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Larsen & Toubro fiscal Q2 profit falls YOY

Larsen & Toubro Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 was 5.99 Indian rupees per share, a decline of 5.7% from 6.36 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 8.40 billion rupees, a decline of 5.4% from 8.87 billion rupees in the prior-year period.

The normalized profit margin dropped to 4.0% from 4.6% in the year-earlier period.

Total revenue grew 10.6% year over year to 211.59 billion rupees from 191.31 billion rupees, and total operating expenses climbed 12.5% year over year to 193.74 billion rupees from 172.15 billion rupees.

Reported net income increased 6.0% on an annual basis to 8.62 billion rupees, or 6.15 rupees per share, from 8.13 billion rupees, or 5.83 rupees per share.

As of Nov. 7, US$1 was equivalent to 61.65 Indian rupees.