Bajaj Hindusthan reports net loss of Rs 76.51cr in Apr-Jun qtr

India's largest sugar company Bajaj Hindusthan today reported a standalone net loss at Rs 76.51 crore for the quarter ended June 30, 2012.

The company had posted a net profit of Rs 1.15 crore in the year-ago period, it said in a filing to the BSE.

The net sales of the company rose to Rs 1,329.61 crore in the reported quarter of 2012 from Rs 1,051.12 crore in the year-ago period.

The total expenses of the company rose to Rs 1,308.81 crore in the third quarter of the current sugar marketing season (October-September) from Rs 918.40 crore in the same period of the previous season.

Bajaj Hindusthan follows October-September financial year in line with the sugar marketing season.

The company said in the filing that it has paid its entire sugarcane dues for the 2011-12 sugar marketing season as well as the balance sugarcane liability for the 2006-07 and 2007-08 season during April this year.

Out of the total amount of Rs 1,495.75 crore raised through rights issues that came out in October last year, the company said it has utilised Rs 1,138.80 crore as of June 30, 2012 towards objects of the issue.

"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," the filing said.

Bajaj Hindusthan has 14 sugar mills with a cane crushing capacity of 1.36 lakh tonnes per day and and a distillery capacity of 8 lakh litres of alcohol per day.

Shares of the company today fell by 2.98% to settle at Rs 32.55 apiece from its previous close on the BSE.