L&T net profit rises 7%, beats analyst estimates

Larsen & Toubro, India's largest infrastructure builder, reported a 7 percent rise in quarterly profit, beating analyst estimates, as it booked increased revenue despite a weak domestic economy.

The net profit was Rs 978 crore (Rs 9.78 billion) in the three months to September 30, compared with Rs 915 crore (Rs 9.15 billion) in the same period a year earlier, L&T said in a statement on Friday.

The average estimate of nine analysts polled by Thomson Reuters was Rs 900 (Rs 9 billion).

L&T, which lays roads, constructs ships, makes power plant equipment and develops real estate, has been looking to boost overseas sales as the domestic economy grows at its slowest pace in a decade.

Ahead of the earnings, shares in L&T, valued at $13 billion, jumped 4.2 percent in a Mumbai market that gained 2.4 percent.