India's largest sugar maker Bajaj Hindusthan today reported 88% decline in its standalone net profit to Rs 8.78 crore for the quarter ended March 31, 2012.
The company had posted a net profit of Rs 72.82 crore in the year-ago period.
The standalone net sales of the company fell by 4% to Rs 1,201.03 crore during the quarter under review from Rs 1,252.49 crore in the same quarter of 2010-11, the company said in a filing to the BSE.
Bajaj Hindusthan follows October-September financial year in line with the sugar marketing season.
In the filing, the company said it has utilised Rs 969.25 crore as of March 31, 2012, from the total amount of Rs 1,495.75 crore raised through rights issues that came out in October last year.
"Pending utilisation, the balance proceeds have been temporarily used to reduce the exposure of working capital borrowings from banks, which will be redrawn as and when necessary to meet the obligations as per the object of the issue," it added.
Bajaj Hindusthan has 14 sugar mills with cane crushing capacity of 1.36 lakh tonnes per day.
Shares of the company at 1410 hrs were ruling at Rs 28.65 a piece, down 1.88% from its previous close at the BSE.