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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, 2014, came to 6.16 Indian rupees per share, a decrease from 6.32 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 8.63 billion rupees, a decrease from 8.91 billion rupees in the prior-year period.

The normalized profit margin fell to 3.6% from 4.1% in the year-earlier period.

Total revenue grew 9.7% on an annual basis to 238.48 billion rupees from 217.32 billion rupees, and total operating expenses rose 9.9% from the prior-year period to 216.37 billion rupees from 196.87 billion rupees.

Reported net income increased 7.8% from the prior-year period to 8.67 billion rupees, or 6.18 rupees per share, from 8.03 billion rupees, or 5.71 rupees per share.

As of Feb. 9, US$1 was equivalent to 62.14 Indian rupees.