Gross sales in 2019-20 was Rs 2,86,250 crore, compared Rs 2,95,713 crore for the previous year.
Hindustan Petroleum Corporation (HPCL) share price slipped 2 percent in the early trade on June 17 after the company posted a weak set of numbers for the quarter ended March 2020.
The company on Tuesday reported a steep 99 percent drop in its net profit to Rs 27 crore for the March quarter against a net profit of Rs 2,970 crore in the corresponding period a year ago.
"The drop in net profit was mainly because of inventory losses and exchange rate fluctuations," HPCL Chairman and Managing Director M K Surana told reporters.
The company suffered an inventory loss of Rs 4,113 crore in the January-March 2020 quarter as compared with an inventory gain of Rs 1,224 crore in the same period a year back, he said.
Also Read - HPCL Q4 net profit drops 99% on inventory, forex losses
HPCL recorded domestic sales volume of 9.25 million tonnes in the fourth quarter, against 10.03 million tonnes in the corresponding quarter of the previous financial year.
Gross sales in 2019-20 were Rs 2,86,250 crore, compared Rs 2,95,713 crore for the previous year.
The company will continue its plans to spend Rs 12,000 crore on capital expenditure in FY21 despite reporting a sharp drop in net profit in 2019-20.
We would be spending Rs 12,000 crore towards capital expenditure. For new projects, we will be prioritizing or phasing them out. Our major vizag and Mumbai refinery expansions are in advanced stage and we would be commissioning them this fiscal. So there is no major change to capex," said Mukesh Kumar Surana, HPCL chairman said, as quoted by Mint.
At 09:24 hrs, Hindustan Petroleum Corporation was quoting at Rs 212.85, up Rs 2.95, or 1.41 percent on the BSE.Join the Moneycontrol Rule the New Normal powered by Lenovo webinar on the 18th of June. REGISTER NOW!
