State-run Hindustan Petroleum Corporation Ltd (HPCL) has posted a 13-fold increase in its net profit at Rs 5,104 crore for the quarter ended March 31, 2009, compared with Rs 384 crore for corresponding quarter in the previous year.
The rise in profits came on the back of higher oil bonds, upstream dues and over-recovery from the sale of fuel products.
The company received Rs 2,034 crore towards oil bonds, Rs 559 crore towards upstream dues and Rs 700 crore in over-recovery on sale of fuel in the fourth quarter. However, total income during the quarter decreased to Rs 25,580 crore from Rs 31,779 crore.