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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 4.97 Indian rupees per share, a decline of 17.1% from 5.99 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 6.97 billion rupees, a decline of 17.0% from 8.40 billion rupees in the year-earlier period.

The normalized profit margin declined to 3.0% from 4.0% in the year-earlier period.

Total revenue increased 10.6% on an annual basis to 233.93 billion rupees from 211.59 billion rupees, and total operating expenses climbed 10.9% from the prior-year period to 214.95 billion rupees from 193.74 billion rupees.

Reported net income rose 15.6% year over year to 9.96 billion rupees, or 7.10 rupees per share, from 8.62 billion rupees, or 6.15 rupees per share.

As of Oct. 30, US$1 was equivalent to 65.41 Indian rupees.