Bharat Coking Coal Q3 Results: Coal India-unit falls after weak performance

Shares of Bharat Coking Coal Ltd. ended with losses of over 2% in response to its December quarter results that were reported during the final few minutes of Tuesday's trading session.

The company reported a net loss of ₹23 crore, compared to a net profit of ₹425 crore that it reported during the same quarter last year.

Losses during the quarter were led by lower sales, which fell by a quarter or 24.6% year-on-year to ₹2,782 crore from ₹3,688 crore earlier.

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) was nearly wiped out during the period, declining by 94% to ₹32.9 crore from ₹566.6 crore in the year-ago quarter.

EBITDA margin was down to only 1.2% from 15.4% in the same quarter last year. Finance costs at the end of the current quarter nearly tripled to ₹46.36 crore from ₹16.5 crore.

Employee benefit expenses also increased by ₹90 crore from the year-ago quarter.

Shares of Bharat Coking Coal had begun trading on the bourses at ₹45 per share just a few days ago, a gain of nearly 100% from its issue price of ₹23 apiece.

The company's ₹1,071 crore IPO was the second-most subscribed PSU IPO during the three-day subscription period, second only to Mazagon Dock Shipbuilders.

Shares of Bharat Coking Coal ended 2.3% lower on Tuesday after the results announcement at ₹37.83.