Larsen & Toubro, India's biggest engineering conglomerate, reported an 18 per cent rise in quarterly net profit, beating market estimates, boosted by more contracts in overseas markets and other income.
The company, whose operations span engineering, construction, shipbuilding and software, said net profit rose to Rs 9.92 billion in the quarter ended on December 31 from Rs 8.41 billion a year earlier.
Brokerages polled by Reuters expected net profit of Rs 8.81 billion.
Shares in Larsen, which has a market value of $15.6 billion, lost nearly half its value in 2011, compared to a roughly 25 per cent drop in the main Mumbai index.