Larsen & Toubro Ltd, India’s largest infrastructure builder, posted a 12 per cent rise in quarterly net profit, roughly in line with analyst estimates, as overseas revenue offset the impact of a slowing domestic economy.
L&T, which lays roads, constructs ships, develops real estate and makes power plant equipment, has been looking to boost overseas sales as the domestic economy grows at its slowest pace in a decade.
In October-December, net profit rose to Rs. 1,136 crore from Rs. 1,013 crore a year earlier, the company said in a statement on Wednesday.
That compares with an Rs. 1,150 crore mean estimate of 16 analysts.
The company said the net profit in the quarter grew 22 per cent to Rs. 1,241 crore after accounting for the exceptional gain on dilution of its stake in a subsidiary.
Shares in L&T, valued at $15.1 billion, closed down 0.7 per cent before the earnings report, on the BSE Sensex that gained 0.4 per cent.