November 9, 2017 / 9:06 AM / 8 months ago

Hindustan Petroleum second-quarter profit more than doubles, but misses estimates

(Reuters) - State-owned oil refiner Hindustan Petroleum Corp Ltd’s (HPCL.NS) second-quarter net profit more than doubled, but fell short of analysts’ estimates.

An employee fills diesel into an oil drum at a fuel station in New Delhi June 25, 2010. REUTERS/Mukesh Gupta/Files

Net profit for the three months ending Sept. 30 soared to 17.35 billion rupees ($267 million) from 7.01 billion rupees a year earlier, the company said in a filing on Thursday. bit.ly/2jd0DJR

Analysts on average had expected a profit of 20.58 billion rupees, 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 percent to 541.53 billion rupees in the quarter.

($1 = 64.9900 Indian rupees)

Reporting by Krishna V Kurup in Bengaluru; Editing by Gopakumar Warrier

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