HPCL Q1 profit up 86% at Rs 1719 crore; beats estimates

Hindustan Petroleum Corp posted an 86 per cent jump in first-quarter profit on Wednesday, beating analysts' expectations, driven by strong refining margins. The state-controlled company said net profit jumped to Rs 17.19 billion ($250.50 million) in the three months ended June 30, from Rs 9.25 billion a year earlier. Income from operations stood at Rs 729.23 billion during the quarter. Average gross refining margin, the difference between the cost of crude oil processed and the prices of refined products, rose to $7.15 per barrel from $5.86 last year. (Text: Reuters)