MUMBAI (NewsRise) -- Larsen & Toubro reported a more than 15% increase in third-quarter net profit, as a jump in revenue from its software business helped India's largest engineering and construction company offset the impact of an investment slowdown at home.
India's $2.9 trillion economy has been cooling as banks tightened credit amid surging bad debt. The liquidity crunch hobbled spending on infrastructure in the country, where the economy grew at the slowest pace in six years in July-September. Analysts now fear that that a delay in pick-up in government spending will be exacerbated with a weak fiscal situation. Prime Minister Narendra Modi's government had said in November that it plans to invest $1.4 trillion in the infrastructure sector in the next five years.
