Premier Explosives dropped 6.21% to Rs 516.80 after the company informed that a fire accident occurred on 4 January 2025, at its factory located in Peddakandukur village, Yadadri Bhuvanagiri District, Telangana.
The fire incident occurred on 4 January 2025, around 9:30 AM. The fire caused damage to the building and equipment at one of the pyrotechnic manufacturing facilities. The incident resulted in the loss of one life and severe injuries to another person, who has been shifted to a hospital in Hyderabad for treatment.The company stated that the exact cause of the fire is currently under investigation and that it is fully cooperating with the relevant authorities. It was also mentioned that the damaged assets were fully insured and the company is working to assess the actual financial loss caused by the fire.
Furthermore, Premier Explosives is taking immediate steps to resume normal operations at the plant as soon as possible.
Premier Explosives is engaged in manufacture of high-energy materials like bulk explosives, packaged explosives, detonators, detonating fuses, solid propellants, pyrogen igniters, pyro devices, etc., having applications in mining, infrastructure, defense, space, homeland security and such other areas.
On a consolidated basis, the company's net profit fell 27.7% to Rs 8.42 crore in Q2 FY25 as against Rs 11.65 crore posted in Q2 FY24. However, net sales jumped 20.6% YoY to Rs 94.60 crore in Q2 FY25.
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