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 STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2024
₹(crore)
Standalone

3 Months Preceding Corresponding Current 6 Corresponding Previous

Sl. Particulars
ended 3 Months ended 3 Months ended Months ended 6 Months ended year ended
No. 30.09.2024 30.06.2024 30.09.2023 30.09.2024 30.09.2023 31.03.2024
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
1. Income
(a) Revenue from operations 1,153.10 1,379.52 1,129.83 2,532.62 2,483.60 6,076.56
(b) Other income 2.71 4.20 3.88 6.91 6.68 12.81
Total Income 1,155.81 1,383.72 1,133.71 2,539.53 2,490.28 6,089.37
2. Expenses
a) Cost of materials consumed 2.24 76.07 5.95 78.31 227.56 4,954.61
b) Changes in inventories of finished goods, by-products and
1,019.15 1,103.30 995.54 2,122.45 1,915.30 (92.75)
work-in-progress
c) Employee benefits expense 87.11 83.39 89.20 170.50 176.65 401.85
d) Finance costs 24.23 27.51 40.02 51.74 83.34 155.70
e) Depreciation and amortisation expense 53.09 52.55 53.53 105.64 106.47 212.87
f) Other expenses 42.57 86.07 89.32 128.64 185.75 552.99
Total expenses 1,228.39 1,428.89 1,273.56 2,657.28 2,695.07 6,185.27
3. Profit/(Loss) before tax (1-2) (72.58) (45.17) (139.85) (117.75) (204.79) (95.90)
a) Current tax - - - - - -
b) Deferred tax - - - - - (4.37)
4. Tax expense - - - - - (4.37)
5. Net Profit / (Loss) for the period after tax (3-4) (72.58) (45.17) (139.85) (117.75) (204.79) (91.53)
6. Other comprehensive income
a) Items that will not be reclassified to profit or loss - - - - - 33.07
b) Income tax relating to items that will not be reclassified to
profit or loss - - - - - 13.06
c) Items that will be reclassified to profit or loss 11.13 11.00 10.00 22.13 19.89 39.78
d) Income tax relating to items that will be reclassified to profit
or loss - - - - - (0.14)
Total other comprehensive income 11.13 11.00 10.00 22.13 19.89 85.77
7. Total comprehensive income for the period (5+6) (61.45) (34.17) (129.85) (95.62) (184.90) (5.76)
8. Paid-up equity share capital (Face Value - Re.1/- per share) 127.74 127.74 127.74 127.74 127.74 127.74
9. Other equity NA NA NA NA NA 4,368.53
10. Earnings per share (EPS) (of Re.1/- each) (not annualised)
(a) Basic (Rs. Per share) (0.58) (0.36) (1.13) (0.95) (1.65) (0.74)
(b) Diluted (Rs. Per share) (0.58) (0.36) (1.13) (0.95) (1.65) (0.74)
See accompanying notes to the Standalone Financial Results
Contd.2…
 -2-
UNAUDITED STANDALONE SEGMENT- WISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2024
₹(crore)
Standalone
3 Months Preceding Corresponding Current 6 Corresponding Previous
Sl. Particulars
ended 3 Months ended 3 Months ended Months ended 6 Months ended year ended
No. 30.09.2024 30.06.2024 30.09.2023 30.09.2024 30.09.2023 31.03.2024
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
1. Segment Revenue
a. Sugar 1,069.15 1,248.31 978.73 2,317.46 2,334.24 6,570.07
b. Distillery 94.65 203.88 242.98 298.53 540.11 903.38
c. Power 5.08 29.06 9.08 34.14 75.10 974.61
d. Others 0.72 0.72 0.72 1.44 1.44 2.88
Total 1,169.60 1,481.97 1,231.51 2,651.57 2,950.89 8,450.94
Less : Inter- segment revenue 16.50 102.45 101.68 118.95 467.29 2,374.38
Revenue from operations 1,153.10 1,379.52 1,129.83 2,532.62 2,483.60 6,076.56
2. Segment Results (Profit/(Loss) before tax and interest)
a. Sugar (52.46) (44.53) (88.98) (96.99) (122.40) 19.14
b. Distillery 46.40 57.14 33.60 103.54 77.81 103.53
c. Power (35.89) (25.58) (36.58) (61.47) (61.96) 0.60
d. Others (1.11) (1.09) (1.22) (2.20) (2.44) (4.65)
Total (43.06) (14.06) (93.18) (57.12) (108.99) 118.62
Less: (i) Finance costs (24.23) (27.51) (40.02) (51.74) (83.34) (155.70)
(ii) Interest Income 0.14 0.42 0.38 0.56 0.61 1.47
(iii) Other Un-allocable Income net off Un-allocable
(4.02) (7.03) (9.45) (13.07) (60.29)
Expenditure (5.43)
Total Profit / (Loss) before Tax (72.58) (45.17) (139.85) (117.75) (204.79) (95.90)
3. Segment Assets
a. Sugar 5,702.26 6,706.00 5,951.51 5,702.26 5,951.51 7,748.56
b. Distillery 859.14 930.62 926.43 859.14 926.43 1,040.05
c. Power 795.72 808.73 847.71 795.72 847.71 839.81
d. Others 187.35 188.28 190.84 187.35 190.84 189.14
e. Unallocated 5,590.53 5,572.12 5,639.86 5,590.53 5,639.86 5,592.65
Total 13,135.00 14,205.75 13,556.35 13,135.00 13,556.35 15,410.21
4. Segment Liabilities
a. Sugar 1,781.10 2,772.98 3,044.19 1,781.10 3,044.19 3,667.23
b. Distillery 53.72 64.60 79.43 53.72 79.43 73.30
c. Power 11.71 10.42 16.60 11.71 16.60 18.54
d. Others 0.27 0.27 0.42 0.27 0.42 0.30
e. Unallocated 6,890.84 6,898.67 6,101.88 6,890.84 6,101.88 7,157.86
Total 8,737.64 9,746.94 9,242.52 8,737.64 9,242.52 10,917.23

