Covid’s second wave is expected to dent auto ancillaries’ revenue in 1QFY22, said India Ratings and Research (Ind-Ra).The ratings agency believes that auto ancillaries would see a materially lower revenue in 1QFY22, following a strong turnaround in 2HFY21.“The second Covid wave leading to localised lockdowns has impacted the economic activity, resulting in shutdowns/advancement of maintenance activities at original equipment manufacturers’ (OEMs) plants, causing lower volume offtake from ancillaries,” it said. Besides, the agency opined that industry will see a pent-up demand in the subsequent quarters if the lockdowns are lifted from end-June which could compensate for the loss of revenues in 1Q.