India L&T exec says seeing early signs of govt spending on infra
MUMBAI Jan 24 (Reuters) - Larsen & Toubro (L&T), 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
- India passes halfway mark in election with BJP gaining strength
- Search for Malaysia Airlines jet refocuses on drone scans of seafloor
- UPDATE 3-Putin talks tough on Ukraine but says he hopes for peace
- Acid attack survivor wins millions on 'Kaun Banega Crorepati'
- UPDATE 3-Salsa music great José "Cheo" Feliciano, 78, dies in car crash
Wipro posted a 29 percent rise in its fourth-quarter net profit, beating expectations, helped by increased IT spending by its customers. For the quarter ended March 31, the company said it earned 22.27 billion rupees compared with 17.29 billion rupees a year earlier. Full Article | Full Coverage
Ex-Goldman director Rajat Gupta to surrender June 17 in insider case. Full Article