Contd.3…
 -3-
Statement of standalone assets and liabilities as at September 30, 2024:
₹(crore)
Standalone
Particulars As at As at
30.09.2024 31.03.2024
Unaudited Audited

ASSETS
Non-current assets
Property, plant and equipment 6,286.98 6,390.54
Right of use assets - 0.03
Capital work in progress 4.75 4.00
Other intangible assets 0.00 0.00
Financial assets :
Investments 3,707.37 3,685.25
Other financial assets 9.06 11.25
Other non-current assets 90.47 87.09
Sub-total- Non-current assets 10,098.63 10,178.16
Current assets
Inventories 577.19 2,715.56
Financial assets :
Trade receivables 35.50 151.77
Cash and cash equivalents 56.28 48.15
Other bank balances 0.00 0.00
Loans 1,643.25 1,643.25
Current tax assets (Net) 8.50 12.40
Other current assets 715.65 660.92
Sub-total- Current assets 3,036.37 5,232.05

TOTAL- ASSETS 13,135.00 15,410.21

EQUITY AND LIABILITIES
Equity
Equity share capital 124.45 124.45
Other equity 4,272.91 4,368.53
Sub-total- Equity 4,397.36 4,492.98
Non-current liabilities
Financial liabilities :
Borrowings 3,494.01 3,493.41
Provisions 103.78 100.06
Deferred tax liabilities 922.26 922.26
Other non current liabilities 15.50 17.37
Sub-total- Non-current liabilities 4,535.55 4,533.10
Current liabilities
Financial liabilities :
Borrowing - 275.88
Lease liabilities - 0.03
Trade payables
total outstanding dues of micro and small enterprises 0.03 1.66
total outstanding dues of other than micro and small
enterprises 1,654.14 3,583.85
Other financial liabilities 43.66 0.00
Other current liabilities 2,475.79 2,494.24
Provisions 28.47 28.47
Sub-total- Current liabilities 4,202.09 6,384.13

TOTAL- EQUITY AND LIABILITIES 13,135.00 15,410.21

Contd.4…
 -4-

Standalone Cash Flow Statement :

