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 September 30 soared to Rs 17.35 billion ($267 million) from Rs 7.01 billion a year earlier, the company said in a filing on Thursday.
Analysts on average had expected a profit of Rs 20.58 billion, 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 Sept. 30, from $5.12 per barrel in the same period last year.
Sales grew 13 per cent to Rs 541.53 billion in the quarter.