"may improve its" is correct and usable in written English.
You can use it when referring to a singular or plural noun in the third person. Example: The company may improve its performance this year.
Kraft is unlikely to raise its offer price significantly, though it may improve its terms to stay in the game and win over Cadbury shareholders.
CA19.9 levels may be artificially elevated in the setting of cholestasis and correcting it in relation to the bilirubin may improve its applicability.
If a crude measure of laterality is all that is available, combining it with a measure of objective motor function may improve its utility.
Repainting a used car may improve its value over what you would have been able to sell it for, but it will never increase its value compared to what it was when you bought it.
In other words, though Intel's business may improve, its antitrust problems could worsen.
Apparently, several of them have been convinced that Mr. Rechler's involvement in a project may improve its chances of approval.
It may even improve its efficiency during mechanical loading tests.
The impure nature of the Butf may have reduced the effect of the potential anticancer component present in that fraction which if isolated, may then improve its IC50.
Dr. Butler said some of Cuba's shortcomings may actually improve its health profile.
Surprisingly (and gratifyingly), adding a bit of soya to a hamburger may actually improve its flavour.
Although it's not a definite cure for the slowness, tinkering with Firefox 5 may help improve its speed.
