IOC's Q3 net up 34% on higher other income

Indian Oil Corporation (IOC)'s December quarter profit grew 34 percent year-on-year to Rs 3,332 crore boosted by other income of Rs 957 crore.

Sales also grew over 7 percent YoY to Rs 1,15,517 crore on robust performance from its petchem segment.

The state-run oil retailer has made a profit of Rs 164 crore in its petchem segment as against Rs 112 crore loss it made in the corresponding quarter last year.

The company in a filing to the Bombay Stock Exchange said that for the April-Dec period, its petchem margins averaged at USD 2.22 per barrel as against USD 3.41 barrel, but better volumes boosted overall performance.

The company  did  not specify the amount of government subsidies it received in the third quarter, but it said that it got a total of  Rs 24327 crore in the April-December period for selling fuel at subsidised rates.

Shares of the company climbed around a percent to Rs 319.95 post earnings announcement. Did you read: Buy Indian Hotels, Sintex Ind, IOC: Tater .