Hindustan Petroleum Corporation (HPCL), an Indian state-owned oil marketing company, on Wednesday, said it standalone net profit more than doubled for the quarter ended Sep.30, 2020,. The company has earned Rs 24,774.5 million in the quarter, compared with Rs 10,523 million for the same period last year.

However, the company's revenue during the quarter dropped 14.9% to Rs 517,733 million from Rs 608,684 million in the previous year period.

Total expenses stood at Rs 591,273.1 million as against Rs 652,372.4 million in the year-ago quarter.The company also announced a share buyback of Rs 25,000 million at Rs 250 a equity share.

Shares of the company gained Rs 18.3, or 9.8%, to settle  at  Rs 205.05.  The total volume of shares traded  was  2,193,760 at  the BSE (Thursday).