Oil India Q3 profit soars 9 times YoY to Rs 940 cr

State-controlled Oil India's net profit jumped over 9 times year-on-year to Rs 940.3 crore in the third quarter of FY13, but the net fell marginally compared to Rs 955 crore in September quarter.

Net sales rose by 1.7 percent YoY to Rs 2,413.6 crore during the same quarter.

Other income increased to Rs 385 crore in December quarter of FY13 as against Rs 357 crore in a year ago period.

Numbers were in-line with expectations. Analyats on an average had expected net profit at Rs 850 crore on net sales of Rs 2,375 crore for the third quarter.

Sales were down by Rs 1,948.76 crore in the December quarter of 2012, impacted due to provisions for subsidy sharing burden. The company shares under-recoveries of oil marketing companies by allowing them price discounts on crude oil and LPG. In December quarter of 2011, sales were impacted by Rs 1,853.03 crore.

At 14:55 hours IST, shares declined nearly one percent to Rs 531.70 on Bombay Stock Exchange.