Bajaj Hindusthan Sugar reports Q2 net loss at ₹122.87 crore

Bajaj Hindusthan Sugar Ltd on Thursday posted a consolidated net loss at ₹122.87 crore in the second quarter of this fiscal year.

In the year-ago period, its net loss stood at ₹162.37 crore. The Bajaj Group (Kushagra) company said that its total income fell at ₹1,163.30 crore in the July-September period of fiscal year 2023-24, from ₹1,329.99 crore in the corresponding period of the previous year.

Mumbai-headquartered Bajaj Hindusthan Sugar Ltd is India’s leading sugar and ethanol manufacturing company. It has 14 sugar plants, all located in Uttar Pradesh.

Shares of Bajaj Hindusthan Sugar closed at ₹31.95, down 6.03% on Thursday.

In October, the National Company Law Tribunal (NCLT) had allowed the withdrawal of the insolvency plea against Bajaj Hindusthan by the State Bank of India, as the outstanding amount has been paid by the sugar manufacturer.

SBI had moved an application before the Allahabad bench of the NCLT informing that the outstanding amount has been paid by the corporate debtor.

Bajaj Hindusthan, during the pendency of the matter, has deposited “overdue amount towards Term Loan and OCD coupons, and has also assured to pay the future overdues/Installments with interest thereon, as and when, the same becomes due and payable,” said a statement filed by SBI before the insolvency tribunal.

“Under such circumstances, the applicant, State Bank of India, has decided not to pursue its application u/s 7 of IBC 2016 at this stage,” it added.

“In view of the averments made in the application and the statement made by the counsel representing the Financial Creditor (SBI) and there being no objection of the Senior counsel for the Corporate Debtor (Bajaj Hindusthan) to the said withdrawal of the main petition, the present application is allowed and the main petition is dismissed as withdrawn,” said NCLT in its order on October 25.