Indian L&T net profit down 27 percent in Q1
(MENAFN) Indian Larsen & Toubro reported a 27 percent drop in net profit in the first quarter, nevertheless, it beat estimates, and said it was upbeat on prospects in its domestic market, Arab News reported.
The industrial group said in a statement it posted a net profit of USD325 million for its fiscal fourth quarter, compared with USD28.4 billion registered in the same quarter of last year.
Analysts, on average, were expecting the company to make USD288.74 million. "We will regulate international projects to a maximum of 30 percent," the group's Executive Chairman said.
"Though demand in short-term remains impacted, the reform process in India is expected to gain ground in the medium term," the Indian company said in a statement.
The industrial group said in a statement it posted a net profit of USD325 million for its fiscal fourth quarter, compared with USD28.4 billion registered in the same quarter of last year.
Analysts, on average, were expecting the company to make USD288.74 million. "We will regulate international projects to a maximum of 30 percent," the group's Executive Chairman said.
"Though demand in short-term remains impacted, the reform process in India is expected to gain ground in the medium term," the Indian company said in a statement.
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