The investment bank adds that, structurally, it still believes the Indian tyre industry faces high earnings volatility across the cycle, with 12-18 percent sustainable return-on-equity for Apollo Tyres versus 20 percent expected in FY14E.
In the near term, it adds that softness in natural rubber prices may act as a strong tailwind to the company's earnings as well.
Apollo Tyres will report March-quarter results on Friday.
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