Larsen & Toubro FQ1 Profit Drops 12.5%

Larsen & Toubro

reported a 12.5% drop in its fiscal first-quarter net profit. Larsen & Toubro's quarterly net profit declined to 7.56 billion rupees ($127 million), versus 8.64 billion rupees, in the year-ago period. Its sales increased 5% to 125.55 billion rupees from 119.55 billion rupees. However, analysts were expecting a profit of 9.04 billion rupees on sales of 134.43 billion rupees.