State-owned refiner Hindustan Petroleum Corp (HPCL) on Tuesday posted an 87.3 per cent slump in third-quarter profit, dented by higher expenses.
Net profit came in at Rs 248 crore ($34.65 million) compared with a profit of Rs 1,950 crore last year, the firm said.
Fifteen analysts on an average expected the oil company to post a loss of Rs 66.65 crore, according to Refinitiv Eikon data.
Domestic state-owned oil companies were forced to take a price cut in October which hurt their margins, as the government wanted to cushion the impact of high crude oil price on the public.
Total expenses surged 27.1 per cent in the quarter. However, gross sale of products jumped 22.4 per cent to Rs 76,884 crore.
($1 = Rs 71.57)