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Larsen & Toubro fiscal Q3 profit falls YOY

Larsen & Toubro Ltd. said its normalized net income for the fiscal third quarter ended Dec. 31, 2016, amounted to 5.98 Indian rupees per share, a decline of 10.8% from 6.70 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 8.39 billion rupees, a decrease of 10.8% from 9.40 billion rupees in the prior-year period.

The normalized profit margin dropped to 3.2% from 3.6% in the year-earlier period.

Total revenue rose on an annual basis to 262.87 billion rupees from 258.29 billion rupees, and total operating expenses climbed year over year to 244.87 billion rupees from 237.99 billion rupees.

Reported net income decreased 6.0% year over year to 9.72 billion rupees, or 6.93 rupees per share, from 10.35 billion rupees, or 7.38 rupees per share.

As of Jan. 27, US$1 was equivalent to 68.05 Indian rupees.