Hindustan Petroleum Corp Ltd posted an 86 per cent jump in first-quarter profit on Wednesday, beating analysts' expectations, driven by strong refining margins. The state-controlled company said net profit jumped to Rs 1,719 crore ($250.50 million) in the three months ended June 30, from Rs 925 crore a year earlier. Analysts on average had expected earnings of Rs 1,435 crore, according to Thomson Reuters. Income from operations stood at Rs 72,923 crore 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.