The company had registered a loss of Rs 135 crore in the corresponding period of the last financial year.
Revenues from operations in the period under review rose 59% to Rs 4584 crore, as against Rs 2,882 crore in the year-ago period.
The company said while the second wave of the pandemic did impact the operations, it was comparatively lesser than the first wave witnessed in the first quarter of the last financial year. Both, Indian and European operations performed well, with their revenues increasing 82% and 28% respectively, as compared to the first quarter last fiscal.
Onkar Kanwar, Chairman,
Tyres said, “We have adopted to the new way of working amidst the pandemic. We were better prepared in the second wave, as compared to the first wave in Q1 last fiscal. The performance reflects the resilience of the company, even as the employees across geographies worked like ‘one family to help each other in the times of crisis.”
“With the improving business sentiment and demand for our products, we are optimistic of continuing with our stellar performance across geographies”, he added.
Shares of Apollo Tyres closed at Rs 225.50 crore apiece, down by 1.76% on the Bombay Stock Exchange (BSE). The results were announced after market hours.
