IOC net rises to Rs 12,670 crore

Over a Rs 45,000 crore subsidy from the Centre helped the Indian Oil Corporation (IOC) post a profit of Rs 12,670 crore in January- March period.

IOC received this subsidy last month for selling diesel and LPG at government regulated prices. The net profit rose to Rs 12,670.43 crore, or Rs 52.19 a share, in the January-March quarter from Rs 3,905.16 crore, or Rs 16.08 per share, a year earlier, IOC Chairman R S Butola told reporters here.