HPCL Net Profit More Than Doubles To Rs. 1,735 Cr

HPCL Net Profit More Than Doubles To Rs. 1,735 Cr

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 ended September 30 soared to Rs. 1,735 crore ($267 million) from Rs. 701 crore a year earlier, the company said in a filing on Thursday.

Analysts on average had expected a profit of Rs. 2,058 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 September 30, from $5.12 per barrel in the same period last year. Read More…

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