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Larsen & Toubro fiscal Q4 profit climbs 52.9% YOY

Larsen & Toubro Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 was 17.88 Indian rupees per share, a gain of 52.1% from 11.76 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 25.29 billion rupees, an increase of 52.9% from 16.54 billion rupees in the prior-year period.

The normalized profit margin increased to 6.7% from 5.1% in the year-earlier period.

Total revenue grew 15.4% year over year to 374.85 billion rupees from 324.82 billion rupees, and total operating expenses grew 11.9% year over year to 319.47 billion rupees from 285.58 billion rupees.

Reported net income grew 89.5% from the prior-year period to 30.25 billion rupees, or 21.39 rupees per share, from 15.96 billion rupees, or 11.35 rupees per share.

For the year, the company's normalized net income totaled 36.33 rupees per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 37.97 rupees.

EPS rose from 28.41 rupees in the prior year.

Normalized net income was 50.98 billion rupees, a rise from 39.85 billion rupees in the prior year.

Full-year total revenue increased year over year to 1.107 trillion rupees from 1.020 trillion rupees, and total operating expenses grew year over year to 1.001 trillion rupees from 924.37 billion rupees.

The company said reported net income increased year over year to 60.42 billion rupees, or 43.05 rupees per share, in the full year, from 42.33 billion rupees, or 30.18 rupees per share.

As of Sept. 4, US$1 was equivalent to 64.02 Indian rupees.