Larsen & Toubro (L&T) (LART.NS), India's largest infrastructure company by market capitalisation, reported a second-quarter profit rise on Wednesday, helped by the faster execution of projects.
L&T's results are often seen as the marker of infrastructure spending in Asia's third-largest economy, mainly due to the diverse nature and scale of its projects.
Its consolidated profit after tax jumped 5% on-year to 33.95 billion rupees (about $404 million) in the three months ended Sept. 30.
Project execution improved as the pace of construction during July and August rose 8.5% on-year, brokerage Elara Capital flagged, citing data from the country's roadways ministry.
Meanwhile, domestic order inflows from the government rebounded, analysts said, after national election-linked delays spurred weak tendering activity in the previous quarter.
L&T's consolidated revenues rose 21% to 615.55 billion rupees.
Besides India, which contributes about half of its revenues, L&T counts the Middle East as a key market and also operates in the United States, Europe and Africa.
International revenues grew 46%, contributing 52% to the topline in the second-quarter, compared to a 43% share a year earlier.
($1 = 84.0640 Indian rupees)
