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)
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Government officials will meet on Tuesday to discuss proposals to shut down some loss-making state-owned companies, risking a conflict with powerful trade unions. Full Article