₹(crore)
Standalone
Current 6 Corresponding 6
Particulars
Months Ended Months ended
30.09.2024 30.09.2023
Unaudited Unaudited
A. Cash flow from operating activities:
Net profit/ (loss) before tax (117.75) (204.79)
Adjustment for:
Depreciation and amortisation 105.64 106.47
Provision for doubtful debts/ bad debts written off (2.06) 1.80
Provision for expenses written back (1.31) (1.07)
Miscellaneous balance written off 0.20 -
Rental Income (including credit note) (3.16) (2.98)
Loss/ (surplus) on sale of property, plant & equipment (net) 0.32 0.38
Finance costs 51.74 83.34
Interest income (0.56) (0.61)
150.81 187.33

Operating profit/ (loss) before working capital changes 33.06 (17.46)

Adjustment for:
Trade and other receivables 62.47 (68.45)
Inventories 2,138.37 1,921.72
Trade and other payables (1,946.63) (1,558.53)

Cash generated from operations 287.27 277.28

Income taxes (paid)/refund (net) 3.72 2.88
Net cash from/ (used in) operating activities 290.99 280.16

B. Cash flow from investing activities:

Purchase of property, plant and equipment (3.33) (2.25)
Sale of property, plant and equipment 0.19 -
Rental Income 3.16 2.98
Interest received 0.51 0.32
Net cash from/ (used in) investing activities 0.53 1.05

C. Cash flow from financing activities:

Repayment of long term borrowings (275.88) (220.20)
Interest paid (7.48) (39.03)
Payment of lease liability (0.03) (1.39)
Net cash from/ (used in) financing activities (283.39) (260.62)

Net increase/(decrease) in cash and cash equivalents 8.13 20.59

Cash and cash equivalents (opening balance) 48.15 21.31
Cash and cash equivalents (closing balance) 56.28 41.90

a) The above cash flow statement has been prepared under the "Indirect Method" as per Indian
Accounting Standard (Ind AS) 7.
b) Figures in brackets indicate cash outflow and without brackets indicate cash inflow.

Contd.5…
 -5-
Notes:
1 Considering the seasonal nature of industry, the results of any quarter may not be a true and/or proportionate reflection of the annual performance of the Company.

2 The Optionally Convertible Debentures (OCDs) aggregating to Rs.3,483.25 crore issued by the Company to the Joint Lenders’ Forum (JLF) of the 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 OCD at the time of redemption of OCD, which stipulates that the YTM (Yield to maturity) being the difference between
weighted average interest and coupon rate interest is payable as redemption premium at the time of redemption of OCD which are redeemable in 13 equal instalments
commencing from the financial year 2024-25. The Company considers such premium to be paid contingent on the occurrence of the event of redemption of OCDs, the YTM of
Rs.3,236.17 crore from the date of allotment of OCDs till Sept 30, 2024 (including Rs.176.34 crore and Rs. 350.76 crore for the quarter and six month ended on September 30,
2024 respectively) treated as a contingent liability and would be accounted for as finance cost at the time of redemption of respective OCDs. Auditors have drawn qualification
for non-provision of YTM premium up to September 30, 2024. The maturity of OCD due in March 2025 is shown under the head non current borrowings, since in the opinion of
the management redemption due in March 2025, is contingent upon certain condition. Auditors have drawn emphasis of matter in their limited review report.

3 The Company has strategic investments of Rs. 2,509.19 crore in its subsidiaries, which includes investments, trade receivables, loans, and accumulated interest on these loans.
Management is undertaking requisite steps to recover the carrying value of investments and loans. The auditors have highlighted this matter in their limited review report.
Additionally, adhering to principles of prudence and conservatism, the Company has deferred recognition of interest income amounting to Rs. 28.34 crore (compared to Rs.
28.26 crore in the previous year) for the quarter and Rs. 56.37 crore (compared to Rs. 56.21 crore in the previous year) for the six months ended 30.09.2024 on inter-corporate
loans, which will be recognized in the books upon realization.

4 The Company has repaid its entire sustainable debts to all lenders and there is no outstanding towards sustainable debt. As on date, the Company's account is Standard and
Regular with all the lenders.

5 The Finance Act 2024 introduces certain changes that will affect the taxation on long-term capital gains, although having no impact on the operational results but may affect the
Company's deferred tax position. The Company is in the process of evaluating the impact of these changes on its tax provision, and the related adjustments, if any, will be
reflected in subsequent periods / annual accounts.

