L&T Q2 net profit up by 16 percent

Engineering and construction company Larsen & Toubro said on Friday it posted a consolidated net profit of Rs.996 crore for the second quarter of 2015-16, a 16 percent increase over the same period last year,

In a filing to the Bombay Stock Exchange, the company said its net sales rose 10.56 percent to Rs.23,393.22 crore during the quarter.

During the quarter, domestic macroeconomic parameters showed some early signs of recovery, with pickup in industrial production indices and softening inflation and interest rates, the company said in its statement.

"The government remained committed on the developmental agenda, through the reform process and public expenditure. Financial markets, however, remained volatile and the overall investment climate stayed subdued during the quarter," the company said.

Slowing global economies, depressed commodity prices, weakening currencies and capital outflows are constraining the growth prospects of emerging economies, it said.

"Uncertainties in the financial markets and excess capacities across the world have also impacted the investment sentiment," it added.