The analysts expected it to report year-on-year growth of 50 percent in its standalone profit after tax (PAT) at Rs 737 crore.
The company has shown better performance in terms of gross refining margins. Given the higher crude oil prices and their ability to source heavy duty crude at a lower price, the GRM in the third and fourth quarter should remain high, says Deven Choksey, Managing Director at KR Choksey Investment Managers.
Asset quality weakened in December quarter but it was better compared to peers. Gross non-performing assets (NPA) increased 95 basis points QoQ and 20 bps YoY to 5.1 percent and net NPA rose 75 bps QoQ and 9 bps YoY to 2.89 percent in Q3.
The company had reported a profit of Rs 79.78 crore in the corresponding quarter last year, it said in a BSE filing.
The company had posted a standalone profit of Rs 25.72 crore in the April-June period of the last fiscal.