6 The Company has positive EBITDA in the current quarter and in previous years, but at PBT level it has incurred losses on account of lower availability of sugarcane for crushing,
under capacity utilisation, lower sugar recovery, reduced production of by- products. Lower availability of sugarcane for crushing was due to continued outstanding sugarcane
dues. These factors were impacting operational efficiency of the business resulting in inadequate cash surplus for timely payment of cane dues and to promote adequate cane
development activities.

With the repayment of entire sustainable term debt, the finance cost has reduced and the same will improve the Company's liquidity position which help the Company to reduce
its cane dues, increase the cane development activities, improve the operational efficiencies which will lead to higher cane crush, better capacity utilization, higher sugar
recovery, increased sugar production and optimization of by products.

The Government is also considering increase in MSP (Minimum Selling Price) of sugar, up to Rs 39-40 per kg from the present MSP from Rs 31/- per kg. Additionally an upward
revision in ethanol prices is also expected which will improve the liquidity of the Company.

The Central Government has even lifted the restrictions on manufacturing of ethanol from B-heavy molasses and sugarcane syrup which will further help the Company to plan its
sugarcane crushing as per optimum product mix for improved results depending upon market dynamics. Further, the diversion of sugar for ethanol production will cease the
scenario of excessive sugar production helping in increase in sugar prices as well.
The Company's investment in equity share of group's power business have good potential of an upside as per its fair value resulting into improvement in the net worth of the
Company. The Company is the largest integrated Sugar and Ethanol manufacturing company in India with 14 sugar factories (1,36,000 TCD), 6 Distilleries (800 KLD) and
cogeneration (449 MW) facilities and crushes around 14% of the total sugar cane grown in the State of Uttar Pradesh. The Company has huge potential for improvement and
growth due to its scale, size and vintage. The Company also expects to receive accrued benefits of Rs 1,860 crore including interest as on September 30, 2024, under the Sugar
Industries Promotion Policy, 2004 for which it is entitled as per Court orders but presently, the matter is sub-judice.
Contd.6…
 -6-

Based on above factors , the Company is confident in its progress towards achieving self-sustainability. Accordingly, the financial results are presented on a going-concern
basis, which contemplates the realization of assets and settlement of liabilities in the ordinary course of business. This matter has been referred by auditors in their limited review
report as well.
7 Previous periods figures have been regrouped/ rearranged/ reworked/ restated wherever necessary to conform to the current period classification.

8 The above unaudited standalone financial results for the quarter and six month ended September 30, 2024 were reviewed by the Audit Committee and thereafter, approved by
the Board of Directors and were taken on record at their respective meetings held on November 08, 2024.
For Bajaj Hindusthan Sugar Limited

