Bajaj Hindusthan Q2 net soars 89% to Rs 81.39 cr

Sugar maker Bajaj Hindusthan today said it has reported 89.15 per cent jump in net profit at Rs 81.39 crore for the second quarter ended March 2009.

The firm had a net profit of Rs 43.03 crore in the March quarter of last fiscal, Bajaj Hindusthan said in a filing to the Bombay Stock Exchange.

Total income during the quarter rose 3.16 per cent to Rs 515.83 crore, from Rs 500.04 crore in the corresponding period last fiscal.

The sugar firm said it has incurred foreign exchange losses to the tune of Rs 30.46 crore during quarter against a forex gain of Rs 15.45 crore in the year-ago period.

For the six months ended March 2009, Bajaj Hindusthan reported a net profit of Rs 25.45 crore, a 65 per cent dip over the year-ago period. The firm had a net profit of Rs 72.70 crore in the six-months ending March 2008.

Total income in the six-month period rose to Rs 878.18 crore, up three per cent over the same period last fiscal.

In a separate filing to the BSE, the company said Rakesh Bhartia has resigned as a director from the board of the company, with effect from yesterday.

Shares of Bajaj Hindusthan were trading at Rs 73.90, down one per cent in the afternoon trade on the BSE.