L&T exec says seeing early signs of govt spending on infra
MUMBAI (Reuters) - Larsen & Toubro (L&T) (LART.NS), India's top construction and engineering company, is seeing early signs of a government push on infrastructure spending, Chief Financial Officer R. Shankar Raman said on Thursday.
Big ticket energy and infrastructure projects in India have been stalled by a slow approval process, inadequate capital and low availability of fuel for power projects.
L&T reported a 13 percent rise in net profit to 11.22 billion rupees for the third quarter compared with 9.92 billion rupees a year earlier. Sales rose 10 percent to 154.29 billion rupees.
Analysts expected the company to report a net profit of 10.79 billion rupees on sales of 160.96 billion rupees, according to Thomson Reuters I/B/E/S.
(Reporting by Kaustubh Kulkarni; Editing by Sunil Nair)
- Tweet this
- Share this
- Digg this
As well as making the lives of millions of middle class Indians easier, the sharp drop in Brent crude prices since June is a boon for Prime Minister Narendra Modi in his fight to revive an economy growing at its slowest rate since the 1980s. Full Article