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

Source : REUTERS
Last Updated: Thu, Jan 24, 2013 09:16 hrs
Raman, CFO of Larsen and Toubro, speaks during during the Reuters India Investment 2011 Summit in Mumbai

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.

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