Sd/-
AJAY KUMAR SHARMA
Place: Lucknow Managing Director
Dated: November 08, 2024 DIN 09607745
 Bajaj Hindusthan Sugar Limited
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 CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2024
₹(crore)
Consolidated
3 Months ended Preceding 3 Corresponding Corresponding Previous year
Current
Sl. Particulars Months 3 Months ended 6 Months ended ended
6 Months ended
ended
No. 30.09.2024 30.06.2024 30.09.2023 30.09.2024 30.09.2023 31.03.2024
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
1. Income from operations
a) Revenue from operations 1,159.67 1,385.68 1,133.29 2,545.35 2,493.42 6,104.32
b) Other income 3.59 4.70 30.01 8.29 33.24 42.01
Total Income 1,163.26 1,390.38 1,163.30 2,553.64 2,526.66 6,146.33
2. Expenses
a) Cost of materials consumed 2.24 76.07 5.95 78.31 227.56 4,954.61
b) Changes in inventories of finished goods, stock-in-trade and work-
1,019.16 1,103.31 995.54 2,122.47 1,915.30 (92.75)
in-progress
c) Employee benefits expense 88.07 84.40 90.25 172.47 178.90 406.26
d) Finance costs 25.97 29.27 41.67 55.24 86.38 161.82
e) Depreciation and amortisation expense 54.31 53.78 55.93 108.09 111.26 222.47
f) Other expenses 49.20 94.27 96.84 143.47 204.84 588.97
Total expenses 1,238.95 1,441.10 1,286.18 2,680.05 2,724.24 6,241.38
3. Profit/(Loss) before tax from continuing operations (1-2) (75.69) (50.72) (122.88) (126.41) (197.58) (95.05)
a) Current tax - - - - - -
b) Deferred tax (0.21) 5.45 (0.01) 5.24 (0.02) (8.56)
c) Tax relating to earlier year - - - - 0.43
4. Total tax expense (0.21) 5.45 (0.01) 5.24 (0.02) (8.13)
Net Profit / (Loss) for the period after tax from continuing
5. (75.48) (56.17) (122.87) (131.65) (197.56) (86.92)
operations(3-4)
6. Profit/(Loss) before tax from discontinued operations (0.15) (10.88) - (11.03) -
7. Total tax expense from discontinued operations - - - - -
Net Profit / (Loss) for the period after tax from discontinued
8. (0.15) (10.88) - (11.03) - -
operations(6-7)
Net Profit/ (Loss) after taxes from continuing and discontinued
9. (75.63) (67.05) (122.87) (142.68) (197.56) (86.92)
operations (5+8)
10. Net Profit/ (Loss) for the period attributable to :
a) Owners of the Company (75.40) (66.49) (123.14) (141.89) (197.48) (86.41)
b) Non controlling interest (0.23) (0.56) 0.27 (0.79) (0.08) (0.51)
11. Other comprehensive income
a) Items that will not be reclassified to profit or loss - - - - - 119.79
b) Income tax relating to items that will not be classified to Profit or
- - - - - 7.95
loss
c) Items that will be reclassified to profit or loss (0.54) 0.50 0.28 (0.04) (0.00) 0.48
d) Income tax relating to items that will be classified to Profit or loss - - - - - -
Total other comprehensive income (0.54) 0.50 0.28 (0.04) (0.00) 128.22
12. Total comprehensive income for the period (9+11) (76.17) (66.55) (122.59) (142.72) (197.56) 41.30
13. Total comprehensive income for the period attributable to :
a) Owners of the Company (75.94) (65.99) (122.86) (141.93) (197.48) 41.75
b) Non controlling interest (0.23) (0.56) 0.27 (0.79) (0.08) (0.45)
14. Paid-up equity share capital (Face Value - Re.1/- per share) 127.74 127.74 127.74 127.74 127.74 127.74
15. Other equity NA NA NA NA NA 4,350.69
16. Earnings per share (EPS)
