Hindustan Petroleum Q2 profit more than doubles, misses estimates

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 Rs 1,735 crore from Rs 701 crore a year earlier, the company said in a filing on Thursday. 

Analysts on average had expected a profit of Rs 2,058 crore, 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 Rs 54,153 crore in the quarter.