State-owned Bharat Coking Coal Ltd on Tuesday 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. 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 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.