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Larsen Profit Misses Estimates as Raw Material Costs Bite

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Larsen & Toubro Ltd., India’s largest engineering conglomerate, posted lower-than-expected profit as higher raw material and fuel prices impacted margins.

Net income for the Mumbai-based company fell 17% to 20.6 billion rupees ($275 million rupees) for the quarter ended Dec. 31, according to an exchange filling Friday. That was lower than all estimates in a Bloomberg survey, with consensus at 23.9 billion rupees. An 11% increase in costs wiped out a similar boost in revenue.