Larsen & Toubro posts over 37 percent slide in Q1 profit

NEW DELHI (Reuters) - Larsen & Toubro Ltd reported on Friday a net profit of 6 billion rupees ($93.6 million) for its first quarter, more than a third down on the previous year, and the engineering giant said the short-term business environment remained "challenging".

Last year the company reported a consolidated net profit of 9.67 billion rupees for the three months ended June.

Larsen & Toubro, which makes everything from metro trains to gas pipelines to parts for submarines, has been looking for a rebound in its core home market after several years of sluggish demand for its goods.

Shares in the group, widely seen as a barometer of the Indian economy, closed up 1 percent on Friday, underperforming the broader market. Its shares have risen about 20 percent this year.

 

($1 = 64.1300 rupees)

(Reporting by Tommy Wilkes; Editing by Subhranshu Sahu)