(of Re.1/- each) (not annualised)
(a) Basic and diluted - continuing operations (0.60) (0.45) (0.99) (1.05) (1.59) (0.69)
(b) Basic and diluted - discontinued operations (0.01) (0.08) - (0.09) - -
(c) Basic and diluted - continuing and discontinued operations (0.61) (0.53) (0.99) (1.14) (1.59) (0.69)
See accompanying notes to the Consolidated Financial Results
Contd….2
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UNAUDITED CONSOLIDATED SEGMENT- WISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2024
₹(crore)
Consolidated
3 Months ended Corresponding Current Corresponding Previous year
Preceding 3
3 Months ended 6 Months ended 6 Months ended ended
Months
ended
Sl. Particulars
No. 30.09.2024 30.06.2024 30.09.2023 30.09.2024 30.09.2023 31.03.2024
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
1. Segment Revenue
a. Sugar 1,069.15 1,248.31 978.73 2,317.46 2,334.24 6,570.07
b. Distillery 94.65 203.88 242.98 298.53 540.11 903.38
c. Power 5.08 29.06 9.08 34.14 75.10 974.61
d. Others 7.29 6.88 4.18 14.17 11.26 30.64
Total 1,176.17 1,488.13 1,234.97 2,664.30 2,960.71 8,478.70
Less : Inter- segment revenue 16.50 102.45 101.68 118.95 467.29 2,374.38
Revenue from operations 1,159.67 1,385.68 1,133.29 2,545.35 2,493.42 6,104.32
2. Segment Results (Profit/(Loss) before tax and interest)
a. Sugar (52.46) (44.53) (88.98) (96.99) (122.40) 19.14
b. Distillery 46.40 57.14 33.60 103.54 77.81 103.53
c. Power (35.89) (25.58) (36.58) (61.47) (61.96) 0.60
d. Others (2.63) (15.77) 17.40 (18.40) 7.77 2.23
Total (44.58) (28.74) (74.56) (73.32) (98.78) 125.50
Less: (i) Finance costs (25.97) (29.27) (41.67) (55.24) (86.38) (161.82)
(ii) Interest Income 0.14 0.43 0.38 0.57 0.65 1.56
(iii) Other Un-allocable Income net off Un-allocable
Expenditure (5.43) (4.02) (7.03) (9.45) (13.07) (60.29)
Total Profit / (Loss) before Tax (75.84) (61.60) (122.88) (137.44) (197.58) (95.05)
3. Segment Assets
a. Sugar 6,894.46 7,900.95 7,169.32 6,894.46 7,169.32 8,962.63
b. Distillery 859.14 930.62 926.43 859.14 926.43 1,040.05
c. Power 2,550.90 2,563.93 2,519.83 2,550.90 2,519.83 2,595.02
d. Others 200.97 201.21 201.62 200.97 201.62 202.19
e. Unallocated 3,081.34 3,074.26 3,172.11 3,081.34 3,172.11 3,106.22
Total 13,586.81 14,670.97 13,989.31 13,586.81 13,989.31 15,906.11
4. Segment Liabilities
a. Sugar 1,998.86 2,991.19 3,268.35 1,998.86 3,268.35 3,886.00
b. Distillery 53.72 64.60 79.43 53.72 79.43 73.30
c. Power 11.71 10.42 16.60 11.71 16.60 18.54
d. Others 21.99 21.29 25.94 21.99 25.94 20.11
e. Unallocated 7,158.06 7,164.83 6,361.77 7,158.06 6,361.77 7,422.97
Total 9,244.34 10,252.33 9,752.09 9,244.34 9,752.09 11,420.92
Note: Financial numbers of discontinued operation have been included for above segment disclosures in 'sugar' and 'other' segment.
The consolidated financial results include results of the following companies:
Name of the subsidiary companies Holding as on Holding as on
September 30, 2024 March 31,2024
Bajaj Aviation Private Ltd # 100.00% 100.00%
Bajaj Power Generation Private Ltd # 100.00% 100.00%
Bajaj Hindusthan (Singapore) Pte. Ltd., Singapore # 100.00% 100.00%
PT. Batu Bumi Persada, Indonesia # 99.00% 99.00%
PT. Jangkar Prima, Indonesia # 99.88% 99.88%
Phenil Sugars Limited (w.e.f. 24.03.2023) 98.01% 98.01%

