L&T exec says seeing early signs of govt spending on infra

MUMBAI Thu Jan 24, 2013 2:23pm IST

R. Shankar Raman, chief financial officer of Larsen and Toubro, speaks during the Reuters India Investment 2011 Summit in Mumbai November 21, 2011. REUTERS/Stringer/Files

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

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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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