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Larsen & Toubro Ltd reported on Friday a net profit of Rs 600 crore 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 Rs 967 crore 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 per cent on Friday, underperforming the broader market. Its shares have risen about 20 per cent this year.