Engineering and infrastructure firm Larsen & Toubro's (L&T) third quarter consolidated net profit increased by 19 per cent to Rs 1,035 crore against Rs 866 crore in the corresponding quarter last year, aided by Other Income and lower finance cost. However, it was marginally short of Bloomberg consensus estimates of Rs 1,040 crore.
The major miss was at the operating level as Ebitda (earnings before interest, tax, depreciation, and amortisation) was down eight per cent to Rs 2,650 crore from Rs 2,890 crore and the margin contracted by 180 basis points to 10.3 per cent against 12.1 per cent. Margin was hit by employee and sales and distribution expenses.