GURUGRAM, India—Apollo Tyres Ltd. has seen a sharp increase in sales and operating profit in the first quarter of financial year 2022, despite the impact of India's second wave of COVID-19 on its operations.
Operating profit for the three months to end of June was up 131% year-on-year at $75 million, on 59% higher sales of $615 million, Apollo reported Aug. 4.
Net profit increased 195% to close at $17 million, compared to a loss of $18 million reported last year.
"While the second wave of the pandemic did impact the operations, it was comparatively lesser than the first wave witnessed in first quarter last year," Apollo said in a statement.
Apollo said both Indian and European operations performed well, with their revenues increasing 82% and 28% respectively, compared to the same period last year.
"We were better prepared in the second wave, as compared to the first wave," Apollo chairman Onkar Kanwar said.
With the improving business sentiment and demand for its products, Apollo said it was "optimistic" about its performance across geographies.