HPCL Q1 Profit Falls About 56%, Misses Estimates

State-owned oil refiner Hindustan Petroleum Corp said on Friday (4 August) profit fell 56 per cent in its fiscal first quarter, missing analysts' estimates.

Net profit for the quarter ended June 30 came in at Rs 9.25 billion, from 20.98 billion rupees a year earlier, the company said.

Analysts on average expected a profit of Rs 10.28 billion in the quarter, according to Thomson Reuters data.

Gross refining margins, or profit earned on each barrel of crude processed, dropped to $5.86 per barrel, compared with $6.83 per barrel in the same period last year.

(Reuters)