Mumbai: State run-Hindustan Petroleum Corporation (HPCL) has retained its plans to spend 12,000 Crore on capital expenditure in 2020-21 despite its net profit plummeting over 50 per cent year on year in 2019-20, hit by inventory losses due to sharp fall in crude prices and exchange rate fluctuations.Chairman Mukesh Kumar Surana added a word of caution that plans for new projects may be revisited.“We will have a capex of Rs 12,000 crore in the current year; there is no change in plans. Our Mumbai and Vizag refinery expansion projects are at an advanced stage. Barmer project is also going on but the expenditure would be later on because other work is going on there,” Surana told reporters.He said there may be some issues in project execution due to the flight of labours during the Covid-19 lockdown and the monsoon season.HPCL reported net profit of Rs 2,637 crore in FY20, down sharply from Rs 6,029 crore reported a year ago. Gross sales in the FY20 declined to Rs 2,86,250 crore from Rs 2,95,713 crore in the previous year.Of the Rs 12,000 crore capex planned, about Rs 7,000 crore would be spent on refineries and balance Rs 5,000 crore would be invested in expansion of marketing and retail networks. The company aims to add 500 fuel retail outlets every year.It commissioned 1,194 retail outlets and 245 new LPG distributorships during 2019-20, taking the total number of retail outlets to 16,476 and number of total LPG distributors to 6,110 as of end-March.