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L&T exec says seeing early signs of govt spending on infra
R. Shankar Raman, chief financial officer of Larsen and Toubro, speaks during the Reuters India Investment 2011 Summit in Mumbai November 21, 2011.
Credit: Reuters/Stringer/Files
MUMBAI |
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)
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