State-owned Bharat Coking Coal Ltd (BCCL) on Tuesday (October 13) approved an increase of approximately 0.1% to 14% in the basic prices of select grades of raw coking coal for the non-regulated sector.
The company’s board approved the rationalisation of basic prices at a meeting held on October 13, with the revision covering Steel Grades I and II, Direct Feed, PCC Washery Grades W-II to W-VI, and HVMC Washery Grades W-I to W-VI.
Bharat Coking Coal said the revision was aimed at correcting disproportionate price differentials between grades. The revised prices apply only to the non-regulated sector.
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First Quarter Results
Bharat Coking Coal’s June quarter revenue declined by 4% from last year to ₹3,587 crore from ₹3,720 crore earlier. Offtake was down by 14% on a year-on-year basis to 7.72 MT from 8.98 MT. The company’s sales per tonne saw growth of 12% from the year-ago quarter to ₹4,647 from ₹4,142.
Bharat Coking Coal reported an earnings before interest, taxes, depreciation and amortisation (EBITDA) loss of ₹64.5 crore compared to a positive EBITDA of 191 crore last year. EBITDA margins were a negative 1.8% from a positive 5.1% during the June quarter last year.
It reported a net loss of ₹68 crore compared to a net profit of ₹177 crore last fiscal. Its other income declined 25% to ₹136 crore from ₹182 crore in the year-ago period, while other expenses went up by 13% to ₹1,233 crore in the first quarter from ₹1,089 crore last year.
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Shares of Bharat Coking Coal Ltd ended at ₹31.15, up by ₹0.40, or 1.30%, on the BSE.