(Reuters) -India’s infrastructure giant Larsen & Toubro beat quarterly profit estimates on Tuesday, boosted by rising overseas contracts.
Seen as a bellwether for India’s infrastructure sector, L&T has been ramping up overseas orders to offset the relatively weaker domestic market.
The company’s consolidated profit after tax rose 30% to 36.17 billion rupees ($416.7 million) for the quarter ended June 30, above analysts’ average expectation of 33.68 billion rupees, as per data compiled by LSEG.
Revenue rose 16% to 636.79 billion rupees, above analysts’ estimate of 627.46 billion rupees, helped by improved execution of international projects.
Total orders in the quarter grew 33%, faster than the 8% growth a year ago and a 24% growth in the preceding quarter.
International orders constituted 52% of the total, up from 46% a year earlier.
New tendering for Indian government projects remained sluggish during the quarter, brokerage Elara Capital said.
($1 = 86.8100 Indian rupees)
(Reporting by Hritam Mukherjee and Ananta Agarwal in Bengaluru; Editing by Mrigank Dhaniwala)
