State-run Hindustan Petroleum Corporation (HPCL) has recorded a fall of 85.16% in its net profit for the quarter ended March 31, 2010.

The company's net profit stood at Rs 7,575.30 million as against Rs 51,040.40 million during the corresponding quarter of last year.

Total income has jumped 24.20% to Rs 317,663.20 million during the period ended March 2010 as compared to Rs 255,776.30 million for the quarter ended March 31, 2009.

The company's board has announced a final dividend of Rs 12 per share.

Average gross refining margins during the year ended March 2010, were USD 2.68 per BBL as against USD 3.97 per BBL during the corresponding previous year.

Moreover, the company plans to make an investment of Rs 30,000 crore to establish a 15-16 million tonne-a-year refinery on the west coast.

The new refinery is being mulled to make up for space constraint that its Mumbai refinery faces at present.

HPCL chairman and managing director Arun Balakrishnan said, "We have been shown three pieces of land by Maharashtra government... We should be able to finalise the location in next few weeks." (With Inputs from Agencies)