Engineering conglomerate Larsen & Toubro on Saturday reported a 27% year-on-year increase in its net profit for July-September, lifted by a one-time gain through the sale of a subsidiary. The net profit during the quarter was Rs 1,820 crore, as against Rs 1,435 crore during the same quarter a year ago.
Excluding the one-time gain, the net profit was Rs 1,683 crore. The performance was better than market estimates, as a Reuters poll of analysts had pegged a net profit of Rs 1,220 crore.
The company’s revenue rose 6% year-on-year to Rs 26,447 crore.
The company said the “accelerated implementation of Goods and Services Tax” upset the business environment and slowed the economy’s growth. It said it expects the reforms to take “some more time to stoke growth”.
The company also said it would not be able to meet its target on order inflows in the financial year 2017-’18.