Bajaj Hindusthan Sugar Ltd on Friday posted a consolidated net profit at ₹20.28 crore in the third quarter for FY24, against net loss of ₹122.87 crore in the second quarter this fiscal year. In the year-ago period, the company posted a net loss of ₹177.20 crore.

The revenue from operations also jumped to ₹1,740 crore for the quarter ended on December 31, 2023 from ₹1,430 crore, during same period last year.

“The losses were mainly attributable to higher raw material cost i.e., sugarcane prices fixed by State Government and relatively lower sugar price realization dependent on demand supply dynamics In the market, other input costs, higher depreciation, and finance expenses,” the company said in its exchange filing.

Segments wise, the company reported a 57% rise profit before tax to ₹65.21 crore the December quarter FY24, against ₹41.43 crore same period last year.

Meanwhile, total expenses for the December quarter also rose by 15% to ₹1,724 crore, against ₹1,491 crore last year same period. Sequentially, total expenses surged over 34% from ₹1,286.18 crore.

Mumbai-headquartered Bajaj Hindusthan Sugar Ltd is India’s leading sugar and ethanol manufacturing company. It has 14 sugar plants, all located in Uttar Pradesh.

On February 8, the company bagged an award in the ‘Largest Integrated Sugar Mills in India’ category from ChiniMandi, a news & information marketplace for sugar, ethanol & agri-commodities.

In October last year, the National Company Law Tribunal (NCLT) granted permission for the withdrawal of the insolvency petition against Bajaj Hindusthan by the State Bank of India. This decision came after the sugar manufacturer settled its outstanding amount, fulfilling its financial obligations.

The shares of Bajaj Hindusthan Sugar closed 4.84 percent higher at ₹37.90 on Friday, against previous close at ₹36.15 per share on Thursday.