Larsen & Toubro third-quarter profit jumps 37 percent, beats estimates

(Reuters) - Industrial conglomerate Larsen & Toubro Ltd posted a 37 percent surge in third-quarter profit on Friday, beating analysts' expectations, due to strong execution in project and service businesses.

Net profit was 20.42 billion rupees ($286.84 million) in the three months to Dec. 31, 2018, compared with 14.90 billion rupees a year earlier.

Analysts on average had expected the Mumbai-headquartered company to post a net profit of 17.88 billion rupees, according to I/B/E/S data from Refinitiv.

Revenue from operations rose 24.2 percent to 357.09 billion rupees, with international business constituting 32 percent of the total.

The group received new orders worth 422.33 billion rupees in the quarter, while the group's order book stood at 2.84 trillion rupees as on Dec. 31, up 5 percent year-on-year.

($1 = 71.1900 Indian rupees)

(Reporting by Chandini Monnappa in Bengaluru; Editing by Subhranshu Sahu)