Honda Siel Cars India hopes to achieve a nearly 32 per cent rise in turnover this fiscal to Rs 1,500 crore (Rs 15 billion) on the back of increased volumes, company officials said on Tuesday.

The company also expects to boost its net profit by Rs 20 crore (Rs 200 million) to Rs 70 crore (Rs 700 million) this year, the officials said at the sidelines of the media preview of its revamped luxury car Accord.

The car would be priced between Rs 14.7-15.7 lakhs (Rs 1.47-Rs 1.57 million) when it is commercially launched later next month.

"This year, our target is to wipe out the accumulated losses of Rs 70 crore and also make net profit. During 2002-03, we sold 13,300 cars and this year, we are targeting to sell 7,000 units more," Honda Siel Cars president and CEO H Yamada said.

He said sales of the Accord should increase by 500 units to 1,800 units this fiscal following the launch of the new model. The mid-size car City and the soon-to-be-launched sports-utility-vehicle CR-V would comprise of the rest.

The company has invested Rs 200 crore (Rs 2 billion) during 2000-03 on upgrading its existing models, including the new mid-size car Honda City, which is likely to be launched this year.

Honda will also launch a further improved version of the Accord in January 2004 which would sport a 3000cc 'V6' engine, Yamada said.