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Larsen & Toubro fiscal Q2 profit climbs 27.3% YOY

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Investment Banking Essentials: February 21

Larsen & Toubro fiscal Q2 profit climbs 27.3% YOY

Larsen & Toubro Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 9.38 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 9.64 rupees per share.

EPS rose 27.2% year over year from 7.37 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 13.17 billion rupees, a gain of 27.3% from 10.34 billion rupees in the prior-year period.

The normalized profit margin rose to 4.9% from 4.1% in the year-earlier period.

Total revenue climbed 7.3% on an annual basis to 268.48 billion rupees from 250.11 billion rupees, and total operating expenses increased on an annual basis to 239.17 billion rupees from 231.73 billion rupees.

Reported net income increased 26.9% on an annual basis to 18.20 billion rupees, or 12.96 rupees per share, from 14.35 billion rupees, or 10.23 rupees per share.

As of Nov. 10, US$1 was equivalent to 65.16 Indian rupees.