BCCL shares fell 8% on Wednesday, hitting a day’s low of Rs 34.40, after Bharat Coking Coal posted a surprise net loss for the June quarter.

The company reported a standalone net loss of Rs 68 crore for Q1 FY27. That is a sharp reversal from a profit of Rs 177 crore in the same quarter last year, and worse than the Rs 27 crore profit it had posted just one quarter earlier.

Lower coal production is the main reason. Raw coal output dropped 27% year on year to 6.56 million tonnes.

The amount of coal BCCL actually managed to sell, known as offtake, fell 14% to 7.72 million tonnes from 8.98 million tonnes.

Costs did not help either. Diesel prices climbed sharply during the quarter, pushing up mining and transport bills. Other expenses rose 13% to Rs 1,233 crore, while revenue slipped 4% to Rs 3,587 crore.

There was one bright spot. BCCL managed to sell its coal at a better rate this time, up 12% per tonne to Rs 4,647. Even so, that gain was not enough to offset the fall in volumes and the rise in costs.

EBITDA turned negative at Rs 65 crore, against a positive Rs 191 crore a year ago. BCCL had some good news to share alongside the numbers.

It handed over its Dugda Coal Washery to JSW Steel on 17 June as part of a plan to monetise older assets. A newer washery at Bhojudih began commercial operations in May.

On the legal front, a long-pending criminal case against the company was cleared in its favour by the Jharkhand High Court on 30 June.

Neither development shows up in the June quarter numbers, but both are steps management is banking on for the road ahead.

BCCL listed on the NSE back in January this year. The stock is down 16.6% from its Rs 45 listing price, though it is still 63.1% above its Rs 23 issue price.

At 10:33 am, it’s trading at Rs 34.84, down 7.12% for the day. The stock has now fallen 16% over the past month.

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