Deepak Nitrite receives Rs 127 crore insurance settlement for Nandesari plant fire damage

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Deepak Nitrite Ltd on Wednesday, April 24, announced the receipt of the final insurance settlement totalling ₹127 crore in relation to the fire incident that occurred at the company’s Nandesari Plant on June 2, 2022.

“With reference to our earlier intimations relating to fire incident occurred at the Company’s Nandesari Ptant on 2nd June, 2022… we would like to inform you that with regard to the damage caused to certain properties, plant, equipment and inventory of the Company as well as the loss of profit due to business interruption, the Company has received ₹127 Crores towards the final settlement of Insurance claim from the Insurance Companies,” the company informed in an exchange filing.

Deepak Nitrite shares settled 0.84% higher on the BSE, quoting at Rs 2,389.70. It had reported a 3.4% year-on-year (YoY) decline in net profit at ₹202.1 crore for the third quarter that ended December 31, 2023. The company’s revenue from operations increased 0.9% to ₹2,009.2 crore in Q3FY24.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow