Hindustan Petroleum Q2 profit more than doubles

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

Net profit for the three months ending September 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.

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 September 30, from $5.12 per barrel in the same period last year.

Sales grew 13 per cent to 541.53 billion rupees in the quarter.