Mumbai, Nov. 8 -- State-run oil marketing and refining firm, Hindustan Petroleum Corp Ltd's (HPCL) September quarter earnings fell short of Street expectations. The company's standalone net profit of Rs.1,052 crore was lower than analysts' estimates, as performance from the refining segment remained lacklustre. This comes at a time when the company posted refining inventory gains, contrary to the general expectation of an inventory loss for the quarter.

"HPCL's reported and core gross refining margins (GRMs) stood at $2.83/ $2.55 per barrel, below our $5.5-6 expectation, but a trend similar to Indian Oil Corp. Ltd (IOCL)," Emkay Global Financial Services Ltd said in a report today.

GRM is the realization from turning a barrel of crude o...