October 31, 2018 / 11:22 AM / 3 months ago

Larsen & Toubro second-quarter profit jumps 23 percent, beats estimate

A sign of Larsen and Toubro (L&T) is placed on a road divider in Mumbai, May 25, 2016. REUTERS/Shailesh Andrade/Files

(Reuters) - Industrial conglomerate Larsen & Toubro Ltd posted a 22.6 percent jump in Sept-quarter net profit, underpinned by higher order intake.

Net profit came in at 22.30 billion rupees ($301.64 million) in the second quarter, compared with 18.20 billion rupees a year earlier, company said on Wednesday.

Analysts on average had expected the Mumbai-headquartered company to post a net profit of 17.19 billion rupees, according to Refinitiv Eikon data.

Revenue from operations jumped 21.3 percent to 320.81 billion rupees.

L&T’s order book stood at 2.81 trillion rupees, as of Sept. 30, of which, the international order book constituted 22 percent.

The company recorded a one-off gain of 2.95 billion rupees in the quarter. It had reported an exceptional item of 1.37 billion rupees in the same period last year.

($1 = 73.9300 Indian rupees)

Reporting by Mekhla Raina in Bengaluru, Editing by Sherry Jacob-Phillips

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