Home-grown tyre manufacturer Apollo Tyres has reported a net profit of INR 128 crore in Q1 this fiscal. The company reported a loss of INR 135 crore in the same quarter last year owing to disruptive operations during the first wave of COVID-19. On August 4, 2021, the board of directors approved the company’s unaudited results for Q1 FY22. In a statement, the company said gradual demand recovery is being witnessed across market segments. “While the second wave of the pandemic did impact the operations, it was comparatively lesser than the first wave witnessed in Q1 last year. Both Indian and European operations performed well, with their revenues increasing 82% and 28% respectively, as compared to the first quarter of the last fiscal,” it added. For the quarter ended June 30, 2021, revenue from operations increased 59% to INR 4,584 crore against INR 2,882 crore in Q1FY21. Onkar Kanwar, Chairman, Apollo Tyres, said, “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 times of crisis.”