BENGALURU (Reuters) -Indian engineering company Larsen and Toubro (L&T) reported fourth-quarter profit above analysts’ estimates on Wednesday, boosted by earnings from previously commissioned projects.
The company reported a 10% rise in consolidated net profit at 43.96 billion rupees ($526.5 million) for the January-March quarter, surpassing analysts’ estimate of 41.13 billion rupees, as per LSEG data.
Given the variety and scale of orders it receives, L&T’s results are often seen as a bellwether for capital expenditure in the Indian economy.
However, analysts have flagged that the robust capital expenditure environment, which fuelled L&T’s profit for seven straight quarters, is likely to be subdued as government spending tapers ahead of national elections.
L&T’s revenue from operations rose 15% to 670.79 billion rupees, ahead of analysts’ expectations of 663.36 billion rupees, with international revenue contributing 45% of the total.
($1 = 83.4954 Indian rupees)
(Reporting by Hritam Mukherjee and Kashish Tandon in Bengaluru; Editing by Janane Venkatraman and Eileen Soreng)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.