The company's profit fell 87.3 percent YoY to Rs 248 crore, hurt by inventory losses and lower refinery margins.
Shares of Hindustan Petroleum Corporation Ltd (HPCL) rose 3.2 percent in early trade on February 6 even after the company reported weak results for the quarter ended December 31, 2018.
The company's profit fell 87.3 percent YoY to Rs 248 crore, hurt by inventory losses and lower refinery margins.
Also read: HPCL Q3 review: High inventory losses weigh down profits
HPCL's total expenses in Q3 rose to Rs 77,105.71 crore from Rs 60,687.72 crore in the same quarter last year.
Citi has retained its Buy rating on the stock with a target price of Rs 285.
At 0922 hours, Hindustan Petroleum Corporation was quoting at Rs 231.75 on the BSE, up 3 percent.
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