Jan 23 (Reuters) - U.S. industrial conglomerate 3M Co posted a rise in quarterly profit on Tuesday, benefiting from price hikes and cost cut measures.

The St. Paul, Minnesota-based company reported an adjusted profit of $2.42 per share for the fourth quarter, compared to $2.18 per share a year earlier. (Reporting by Kannaki Deka in Bengaluru; Editing by Shinjini Ganguli)