Larsen & Toubro (L&T) India’s largest infrastructure company by market capitalisation, posted a 15.6%rise in second-quarter profit on Wednesday, helped by stronger execution of overseas orders and consistent order inflows.
The firm’s consolidated profit after tax rose to 39.26 billion rupees ($446.7 million) for the quarter ended September 30.
L&T, seen as a bellwether for India’s infrastructure sector, has been trying to win more overseas orders to offset the relatively weaker domestic market.
Its execution of international projects was relatively stronger than its domestic ones in the reporting quarter, which a seasonally weak one due to India’s monsoon rain season, brokerages HDFC Securities and Elara Securities said in pre-earnings notes.
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Total orders grew 45% in the July to September period, compared to 33% growth in the first quarter and a 10% decline in the year-ago quarter, when India’s general elections slowed tendering activity.
International orders, from geographies such as the Middle East, U.S., Europe and Africa, comprised 65% of the total, up from 63% a year earlier.
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