"There were no human injuries or casualties due to this accident. The company has insurance coverage in place for material damage and business interruption,” Nava stated in an exchange filing.

The company further said that consequent to the failure of raw material feeding infrastructure, the production of Silico Manganese at its Odisha Works has been temporarily ceased.

Currently, Odisha Ferro Alloys Plant is producing about 4,000 MT of Silico Manganese per month.

Consequent to this accident, captive consumption of power of about 20 MW from the company's captive power plant at Odisha unit has also been affected.

The company estimates that full resumption of production and captive consumption of power at its Odisha Works will require about two months.

Nava has two key business divisions: ferroalloys and power. It has installed ferroalloy capacity of 200,000 MT per annum and power generation capacity of 264 MW, of which 204 MW are primarily used for captive consumption in ferro alloys.

The company's consolidated net profit declined 12.57% to Rs 261.06 crore despite a 1.68% rise in sales to Rs 1,042.28 crore in Q1 FY24 over Q1 FY23.