If an open source project which had Apache 2.0 license, has now changed its license to non-commercial use license, can we use a previous release(when it was free for commercial use) of the project for commercial purpose in a production environment?
Yes. If you have access to a copy of the software that was licensed under Apache-2.0, then you can continue to use that software under Apache-2.0 even if newer versions use a different license.
However, running an old version of a software might not be a good idea, since you will be cut off from bugfixes and security fixes. Since this is Open Source, you aren't forced to stick with the original author – you could perform maintenance tasks yourself, or hire a third party to make necessary changes. In many cases, it might be sensible to migrate to an entirely different software. Of course, for commercial users it often makes most economic sense to stick with the same software and pay for a new commercial license…
As a practical example of a software that was licensed away from Apache-2.0, consider Elasticsearch. When Elasticsearch changed its license to the non-Open-Source SSPL, Amazon continued development of the last Apache-2.0 covered version, essentially forking the project. For trademark reasons, that fork was renamed to OpenSearch.