Hindustan Petroleum sales grew 13% to Rs54,153 crore in the second quarter. Photo: Mint
Bengaluru: State-owned oil refiner Hindustan Petroleum Corp Ltd’s second-quarter net profit more than doubled, but fell short of analysts’ estimates.
Net profit for the three months ending 30 September soared to Rs1,735 crore ($267 million) from Rs701 crore a year earlier, the company said in a filing on Thursday.
Analysts on average had expected a profit of Rs2,058 crore, according to Thomson Reuters Eikon data.
Average gross refining margin, the profit earned on each barrel of crude processed, advanced to $6.75 per barrel for the half year ended 30 September, from $5.12 per barrel in the same period last year.
Sales grew 13% to Rs54,153 crore in the quarter. Reuters