Hindustan Petroleum Corporation (HPCL) posted a 66 per cent rise in net profit to Rs 7,679 crore, for quarter ended March, from Rs 4,631 crore in the same period last year.
Net sales increased 17 per cent to Rs 61,238 crore, compared with Rs 52,394 crore in the year-ago period. “The higher net profit was basically due to higher compensation for under-recoveries during the quarter, higher marketing margins and better inventory management. We got the under recovery compensation for the entire year on fourth quarter,” said B Mukherjee, director (finance).
HPCL is now reviving its plan to set up Rs 50,000-crore refinery-cum-petrochemical project in Visakhapatnam.