# Management has compiled the accounts as at September 30, 2024 in order to consolidate the accounts with that of the Holding Company.
Contd….3
 -3-

Statement of consolidated assets and liabilities as at September 30, 2024

₹(crore)
Consolidated
Particulars As at As at
Sept 30, 2024 March 31, 2024
Unaudited Audited

ASSETS
Non-current assets
Property, plant and equipment 7,425.96 7,581.66
Right of use assets - 0.03
Capital work in progress 9.01 8.05
Other intangible assets 0.00 0.00
Financial assets :
Investments 4,595.88 4,595.88
Other financial assets 9.42 11.54
Other non-current assets 91.28 87.90
Sub-total- Non-current assets 12,131.55 12,285.06
Current assets
Inventories 579.58 2,720.54
Financial assets :
Trade receivables 37.17 155.91
Cash and cash equivalents 61.91 51.97
Other bank balances 0.25 0.24
Loans - 0.01
Current tax assets (Net) 24.37 27.37
Other current assets 719.61 665.01
Assets classified as held for sale 32.37 -
Sub-total- Current assets 1,455.26 3,621.05

TOTAL- ASSETS 13,586.81 15,906.11

EQUITY AND LIABILITIES
Equity
Equity share capital 124.45 124.45
Other equity 4,208.76 4,350.69
Non controlling interest 9.26 10.05
Sub-total- Equity 4,342.47 4,485.19
Non-current liabilities
Financial liabilities:
Borrowings 3,557.15 3,553.21
Provisions 105.47 101.72
Deferred tax liabilities 1,293.73 1,288.50
Other non current liabilities 15.51 17.37
Sub-total- Non-current liabilities 4,971.86 4,960.80
Current liabilities
Financial liabilities :
Borrowing 13.07 286.59
Lease liabilities - 0.03
Trade payables
total outstanding dues of micro and small enterprises 0.03 1.66
total outstanding dues of other than micro and small enterprises 1,690.52 3,627.95
Other financial liabilities 43.82 0.19
Other current liabilities 2,493.89 2,515.01
Provisions 28.69 28.69
Liabilities associated with assets classified as held for sale 2.46 -
Sub-total- Current liabilities 4,272.48 6,460.12

TOTAL- EQUITY AND LIABILITIES 13,586.81 15,906.11

Contd….4
 -4 -
Consolidated cash flow statement for period ended September 30, 2024
₹(crore)
Consolidated
Current 6 Corresponding
Particulars
Months ended 6 Months ended
Sept 30, 2024 Sept 30, 2023
Unaudited Unaudited
A. Cash flow from operating activities:
Net profit/ (loss) before tax from continuing operations (126.41) (197.58)
Net profit/ (loss) before tax from discontinued operations (11.03) -
Net profit/ (loss) before tax from continuing and discontinued operations (137.44) (197.58)
Adjustment for:
Depreciation and amortisation 108.09 111.26
Provision / (reversal) for doubtful debts/ bad debts (2.12) 1.80
Reversal of provision for expenses (1.31) (1.07)
Miscellaneous balance written off 0.20 -
Rental Income (3.16) (2.98)
Loss/ (surplus) on sale of property, plant and equipment (net) 11.13 0.38
Finance costs 55.24 86.38
Interest income (0.57) (0.65)
Exchange fluctuation reserve on consolidation (0.04) -
167.46 195.12
Operating profit before working capital changes 30.02 (2.46)
Adjustment for:
Trade and other receivables 65.05 (65.18)
Inventories 2,138.38 1,921.72
Trade and other payables (1,957.00) (1,590.34)
Cash generated from operations 276.45 263.74
Income tax (paid)/ refund (net) 2.80 2.56
Net cash from/(used in) operating activities 279.25 266.30

B. Cash flow from investing activities:

Purchase of property, plant and equipment (3.56) (2.17)
Sale of property, plant and equipment 11.78 -
Movement in Loans and Investments (net) 0.01 0.01
Rental Income 3.16 2.98
Interest received 0.51 0.36
Net cash from/(used) in investing activities 11.90 1.18

C. Cash flow from financing activities:

Repayment of long term borrowings (275.88) (220.20)
Proceeds from short term borrowings (net of repayments) 2.36 13.48
Interest paid (7.66) (39.27)
Payment of lease liability (0.03) (1.39)
Net cash from/ (used in) financing activities (281.21) (247.38)

Net increase/(decrease) in cash and cash equivalents 9.94 20.10

Cash and cash equivalents (opening balance) 51.97 23.17

Cash and cash equivalents (closing balance) 61.91 43.27

1 The above cash flow statement has been prepared under the "Indirect Method" as per
Indian Accounting Standard (Ind AS ) 7.
2 Figures in brackets indicate cash outflow and without brackets indicate cash inflow.

Contd….5
 -5 -
Notes:
1 Considering the seasonal nature of industry, the results of any quarter may not be a true and/or proportionate reflection of the annual performance of the Group.

2 The Optionally Convertible Debentures (OCDs) aggregating to Rs.3,483.25 crore issued by the Parent Company to the Joint Lenders’ Forum (JLF) of the Parent 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 Parent Company at a price in accordance with applicable laws (including the ICDR Regulations). There is a contractual obligation
related to the premium payable on OCD at the time of redemption of OCD, which stipulates that the YTM (Yield to maturity) being the difference between weighted average interest and
coupon rate interest is payable as redemption premium at the time of redemption of OCD which are redeemable in 13 equal instalments commencing from the financial year 2024-25. The
Parent Company considers such premium to be paid contingent on the occurrence of the event of redemption of OCDs, the YTM of Rs.3,236.17 crore from the date of allotment of OCDs till
Sept 30, 2024 (including Rs.176.34 crore and Rs. 350.76 crore for the quarter and six months ended on Sept 30, 2024 respectively ) treated as a contingent liability and would be accounted
for as finance cost at the time of redemption of respective OCDs. Auditors have drawn qualification for non-provision of YTM premium up to Sept 30, 2024. The maturity of OCD due in March
2025 is shown under the head non current borrowings, since in the opinion of the management redemption due in March 2025, is contingent upon certain condition. Auditors have drawn
emphasis of matter in their limited review report.

