Bajaj Hindusthan Sugar reported a consolidated net loss of Rs 121 crore for the September quarter, compared with a loss of Rs 105 crore in the corresponding quarter last year, according to the exchange filing. Revenue also declined 16.3% year-on-year to Rs 968 crore from Rs 1,157 crore.
The company's EBITDA or earnings before interest, taxes, depreciation, and amortisation loss, however, narrowed to Rs 43 crore from Rs 54.3 crore in the year-ago quarter, indicating an improvement in operating performance despite lower revenue.
Segment Performance Mixed As Sugar Revenue Declines, Distillery Income Rises
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The company's sugar business remained the largest contributor to revenue, but segment revenue declined to Rs 852.14 crore from Rs 1,093.73 crore in the corresponding quarter last year. The segment's loss before tax and interest, however, narrowed to Rs 46.56 crore from Rs 65.51 crore.
On the contrary, the distillery business reported revenue of Rs 109.56 crore, more than double that of Rs 51.02 crore reported a year ago. However, its segment loss widened to Rs 14.08 crore from Rs 12.06 crore during the period. The power segment also saw revenue decline sharply to Rs 2.67 crore from Rs 17.08 crore, while its loss widened to Rs 28.06 crore from Rs 16.15 crore a year ago.
On the cost front, consolidated finance costs increased to Rs 8.77 crore from Rs 2.54 crore in the year-ago quarter. Depreciation and amortisation expenses also rose to Rs 57.18 crore from Rs 54.24 crore.
The company's loss from discontinued operations stood at Rs 15.51 crore, compared with Rs 0.02 crore in the corresponding quarter last year. This contributed to the wider consolidated net loss despite the improvement in operating losses.
Bajaj Hindusthan Sugar Approves Subsidiary Divestment
Separately, the company's board approved the sale of its entire 100% stake in wholly owned subsidiary Bajaj Hindusthan (Singapore) Private Limited for $6.26 million, or approximately Rs 60.1 crore, according to a regulatory filing. The company stated that the proceeds will be utilised towards repayment of outstanding Optionally Convertible Debentures (OCDs).
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