HPCL Q1 profit falls 56% to Rs 925 cr, misses estimates

State-owned oil refiner Hindustan Petroleum Corp said on Friday profit fell 56 per cent in the first quarter of the current financial year, missing analysts' estimates.

Net profit for the quarter ended June 30 came in at Rs 925 crore ($145.26 million), from Rs 20.98 billion a year earlier, the company said. 

Analysts on average expected a profit of Rs 1,028 crore 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.