Hindustan Petroleum tops profit estimates

India’s Hindustan Petroleum Corp Ltd posted an 86 percent jump in first-quarter profit on Wednesday, beating analysts’ expectations, driven by strong refining margins.

The state-controlled company said net profit jumped to 17.19 billion rupees ($250.50 million) in the three months ended June 30, from 9.25 billion rupees a year earlier.

Analysts on average had expected earnings of 14.35 billion rupees, according to Thomson Reuters.