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Rediff.com  » Business » L&T net profit falls 6.9% to Rs 1,788 crore

L&T net profit falls 6.9% to Rs 1,788 crore

May 22, 2013 14:22 IST

Larsen and Toubro Ltd (L&T) posted a worse-than-expected 6.9 per cent fall in quarterly profit as interest costs jumped for India's biggest engineering and construction company.

Net profit fell to Rs 1,788 crore (Rs 17.88 billion) for its fiscal fourth quarter ending March, from Rs 1,920 crore (Rs 19.2 billion) it reported a year earlier, said the company, whose interests span shipbuilding to railways to real estate.

Analysts expected the company to report a net profit of Rs 1,856 crore (Rs 18.56 billion), according to Thomson Reuters I/B/E/S.

Shares in the company, valued at more than $18 billion, fell 3 per cent after results.

Matthias Williams in New Delhi
Source:
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