17: Why are L&T shares up despite muted Q3

Shares of the country’s largest infrastructure conglomerate, Larsen and Toubro Ltd (L&T) increased 3.5% on Thursday morning even though the company’s December quarter results, which came after market hours on Wednesday disappointed on some counts. The firm’s last quarter performance mirrors the challenges in the Indian economy primarily of consumption slowdown, weak capex cycle and the prolonged liquidity crunch. Revenue from L&T’s core infrastructure segment declined by 5% year-on-year despite its huge order book worth Rs3.1 trillion. What explains the slow pace of execution?