India’s L&T posts 15.6% profit rise on strong overseas project execution
Larsen & Toubro (L&T), India’s largest infrastructure company by market capitalization, reported a 15.6% rise in second-quarter profit, boosted by strong execution of overseas projects and steady order inflows.
The company’s consolidated profit after tax reached 39.26 billion rupees ($446.7 million) for the quarter ended September 30, News.Az reports, citing Reuters.
L&T, often seen as a bellwether for India’s infrastructure sector, has been focusing on international orders to counter a relatively slower domestic market. Brokerages HDFC Securities and Elara Securities noted that L&T’s execution of international projects outperformed domestic ones in a seasonally weak quarter affected by the monsoon.
Total orders grew 45% in July–September, compared with 33% growth in the first quarter and a 10% decline a year ago during India’s general elections. International orders, spanning the Middle East, U.S., Europe, and Africa, accounted for 65% of total orders, up from 63% the previous year.
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