August 8, 2018 / 11:47 AM / 3 months ago

Hindustan Petroleum tops profit estimates

FILE PHOTO: A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai, India, May 21, 2018. REUTERS/Francis Mascarenhas/File Photo

(Reuters) - India’s Hindustan Petroleum Corp Ltd posted an 86 percent jump in first-quarter profit on Wednesday, beating analysts’ expectations, driven by strong refining margins.

The state-controlled company said net profit jumped to 17.19 billion rupees ($250.50 million) in the three months ended June 30, from 9.25 billion rupees a year earlier.

Analysts on average had expected earnings of 14.35 billion rupees, according to Thomson Reuters I/B/E/S.

Income from operations stood at 729.23 billion rupees 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.

($1 = 68.62 Indian rupees)

Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Maju Samuel

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