Business IdeasBajaj Hind back in black with Rs 69 cr Sep qtr profit
The country"s largest sugar producer Bajaj Hindusthan today posted a net profit of Rs 69.08 crore for the quarter ended September 30, and has announced 70 per cent dividend for the fiscal year 2009.
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The firm had posted a net loss of Rs 87.46 crore during the September quarter a year earlier.
For the financial year ended September 30, 2009, the firm reported a net profit of Rs 154.61 crore, while the country"s top sugar company was in a net loss of Rs 50.17 crore during the year-ago period, Bajaj Hindusthan said in a filing to BSE.
The company has declared a dividend of 70 per cent or Rs 0.70 per equity share for the year 2008-09.
Meanwhile, in a separate filing to the BSE, the company said it has got approval from its shareholders to raise Rs 2,000 crore through issuance of securities in domestic or international market.
"The members at the extra ordinary general meeting of the company, held today, have passed the special resolution for raising of additional long-term funds up to Rs 2,000 crore, by further issue of equity shares or securities convertible into or exchangeable with shares, in domestic or international market in one or more tranches," it said.
For the reported quarter of FY"09, it posted a total income of Rs 503.21 crore, while the same was at Rs 476.77 crore during the year-ago period.
Bajaj Hindusthan shares were trading at Rs 206.90, down 1.41 per cent in the afternoon trade on the BSE.
Shishir Bajaj-promoted Bajaj Hindusthan"s consolidated net profit for the year ended September 30, stood at Rs 57.92 crore, whereas it had a net loss of Rs 197.62 crore during the year-ago period.
Last month, the company had announced its diversification into power business with plans to set up five plants having a total capacity of 400 MW at an investment of Rs 1,600 crore.
At present, the company generates 430 MW using bagasse, of which 340 MW is for captive purpose while 90 MW is sold to the state grid.
According to the company, new plants will be coal-based and would be for commercial purposes, through which it expects revenues up to Rs 1,200 crore annually.
These new projects are expected to be completed within a period of around 20 months at an aggregate project cost of around Rs 1,600 crore, the company had said.
Bajaj Hindusthan has 14 sugar plants with cane crushing capacity of 1,36,000 a day. It had produced seven lakh tonnes of sugar in 2008-09 season ending September.