3 The Parent Company has repaid its entire sustainable debts to all lenders and there is no outstanding towards sustainable debt. As on date, the Parent Company's account is Standard and
Regular with all the lenders.

4 The Finance Act 2024 introduces certain changes that will affect the taxation on long-term capital gains, although having no impact on the operational results but may affect the Group's deferred tax position.
The Group is in the process of evaluating the impact of these changes on its tax provision, and the related adjustments, if any, will be reflected in subsequent periods / annual accounts.

5 The parent Company has positive EBITDA in the current quarter and in previous years, but at PBT level it has incurred losses on account of lower availability of sugarcane for crushing, under
capacity utilisation, lower sugar recovery, reduced production of by- products. Lower availability of sugarcane for crushing was due to continued outstanding sugarcane dues. These factors
were impacting operational efficiency of the business resulting in inadequate cash surplus for timely payment of cane dues and to promote adequate cane development activities.

With the repayment of entire sustainable term debt, the finance cost has reduced and the same will improve the parent Company's liquidity position which help the parent Company to reduce
its cane dues, increase the cane development activities, improve the operational efficiencies which will lead to higher cane crush, better capacity utilization, higher sugar recovery, increased
sugar production and optimization of by products.

The Government is also considering increase in MSP (Minimum Selling Price) of sugar, up to Rs 39-40 per kg from the present MSP from Rs 31/- per kg. Additionally an upward revision in
ethanol prices is also expected which will improve the liquidity of the parent Company.

The Central Government has even lifted the restrictions on manufacturing of ethanol from B-heavy molasses and sugarcane syrup which will further help the parent Company to plan its
sugarcane crushing as per optimum product mix for improved results depending upon market dynamics. Further, the diversion of sugar for ethanol production will cease the scenario of
excessive sugar production helping in increase in sugar prices as well.

Investment in equity share of group's power business have good potential of an upside as per its fair value resulting into improvement in the net worth of the parent Company. The parent
Company is the largest integrated Sugar and Ethanol manufacturing company in India with 14 sugar factories (1,36,000 TCD), 6 Distilleries (800 KLD) and cogeneration (449 MW) facilities and
crushes around 14% of the total sugar cane grown in the State of Uttar Pradesh. The parent Company has huge potential for improvement and growth due to its scale, size and vintage. The
parent Company also expects to receive accrued benefits of Rs 1,860 crore including interest as on September 30, 2024, under the Sugar Industries Promotion Policy, 2004 for which it is
entitled as per Court orders but presently, the matter is sub-judice.

Based on above factors , the parent Company is confident in its progress towards achieving self-sustainability. Accordingly, the financial results are presented on a going-concern basis, which
contemplates the realization of assets and settlement of liabilities in the ordinary course of business. This matter has been referred by auditors in their limited review report as well.

6 Previous periods figures have been regrouped/ rearranged/ reworked/ restated wherever necessary to conform to the current period classification.

7 The figures for the quarter and six month ended Sept 30, 2024 included in the statement of consolidated financial results have been approved by the Holding Company’s Board of Directors,
pursuant to Regulation 33(8) of SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015 as amended. The figures of the three foreign subsidiaries and two Indian subsidiaries
for the quarter and six months ended Sept 30, 2024 are management certified.

8 The above unaudited consolidated financial results for the quarter and six months ended September 30, 2024 were reviewed by the Audit Committee and thereafter, approved by the Board of
Directors and were taken on record at their respective meetings held on November 8, 2024
For Bajaj Hindusthan Sugar Limited

Sd/-
AJAY KUMAR SHARMA
Place: Lucknow Managing Director
Dated: November 8, 2024 DIN 09607745