Sigachi Industries said the June 30th fire at its manufacturing unit in Pashamylaram, Hyderabad that left 46 people dead and 25 injured was caused by dust explosion in the spray drying machine and estimated to result in a revenue loss of ₹60 crore.
Eight people remain missing after the incident. The report of an expert committee constituted by the government to investigate the incident is awaited. Sources say the committee has submitted the report.
The company said operations at the 6,400 TPA facility were temporarily halted, impacting short-term production volumes. Preliminary estimates indicate a revenue impact of ₹60 crore over the affected period.
“Loss of profit during the closure period will be covered by business interruption policy. Sigachi is adequately insured for loss of profits. Insurance claims have been filed,” it said on Friday after the Board meeting on the June quarter financial performance.
The company, which operates in the pharmaceutical sector, reported a consolidated loss of almost ₹101 crore for the first quarter as against a consolidated profit of nearly ₹13 crore in the corresponding period of previous fiscal. Total income increased to ₹132.18 crore (₹97.38 crore).
