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Bajaj Hindusthan Sugar Limited Earnings Release 2022
60972_rns_2021-11-12_6d7b1e0a-331a-4242-a928-47ffdca2d5e0.pdf
Earnings Release
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November 12, 2021
| DCS-CRD | National Stock Exchange of India Limited |
|---|---|
| BSE Limited | Exchange Plaza, 5th Floor |
| First Floor, New Trade Wing | Plot no. C/1, G Block |
| Rotunda Building | Bandra Kurla Complex |
| Phiroze Jeejeebhoy Towers, Dalal Street | Bandra (East) |
| Fort, Mumbai 400 023 | Mumbai 400051 |
| Stock Code: 500032 | Stock Code: BAJAJHIND |
Dear Sirs,
Sub: Newspaper publication of Extracts of Unaudited Standalone and Consolidated Financial Results for the quarter ended September 30, 2021
Pursuant to the Regulation 30 and 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time, please find enclosed herewith copies of newspaper advertisement published in Navbharat Times (Hindi Daily) and The Economic Times (English Daily) on November 12, 2021 in respect of the Extracts of Unaudited Standalone and Consolidated Financial Results for the quarter ended September 30, 2021.
The same may please be taken on record and suitably disseminated to all concerned.
Thanking you,
Yours faithfully, For Bajaj Hindusthan Sugar Limited
Kausik Adhikari Company Secretary & Compliance Officer (Membership No. ACS 18556)
Encl: As above
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**bQjaj SUGAR**
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## **Bajaj Hindusthan Sugar Limited**
CIN: L15420UP1931PLC065243
Regd. Office: Golagokarannath, Lakhimpur-Kheri, District Kheri, Uttar Pradesh· 262802 Tel.:+91·5876·233754/5/7/8, 233403, Fax:+91·5876·233401, Website:www.bajajhindusthan.com
STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2021
| (~ crore) | | | | | | | | | | |
|------------|--------------------------------------------------------------------------|------------|-----------------------------------------------------------------------------|-----------------------|--------------|------------------------------------------------|-----------------------------------------|--|--|--|
| | Particulars | Standalone | | | Consolidated | | | | | |
| Sr.<br>No. | | 30.09.2021 | 3 Months Corresponding<br>ended 3 Months ended 6 Months ended<br>30.09.2020 | Current<br>30.09.2021 | 30.09.2021 | 3 Months Corresponding<br>ended 3 Months ended | Current<br>6 Months ended<br>30.09.2021 | | | |
| | | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | | | |
| | Total Income | 1,348.86 | 1,578.05 | 2,708.16 | 1,347.35 | 1,576.52 | 2,704.89 | | | |
| 2 | Net Profit I (Loss) for the period<br>(before tax and exceptional items) | (111.88) | (157.19) | (152.43) | (113.01) | (159.71) | (162.73) | | | |
| 3 | Net Profit I (Loss) for the period before tax | | | | | | | | | |
| | (after exceptional items) | (111.88) | (157.19) | (152.43) | (113.01) | (159.71) | (162.73) | | | |
| 4 | Net Profit I (Loss) for the period after tax | | | | | | | | | |
| | (after exceptional items) | (111.88) | (157.19) | (152.43) | (113.01) | (159.88) | (162.73) | | | |
| 5 | Total comprehensive income for the period | | | | | | | | | |
| | [comprising profit I (loss) for the period (after tax) | | | | | | | | | |
| | and other comprehensive income (after tax)] | (111.88) | (157.19) | (152.43) | (113.27) | (159.23) | (163.06) | | | |
| 6 | Equity Share Capital | 127.74 | 113.36 | 127.74 | 127.74 | 113.36 | 127.74 | | | |
| 7 | Other equity | NA | NA | NA | NA | NA | NA | | | |
| 8 | Earnings per Share (of Re 11- each) | | | | | | | | | |
| | Basic (Rs. per share) | (0.92) | (1.43) | (1.32) | (0.93) | (1.45) | (1.41) | | | |
| | Diluted (Rs. per share) | (0.92) | (1.43) | (1.32) | (0.93) | (1.45) | (1.41) | | | |
Notes:
1. The Optionally Convertible Debentures (OCDs) aggregating toRs. 3,483.25 crore issued by the Company to the Joint Lenders' Forum (JLF) ofthe Company in accordance with the Scheme for Sustainable Structuring of Stressed Assets (S4A Scheme) towards the conversion of a part of the unsustainable debt, provides the holder an option to exercise the right to convert the outstanding OCDs into the equity shares of the Company at a price in accordance with applicable laws (including the ICDR Regulations). There is a contractual obligation related to the premium payable on OCDs at the time of redemption of OCDs stipulates that the YTM (Yield to maturity) being the difference between weighted average interest and coupon rate payable as redemption premium atthe time of redemption of OCDs redeemable in 13 equal instalments commencing from the Financial Year 2024-25. The Company considers such premium to be paid is contingent on the occurrence ofthe event of redemption of OCDs, the YTM of Rs. 1 ,579.55 crore from the date of allotment of OCDs till September 30, 2021 (Including Rs. 74.57 crore and Rs. 189.43 crore for the quarter and six months ended on September30, 2021) is treated as a contingent liability and would be accounted for as finance cost atthe time of redemption of respective OCDs. Auditors have drawn qualification for non-provision ofYTM premium up to September 30, 2021.
2. The Company is periodically reviewing the possible impact of COVID-19 on the various facets ofthe business, including internal and external factors, as known to the management. The influencing factors, if any, have been considered in the preparation of financial results for the quarter and six months ended September 30, 2021. Accordingly, as on date, no material impact is estimated in the carrying values of the assets and their recoverability. The Company is observant for the possible impacts of COVID 19 as the situation evolves.
3. For the quarter and six months ended September 30, 2021 and in earlier periods/years, the Company had incurred losses resulting into reduction of net worth to that extent. The losses were mainly attributable to high raw material i.e. sugarcane prices and other inputs cost, and relatively lower realisation of sugar due to higher production, sugar prices are determined by market forces based on the demand- supply situation and other market dynamics, which are external factors. The Company has outstanding cane dues payable to cane farmers. The Company is continuously striving for improvement in the operational efficiency in other parameters. The Company continue to operate at optimum levels and expects improvement in the operational efficiency in form of improvement in sugar recovery, increase in production of alcohol by using B heavy molasses, reduction of overheads, finance and other costs, monetisation of certain non-core assets etc. The debt restructuring as per RBI's S4A Scheme has resulted into improved liquidity. The Government has taken various measures to improve the financial health of sugar industry in recent past like MIEQ, buffer stock subsidy and fixing MSP for sugar; increased the prices of ethanol. All these measures are expected to turnaround the operations of sugar industry on sustainable basis. The Company also expects to receive accrued benefits under the Sugar Industries Promotion Policy 2004 for which it is entitled to.ln view of the above, the management expects to generate positive cash flow from operation and accordingly, the financial results are continued to be presented on going concern basis, which contemplates realisation of assets and settlement of liabilities in the normal course of business. This matter has been referred by auditors in their limited review report.
4. The above is an extract ofthe detailed format of quarterly I half yearly Financial Results filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulation 2015. The full formatofthe quarterly I half yearly Financial Results are available on the Stock Exchange website www.bseindia.com, www.nseindia.com and Company's website www.bajajhindusthan.com. For Bajaj Hindusthan Sugar Limited
Place : Lucknow Date : November 11, 2021
Sd/- Alok Kumar Vaish Managin Director
DIN 07250267