Larsen Profit Misses Estimates as Rising Costs Bite
- Profit at 36.2 bln rupees, below 39.69 bln-rupee estimate
- Commodity prices, payment delays hurt operating margin: CFO
A Larsen & Toubro Ltd. employee works on a booster compressor process module, part of an offshore oil drilling platform, in Hajira, India.
Photographer: Prashanth Vishwanathan/Bloomberg
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Larsen & Toubro Ltd., India’s largest engineering conglomerate, posted lower-than-expected profit as higher commodity and fuel prices impacted margins.
Net income for the Mumbai-based company rose 10% from a year ago to 36.2 billion rupees ($467 million) for the quarter ended March 31, according to an exchange filling Thursday. That was lower than an estimate of 39.69 billion rupees in a Bloomberg survey.