Missing analyst readings and estimated, state-run oil refiner HPCL reported decline in profits to the tune of 56% for the quarter ending June of the FY 2017-18. As per Thomson Reuters data, analysts estimated companies profits on an average to be Rs. 1,028 crores for the quarter.
The company however reported net profit for the quarter at Rs 925 crore as against Rs 20.98 billion in the corresponding period last year.
Gross refining margins or profit realized for each barrel of crude being processed also reduced from $6.83 in the same period in the previous year to levels of $5.86 per barrel in the quarter that ended in June.