Covid-19 impact: Apollo Tyres reports net loss of Rs 135 cr in Q1FY21

Apollo Tyres on Wednesday reported a consolidated net loss of Rs 135 crore for the first quarter ended June 30, hit by lower sales due to coronavirus pandemic.

The tyre maker had reported a net profit of Rs 142 crore in the April-June last fiscal.

Net sales during the quarter under review declined to Rs 2,828 crore, from Rs 4,272 crore in the year-ago period, Apollo Tyres said in a statement.

"While the first half of the first quarter was almost a complete washout, our performance has been excellent since the markets opened up, especially in the replacement market.

"While the uncertainty will continue, and we will have to find opportunities for growth, I am hopeful of the markets further recovering and the sales bouncing back around the festive season in India," Apollo Tyres Chairman Onkar S Kanwar said.

In Europe, the company is performing better than the industry, which is likely to continue going forward as well, Kanwar noted.

"The teams across geographies have shown tremendous resilience amidst the pandemic and have adapted to the new normal for business continuity," he added.