India's Larsen & Toubro Q3 profit rises 12 pct
MUMBAI Jan 22 (Reuters) - Larsen & Toubro Ltd, India's largest infrastructure builder, posted a 12 percent rise in quarterly net profit, roughly in line with analyst estimates, as overseas revenue offset the impact of a slowing domestic economy.
L&T, which lays roads, constructs ships, develops real estate and makes power plant equipment, has been looking to boost overseas sales as the domestic economy grows at its slowest pace in a decade.
In October-December, net profit rose to 11.36 billion rupees ($183.6 million) from 10.13 billion rupees a year earlier, the company said in a statement on Wednesday.
That compares with an 11.5 billion rupee mean estimate of 16 analysts, according to Thomson Reuters data.
The company said the net profit in the quarter grew 22 percent to 12.41 billion rupees after accounting for the exceptional gain on dilution of its stake in a subsidiary.
Shares of L&T, valued at $15.1 billion, closed down 0.7 percent before the earnings report, in a Mumbai market that gained 0.4 percent. ($1 = 61.8600 Indian rupees) (Reporting by Prashant Mehra; Editing by Christopher Cushing and Gopakumar Warrier)
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