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Larsen & Toubro profit holds relatively steady YOY in fiscal Q1

Larsen & Toubro Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 4.97 Indian rupees per share, compared with 4.95 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 6.97 billion rupees, compared with 6.94 billion rupees in the year-earlier period.

The normalized profit margin dropped to 3.2% from 3.4% in the year-earlier period.

Total revenue grew 8.0% year over year to 218.74 billion rupees from 202.52 billion rupees, and total operating expenses climbed 10.0% from the prior-year period to 204.34 billion rupees from 185.84 billion rupees.

Reported net income totaled 6.10 billion rupees, or 4.35 rupees per share, compared with 6.06 billion rupees, or 4.32 rupees per share, in the prior-year period.

As of July 29, US$1 was equivalent to 66.71 Indian rupees.