scooter tyres it has a market share of 21 per cent, motorcycles 11 per cent and car tyres 19 per cent.The export turnover is expected to be around Rs 140 crore this fiscal, Goenka said. It mainly exports to the United States, West Asia, Africa andSouth America.Ceat's exports last year dipped to Rs 128 crore from the last year's Rs 153 crore mainly due to the South Asian crisis and lack of demand from the US and Latin American countries.Goenka said the company was mulling over the possibility of hiking its tyre prices.
