Profits under pressure due to input costs: Apollo Tyres

Apollo Tyres has reported 4% growth in net profit year-on-year of Rs 77.128 crore for the quarter ended June 30, 2011, slightly lower than street expectations. The consolidated total income has increased to Rs 2822 crore for the quarter ended June 30, 2011 from Rs 1824.163 crore in the previous quarter. However, Neeraj Kanwar, Vice Chairman and Managing Director told CNBC-TV18 that the company is facing huge pressure on profits due to increasing raw material costs.